G7 reported that last year's scenario was repeated in the sale of the state share of ISD Dunaferr in Hungary on 30 August 2022 where auction was only HUF 15,000 above the starting price of HUF 117,000 but two bidders pushed the price higher and higher. In the end, the winning price was HUF 5.55 million, i.e. roughly two and half times higher than last year. Despite high bid, the state could not sell its stake in Dunaferr.The national asset manager first announced its minimum 0.0004% stake in the company in August 2021. At that time, the starting price was HUF 12,000 and it did not budge from this level for a long time during the six-day bidding period. In the last half hour, however, the events picked up and the price changed more than two thousand times, with more than 180 offers.The latest July general meeting of the Dunaferr steel company, which was convened by the company court to finally elect a legal executive, turned into a farce. Once again, it turned out that the Russian and Ukrainian owners behind the company, who are fighting each other are indecisive, since their countries are already at war. The state owned Vnysekonombank, which embodies the Russian background, is bound by sanctions, and the Ukrainian steel conglomerate Donbass is literally on the front line.Dunaferr in Dunaújváros is one of the largest industrial producers in Hungary with history of over seven decades is focused on customer oriented production, manufacturing of competitive steel products. Hot rolled, pickled, cold rolled, galvanized strips and sheets, as well as open and hollow steel sections produced by Dunaferr are used primarily for the manufacturing of engineering, automotive and construction industrial products, as well as for the production of steel structures, household appliances and other parts. Significant part of sales revenue is realized from foreign markets in Germany, Poland, Austria, the Czech Republic, Slovakia and Italy.
G7 reported that last year's scenario was repeated in the sale of the state share of ISD Dunaferr in Hungary on 30 August 2022 where auction was only HUF 15,000 above the starting price of HUF 117,000 but two bidders pushed the price higher and higher. In the end, the winning price was HUF 5.55 million, i.e. roughly two and half times higher than last year. Despite high bid, the state could not sell its stake in Dunaferr.The national asset manager first announced its minimum 0.0004% stake in the company in August 2021. At that time, the starting price was HUF 12,000 and it did not budge from this level for a long time during the six-day bidding period. In the last half hour, however, the events picked up and the price changed more than two thousand times, with more than 180 offers.The latest July general meeting of the Dunaferr steel company, which was convened by the company court to finally elect a legal executive, turned into a farce. Once again, it turned out that the Russian and Ukrainian owners behind the company, who are fighting each other are indecisive, since their countries are already at war. The state owned Vnysekonombank, which embodies the Russian background, is bound by sanctions, and the Ukrainian steel conglomerate Donbass is literally on the front line.Dunaferr in Dunaújváros is one of the largest industrial producers in Hungary with history of over seven decades is focused on customer oriented production, manufacturing of competitive steel products. Hot rolled, pickled, cold rolled, galvanized strips and sheets, as well as open and hollow steel sections produced by Dunaferr are used primarily for the manufacturing of engineering, automotive and construction industrial products, as well as for the production of steel structures, household appliances and other parts. Significant part of sales revenue is realized from foreign markets in Germany, Poland, Austria, the Czech Republic, Slovakia and Italy.