AVP approved four bids for Dunaferr

AVP approved four bids for Dunaferr

Hungarian privatization agency AVP announced that it was seeking for an investor to privatize steel maker Dunaferr, as previously reported by SteelOrbis. According to recent news, AVP has approved four preliminary bids out of six for Dunaferr. The four bids approved were given by two companies and two consortia. The two companies are Russia's Severstal and Brazil's CSN and the two consortia are Ukraine's Donbass and Alchevski Steel and LNM Holdings and its Czech subsidiary Ispat Nova Hut. AVP is planning to sell 84.5% of Dunaferr's stocks, out of 5% of which is being offered to workers of the cold rolled mill. AVP has previously announced the winner of the bid is to finance Dunaferr. In line with this, new owner of the mill is to invest $280 million over five years, add $57 million to working capital of Dunaferr and reschedule payments of debts totaling $446 million. The deadline for submission of final offers is determined as 8 December.