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Dunaferr Invests $31 Million in Hungary

admin 2014.06.23.

Hungarian steel works carries out a major development summing up to $31 million, CEO Evgeny Tankhilevich confirmed in a Friday press release. The refurbishment of blast furnace No. 1 has already began and with the current schedule is set to be completed by the end of August. The previously suspended investment of the hot rolling mill is also scheduled to be ready this year.

Dunaújváros-based steel works ISD Dunaferr, owned by Russia’s Vnesheconombank (VEB), is set to see through this modernization project in order to offer more high-end and competitive products. The company is one of the largest industrial producers of the country with close export partnerships to Germany, Poland, Austria, Italy, Slovakia and Czech Republic. During the construction period furnace No. 1 will have to be disabled up to 45 days, but once complete, the total output of the steel mill will almost triple from its current 57,000 tons a month to about 150,000 tons.

Tankhilevich also stated that this modernization project is set to be followed by a shift in production quality as Dunaferr intends to offer greater quantities of higher added value products. The company is planning to further improve its galvanized steel and coated products, although the exact volume of coming developments is yet to be revealed.

Photo: MTI – Lajos Soós