Talks with Vnesheconombank on ISD Dunaferr plans held

Initiatives

Foreign Trade State Secretary Péter Szijjártó held talks in Budapest on Thursday with the CEO Vladimir Dmitriev of Russian state-owned Vnesheconombank (VEB) regarding the bank's development plans for troubled steelmaker ISD Dunaferr, Szijjártó informed national news service MTI. 

National Energy and Utility Regulatory Authority (MEKH) director Lajos Dorkota said on January 17 that Hungary's government was still looking into the possibility of buying the Vnesheconombank majority-owned ISD Dunaferr company located in the city of Dunaújváros.

The National Economy Ministry reported earlier on Thursday that National Economy Minister Mihály Varga had also met on Thursday with officials from VEB, including Dmitriev, to discuss issues related to ISD Dunaferr, the Paks Nuclear Power Plant and defunct Malév Hungarian Airlines, in which VEB owned a minority stake.

The government announced in August 2013 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. However, in November National Economy Ministry State Secretary Sándor Czomba said that the government had shelved this plan; most recently, Dunaferr executives have promised no more than 400 layoffs in total.

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