The Hungarian ministry wants to save Dunaferr

Troubled steelmaker Dunaferr’s operations and efforts to protect jobs at the plant were the subject of discussion between the chief executive of the company’s owner, Liberty Steel Group, and the minister of economic development on Wednesday.

The government and Liberty Steel are cooperating closely on ensuring the stable operation and development of Dunaferr, the ministry said in a statement after Márton Nagy’s talks with Sanjeev Gupta.

Gupta said Liberty was committed to transitioning to green steel on which the sector’s future depended.

The ministry has taken an active role in rescuing the steelmaker after it went bankrupt on the back of poor foreign management and failed sanctions, the statement said. After an open and transparent liquidation procedure, Liberty Steel submitted its winning tender, it added.

Nagy said the sale was “an important milestone”, but the hard work had only just begun, according to the statement on the meeting in Nagy’s office.

The transition to green steel and other industries has the government‘s full support and the ministry will do everything possible to resolve the situation of Dunaferr in the long term in order to protect jobs and families dependent on the plant in Dunaújvaáros, it added.

Source: MTI