Hungary’s largest steelworks in deepening trouble – liquidation started
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The National Economy Ministry said on Tuesday that Hungary’s government has made “every effort” to save the Dunaújváros steelworks, while India’s Liberty Steel, which acquired the steelworks in a liquidation procedure, has “failed to fulfill its commitments.”
The ministry said Liberty had pledged to gradually ramp up production at the steelworks from zero to 100,000 tonnes/month over four months from February, while ensuring workers were paid, but progress to that end had been “limited”.
“Liberty promised everything, but has delivered on practically nothing,” it added.
The ministry said it had contributed around HUF 70bn (EUR 175.95) to saving the steelworks, including wage guarantees and the use of CO2 emissions quotas. It added that transitioning production at the base to green steel would require investment of a further HUF 200bn (EUR 502.72). Read details: Hungary’s largest steel producer gets Chinese support for green upgrade
The ministry said it was constantly communicating with Liberty on future plans and payroll. It added that Liberty had been instructed to ensure wages were paid.