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Liberty Steel wins Dunaferr tender

Liberty Steel won the tender for Hungarian steel producer Dunaferr.

Liberty Steel wins Dunaferr tender

The company, through its subsidiary Liberty Steel Central Europe Kft, won the tender with a bid of €55 million ($60.5 million).

Dunaferr went into liquidation in December last year after the Hungarian government amended the bankruptcy law to allow the sale of the asset.

Liberty and Naveen Jindal's Vulcan Steel were the only bidders to advance to the final round of the process. Metinvest, Trasteel and Trinec Property were excluded from the tender in June for various reasons.

Liberty was seen as the top contender for the site after it diverted coal to Dunaferr in December last year to keep the coke ovens operational. The coke batteries were ordered to shut down at 06:00 local time (04:00 GMT) on 14 December, but Liberty sent trains to the site carrying US Elk Creek, Czech CSM and Australian Hail Creek coal.

It then continued to supply raw materials and signed a three-month contract to operate the assets, which was renewed and expired at the end of June.

"The addition of Dunaferr to the Liberty group, subject to closing of the transaction and regulatory approval, will create significant positive operational and commercial synergies by more closely linking Liberty's high-quality upstream businesses in Romania, Poland and the Czech Republic with Dunaferr's high-quality downstream business for the benefit of customers in Hungary and Europe," GFG, Liberty's parent company, said in a statement.

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