The state of the plant seemed irrecuperable from which a successful recovery was unprecedented in Hungary.Continue reading
Economic Development Minister, Márton Nagy, received Sanjeev Gupta, the executive chairman of Liberty Steel Group, along with the company’s management at his office on Wednesday.
During the meeting, the parties reviewed the situation of Dunaferr’s operations and
agreed to continue the work process and close cooperation in order to ensure the stable operation and development of Dunaferr and to protect jobs.
At the meeting, Liberty Steel stressed its commitment to a rapid transition to green steel, securing the future of the sector.
The Dunai Vasművek (Danube Ironworks, also called Dunaferr, Dunaferr Dunai Vasmű Zrt.) is the largest metallurgical-engineering complex in the country and the largest employer in Dunaújváros, an industrial city in Central Hungary
It had become insolvent due to the irresponsibility of the former foreign management and the misguided sanctions. The Ministry of Economic Development played an active role in the rescue of the ironworks. Finally, Liberty Steel submitted a valid and winning bid in an open and transparent liquidation procedure, and the sale of Dunaferr was a success, according to the ministry’s statement.
Minister of Economic Development Márton Nagy (R) and Sanjeev Gupta, Executive Chairman of Liberty Steel (L). Photo: MTI/Noémi Bruzák
Márton Nagy stressed that the sale is an important milestone, but the hard work is just beginning. The government is committed to the green transition, which is outstanding for the steel industry and the future of Hungarian industry, and the Ministry of Economic Development will continue to do its utmost, in cooperation with the region’s MP Lajos Mészáros, to protect jobs and families and to resolve the situation of Dunaferr in the long term, they added.
Featured image: Facebook/Itt – Honról – Haza