LNM Group Completes The Signing of a JV Agreement With RZR Ljubija

The LNM Group, the world’s second largest and most global steel producer today announces that it has completed the signing of a joint venture agreement with RZR Ljubija for its participation in the mining and development of the Ljubija iron ore mines in Bosnia Herzegovina.

Under the terms of the agreement LNM Holdings will have a majority shareholding of 51% and is committed to a total investment of over US$ 40 million in order to re-start the mines and to develop them into a stable and competitive supplier of iron ore to customers in the region, including the Group’s own plants.

Completion of the joint venture agreement underlines the commitment of LNM to the region and its long term plans for revitalising the local steel industry.

LNM Holdings has also recently submitted a bid to acquire a majority stake in BH Steel from the Government of the Federation of Bosnia and Herzegovina and expects to close acquisition of the Macedonian company Balkan Steel shortly which would further strengthen the Group’s presence in the region.

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