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In 2002, South African state-owned lscor entered into an agreement with the then LNM Holdings - one of two major steel companies held by Lakshmi Mittal - for LNM to manage operations at all lscor plants in return for a 49.99% stake in the company and a share in the profits, provided that certain costsaving thresholds were met.
In December 2005 LNM's successor, the newly formed Mittal Steel, took up an option...