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Liberty Steel Pays About HUF 20 bln for Dunaferr Assets

Deals

Liberty Steel paid about HUF 20 billion for the assets of troubled Hungarian steel maker Dunaferr, Economic Development Ministry state secretary Gergely Fábián told business daily Világgazdaság.

Fábián called the sale, announced about a week earlier, "a remarkable success". He said that Liberty Steel's Czech unit had delivered coal to Dunaferr in December, allowing the company to restart one of its blast furnaces, and a contractor agreement had paved the way for the successful sale of the assets.

Dunaferr's assets have been transferred to two separate companies: one for the upstream assets and the other for the downstream ones.

Liberty Steel's takeover of ownership of the Dunaferr assets requires approval from the European Union, but until the transaction is cleared, the contractor arrangement can continue, Fábián said. He added that the sale of the assets was "a milestone" but the company still required "significant restructuring".

Dunaferr was ordered under liquidation in mid-December. In February, the government earmarked some HUF 16 billion to cover Dunaferr's payroll for a period of six months.

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