Iscor gets new name

PRETORIA – Iscor Limited, South Africa’s largest steel producer, will change its name to Ispat Iscor Limited, the company said yesterday.

“Ispat” is a brand name associated with the Indian steel company LNM Group, which recently become Iscor’s controlling shareholder. Iscor spokesman Phaldie Kalam said in a statement the name change followed the approval of the merger between Iscor and LNM Group by the Competition Tribunal.The name change would take effect once the necessary formalities had been concluded with the regulatory authorities and shareholders.LNM has been a long-term investor in Iscor, buying its first stake in 2001, shortly after Iscor’s unbundling.Lakshmi Mittal, chairman of the LNM Group, said the name change reaffirmed LNM’s commitment to further build Iscor as part of an international brand.”Iscor is now part of a global family of companies that constitute the world’s second largest steel producer,” said Mittal.”The Ispat brand is highly regarded globally and we believe will bring a number of new opportunities and benefits to Iscor.”Iscor chief executive Louis van Niekerk said Iscor was now firmly placed on a path to become a truly world class steel producer, as part of the LNM Group.”Adding the Ispat brand name to Iscor, will have long term marketing and commercial advantages for Iscor, as it is a globally recognised brand,” he said.He said LNM’s involvement with Iscor, through a business assistance agreement, had already realised significant cost savings.- Nampa-SapaIscor spokesman Phaldie Kalam said in a statement the name change followed the approval of the merger between Iscor and LNM Group by the Competition Tribunal.The name change would take effect once the necessary formalities had been concluded with the regulatory authorities and shareholders.LNM has been a long-term investor in Iscor, buying its first stake in 2001, shortly after Iscor’s unbundling.Lakshmi Mittal, chairman of the LNM Group, said the name change reaffirmed LNM’s commitment to further build Iscor as part of an international brand. “Iscor is now part of a global family of companies that constitute the world’s second largest steel producer,” said Mittal.”The Ispat brand is highly regarded globally and we believe will bring a number of new opportunities and benefits to Iscor.”Iscor chief executive Louis van Niekerk said Iscor was now firmly placed on a path to become a truly world class steel producer, as part of the LNM Group.”Adding the Ispat brand name to Iscor, will have long term marketing and commercial advantages for Iscor, as it is a globally recognised brand,” he said.He said LNM’s involvement with Iscor, through a business assistance agreement, had already realised significant cost savings.- Nampa-Sapa