The Municipal Court of Budapest has ordered the liquidation of Hungary-based steel producer Dunaferr and appointed a temporary administrator, according to media reports.
The local authorities appealed the government to take control of the enterprise, preserving the steel production and employees. Dunaferr employs around 4,000 people.
In August, the company shut down its first blast furnace, while Dunaferr was forced to shut down its second blast furnace in September, due to the lack of coke as it could not pay its suppliers, as SteelOrbis previously reported. The two blast furnaces have annual combined capacity of 1.2 million mt.