The biggest Hungarian steelworks needs immediate governmental help

The government is looking into rescuing the ISD Dunaferr steelworks in Dunaújváros, in central Hungary, the minister of technology and industry told a press conference in the town on Friday.

László Palkovics said the plant was the victim of a “botched privatisation” which resulted in “uncertainty as to who the real owner is” and left the plant without a legitimate leadership.

Palkovics said he will submit a proposal at next week’s cabinet meeting regarding the resources necessary to support the group of companies running the plant. Based on operation costs, he said 5-10 billion forints (EUR 12-24m) could suffice to keep the works operating for two months, although the company also faces multiple liquidation procedures, he added.

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Source: MTI