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The European Union has approved the change of ownership of Dunaferr steelworks, the Ministry of Economic Development said in a statement.
The ministry pointed out that the European Union had examined the acquisition of Dunaferr under a simplified merger control procedure, and approved it on Monday. Liberty Steel had previously submitted a valid and winning bid in the open and transparent liquidation procedure.
Commenting on the decision, State Secretary for Industrial Policy and Technology Gergely Fábián said that
with the approval, the last obstacle to the successful sale and future of Dunaferr has been removed.”
He noted that Dunaferr had become insolvent due to the irresponsibility of the former foreign management. The factory’s operation became impossible, putting the jobs of thousands of workers and the livelihoods of thousands of families at risk. Moreover, the plant was in a state of disrepair from which a successful recovery has never been successfully achieved in Hungary.
Fábián stressed that
there is still much to be done, but the factory has been rescued from last year’s seemingly hopeless situation and has a promising future ahead of it. The Ministry of Economic Development will continue to play an active role in saving the plant and the jobs.”
Dunaferr is a key player in Hungarian industry, and the steel industry is a strategic sector. Therefore, it is encouraging that Liberty Steel announced on September 20 that their strategic goal is a green transition, which means a competitive and sustainable future for the sector, the Ministry concluded.
Via MTI, Featured image: Pexels