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Government scraps plan to buy troubled steelmaker

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The central government has scrapped plans to buy steelmaker ISD Dunaferr, state secretary for employment Sándor Czomba stated yesterday after talks with the company’s management and union representatives in Dunaújváros...

The government acknowledges that the management of ISD Dunaferr is interested in the company’s long-term stable operation, rather than its sale, Czomba said. The government said in August that it would make a buyout offer for ISD Dunaferr after the company announced it would lay off 1,500 of its 5,000 workers.

The government will try to offer the company and its employees assistance in other areas, he added. He said the management had confirmed plans to lay off 400 workers, well under the redundancies announced earlier.

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