Liberty Dunaújváros Gets Chinese Support for Green Upgrade

Photo by Dmytro Mikriukov / Shutterstock.com

China's Cisdi Engineering has signed a memorandum of understanding with China Export and Credit Insurance Corporation (Sinosure) on underwriting EUR 1.3 bln in financing for two 150-tonne capacity electric arc furnaces it is supplying to Indian-owned Liberty Dunaújváros, Liberty Steel Group said on Monday, according to a report by state news wire MTI.

The announcement of the MoU was made during a visit to Liberty Dunaújváros’ steelworks in central Hungary by Cisdi representatives. The officials also consulted with experts of Switzerland’s NPT and Germany’s RCG on optimizing systems at the base and building ancillary support for electricity, gas, water, and steam.

The EUR 1.3 billion of investments, which include upgrades of the hot-rolled mill and galvanizing line and the installation of new production lines, will turn the steelworks into a supplier for the local defense and automotive industries.

Liberty Steel Europe CEO Thomas Gangl said that the project was advancing “on schedule”.

Cisdi chairman Xiao Peng said the MoU with Sinosure was a “significant step” in reducing the CO2 emissions of the 3 million-tonne capacity mill.

Liberty Steel acquired the assets of troubled steelmaker Dunaferr for about HUF 20 bln in a liquidation procedure in the summer of 2023.

Figures

VC Investments in CEE at EUR 940 mln in Q2 2024 – Vestbee

World

American Hungarian Diaspora Org Sets Sights on Young People

Energy Trade

Ganz’s Giant Transformer to Connect Hungarian and Eastern European Power Grids

Budapest

Karácsony: Budapest Ready for Flood Wave

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.