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Hungarian steelmaker ISD Dunaferr has scrapped plans to lay off 350 workers, the local news portal for Dunaújváros, where the company is based, said late Wednesday, according to a report by state news wire MTI.
Dunaferr said in October that it would make the layoffs because of the crisis dragging on in the European steel industry.
Duol.hu said management and union leaders had reached a compromise at talks that started in the morning on Wednesday.
László Molnár, who heads the union at Dunaferr, told Duol.hu that there would be no layoffs at Dunaferr until December 31, 2020.
Dunaferr had 4,561 employees at the end of 2018, the last report filed by the company shows.