Liberty Steel, Cisdi Partner With Ministry on Dunaferr Decarbonization
Liberty Steel Group, China's Cisdi Engineering Company, and Hungary's Economic Development Ministry formed a partnership to prepare for the decarbonization of the Dunaferr steelworks in Budapest on Wednesday, according to a report by news agency MTI.
Cisdi will supply a new 150-tonne capacity electric arc furnace to the steel works, in Dunaújváros, reducing carbon emissions by about 80pc and allowing for flexibility in charge materials, significantly enhancing the competitiveness of the operation, Liberty Steel, which earlier acquired Dunaferr's assets, said.
Liberty Steel and Cisdi will have the primary responsibility for the technical aspects of the project, while the Economic Development Ministry will explore support for the project through its administrative processes, it added.
A memorandum of understanding setting out the terms of the collaboration was signed in the capital.
Liberty Steel chairman Sanjeev Gupta said the company was transitioning to lower carbon technologies across its global operations and intended to do the same at the Dunaferr steel works.
"We know from experience that to move quickly you need the support of world-class technology partners, the right financing structures, and a supportive government, which is why the formation of this group is so important," he added.
Economic Development Minister Márton Nagy said the agreement signed on Wednesday would "lay the foundation for green steel production in Dunaújváros", providing long-term security and predictability for "thousands of jobs". He noted that those jobs had been put at risk due to the "negligence" of the company's former management, adding that the company had "come a long way" in the past year.
Cisdi chairman Xiao Xuewen said working again for Liberty Group, this time on the green transformation of the Dunaferr steel works, was "a great honor" and pledged a high-quality delivery sparing no effort.
ADVERTISEMENT
KSH Dismisses Reports of Eurostat 'Investigation'
Hungarian-American Business Chamber Established in Chicago
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.
