Hungary will redeem the Dunapher’s missile plant from the ISD to avoid mass layouts

The Hungarian government will propose to redeem the unprofitable manufacturer Dunaferr from the Ukrainian ISD Corporation (ISD Group) to prevent the dismissal of 1,500 workers planned by the company for September 2013. This was announced yesterday by the Minister of Economy of Hungary Mikhai Varga.

Recall that as reported by the metallurgical portal steelland.ru , the Director General of the Dunapher oleg Mkrtchin and the deputy financial director The ISD Evgeny Potapov during their visit to the Hungarian asset announced the decision of the corporation to dismiss the majority of the workers of the enterprise due to low demand for steel in Europe and constantly growing debts.

The Corporation of the Industrial Union of Donbass (ISD) was founded in 1995 in the Ukrainian city of Donetsk and controls the Ukrainian Alchevskinsky Mining, DMK named after Dzerzhinsky, Dnepropetrovsk Pipe Plant, Alchevsk Koksochemical Plant, as well as metallurgical plants Dunaferr (Hungary) and Huta Czestochowa (Poland). The company's total debts to domestic and foreign creditors according to the media exceeded $ 125 million.