State acquires 20 pc stake in Ózd Steelworks for EUR 30 m

The Hungarian state has acquired a 20 percent stake in Ózd Steelworks (Ózdi Acélmű), in north-eastern Hungary, from Germany’s Max Aicher group for more than 30 million euros, Innovation and Technology Minister László Palkovics announced on Monday.

The majority owner of the Ózd Steelworks is investing 60 million in the company to boost efficiency and broaden the production palette to include higher quality, more complex output, Palkovics said.

The state’s acquisition of equity in the company ensures the security of the existing 500 workplaces at Ózd Steelworks and could create more jobs, he added.

Source: MTI