London, Oct 28: The LNM Group, headed by NRI industrialist L N Mittal on Monday signed an agreement for the acquisition of the largest steel plant in Poland , Polskie Huty Stali S.A (PHS) at a cost of $2 billion. As part of the privatisation agreement, LNM, the world's second largest and most global steel producer, also agreed and signed a Loan Agreement with PHS and an Observer Agreement with PHS and the Polish Ministry of State Treasury (MST) in Warsaw on Monday, a spokeswoman of LNM said here.
Under these agreements, LNM would extend financial assistance to PHS and gain access to some agreed information pertaining to PHS in order to help monitor operations of PHS up to closure of the transaction.

As part of the Privatisation Agreement, LNM has committed itself to implementing its final offer of the social package made to the Trade Unions on October 17, 2003 after weeks of intense and hard negotiations. Bureau Report