Hungarian Dunaferr saved: European Commission clears acquisition by Liberty Steel

The European Commission on Tuesday approved the acquisition of sole control of Hungarian steel maker ISD Dunaferr and blast furnace coke supplier ISD Kokszoló by Liberty Steel.

After examining the deal in a simplified merger review procedure, the EC said it concluded the transaction “would not raise competition concerns, given the companies’ limited market positions”.

Liberty Steel acquired Dunaferr for about HUF 20 billion (EUR 51.5 million) in a liquidation procedure in the summer.

In a separate statement issued by the Economic Development Ministry, state secretary for industrial policy Gergely Fábián said the “last obstacle in the way of Dunaferr’s successful sale and future” had been removed.

There is “still much to do”, he said, adding that the ministry would continue to “play an active role” in the rescue of the Dunaferr steel works and its workers.

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