Liberty Steel to take over Dunaferr assets

Liberty Steel has submitted the winning offer in a procedure to sell the assets of troubled Hungarian peer Dunaferr which went under liquidation, the Economic Development Ministry said on Tuesday.

The successful sale of the assets is an “important milestone”, “but the difficult work is about to begin”, the ministry said. The steel works in Dunaújváros, in central Hungary, needs to undergo a reorganisation and “significant developments” to upgrade to green production technology, it added.

The government will continue to fight for the steel mill to protect jobs and families, the ministry said.

Dunaferr was ordered under liquidation in mid-December. In February, the government earmarked some HUF 16 billion (EUR 41.8m) to cover Dunaferr’s payroll for a period of six months.

Source: MTI