Hungarian Gov’t Ready To Renationalise Dunaferr
- 21 Aug 2013 9:00 AM
The government will offer to buy back the Dunaferr steelworks, Economy Minister Mihály Varga announced on Monday following a cabinet meeting. The government considers the privatisation of the steel works a mistake, Varga said, adding that the price will be very important.
He spoke to reporters after meeting with Dunaferr executives on Monday morning.
Ukrainian concern ISD bought the Dunaújváros steel works in 2004. It began generating losses after the financial crisis in 2008.
Dunaferr’s Ukrainian owners announced last week that the company was dismissing 1,500 of its 7,500 workers, in part because output levels are not competitive.
Source: Hungary Around the Clock
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