Budapest (MTI) – Hungarian steelmaker ISD Dunaferr inaugurated its renovated blast furnace in Dunaújváros (C Hungary) on Monday.
The investment will allow Dunaferr to fill smaller orders as well as boost the overall quality of its products, said managing director Evgeny Tankhilevich. Dunaferr aims to raise annual output from about 1.7 million tonnes to 2 million tonnes, he added.
The lifespan of the blast furnace has been extended to twelve years, ensuring Dunaferr can continue to supply the country’s automotive industry in the long term, said Foreign Minister Péter Szijjártó. The upgrade of the Paks nuclear power plant will require half a million tonnes of steel, which Dunaferr could deliver, he added.
Company officials declined to reveal the cost of the investment project or whether it was supported by the state.
ISD Dunaferr had a loss of 21 billion forints (EUR 67.2m) on revenue of 262 billion forints in 2014, public records show.