Liberty Steel has submitted the winning offer in a procedure to
sell the assets of troubled Hungarian peer Dunaferr which went under
liquidation, the Economic Development Ministry said on Tuesday.
The
successful sale of the assets is an “important milestone”, “but the difficult
work is about to begin”, the ministry said. The steel works in Dunaújváros, in
central Hungary, needs
to undergo a reorganisation and “significant developments” to upgrade to green
production technology, it added.
The government will
continue to fight for the steel mill to protect jobs and families, the ministry
said.
Dunaferr was
ordered under liquidation in mid-December. In February, the government
earmarked some HUF 16 billion (EUR 41.8m) to cover Dunaferr’s payroll for a
period of six months.