Ukrainian company would like to buy Hungary’s biggest steelworks

The Ukraine-based Metinvest Holding would like to buy Dunaferr, Hungary’s biggest steelworks.

That information was published on Dunaujvaros.com, the official website of the local government of Dunaújváros, where the plant of Dunaferr is located. Currently, the raw material is provided by British Liberty. Based on the information on the website, the British company signed an agreement with the government about the operation of the steelworks during its liquidation process.

Metinvest’s CEO, Yuriy Ryzhenkov, wrote an email expressing his interest in buying Hungary’s biggest steelworks on 15 December, when the liquidation began. He sent a letter written in English to PM Viktor Orbán, finance minister Mihály Varga, Márton Nagy, Hungary’s economic development minister and Péter Szijjártó, the Hungarian foreign minister.

The two-page-long letter highlights that they would like to operate the steelworks and are aware of the high costs of that (estimated at around 150 million euros currently). Furthermore, they would like to reduce its emission by 55 percent.

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Metinvest said they had the required resources to revive the company, including mines and other raw materials.

“… we hereby express and confirm our interest in Dunaferr and declare our full readiness to participate in any possible reorganization proceedings, including immediate consultations with the Hungarian Government and other relevant stakeholders in order to find a mutually acceptable solution to the Dunaferr’s current situation and to ensure its speedy revival”, Mr Ryzhenkov concluded the letter.

Metinvest is an international group of steel and mining companies that owns operations in Ukraine, Italy, Bulgaria, the UK and the US, mines ore and coal, produces coke, smelts steel, rolled products, pipes and other steel products. The group’s assets are managed by Metinvest Holding LLC. In 2021, Metinvest topped Forbes’s ranking of Ukraine’s largest private companies.

https://dunaujvaros.com/hirek/202301/a_metinvest_is_a_radaron_uj_kero_a_dunaferrert