China’s CISDI Engineering has signed a memorandum of understanding with China Export and Credit Insurance Corporation (Sinosure) on underwriting 1.3 billion euros in financing for two 150-tonne capacity electric arc furnaces it is supplying to Indian-owned Liberty Dunaújváros, Liberty Steel Group said. The announcement of the MoU was made during a visit to Liberty Dunaújváros’s steelworks in central Hungary by CISDI representatives. The CISDI officials also consulted with experts of Switzerland’s NPT and Germany’s RCG on optimising systems at the base and building ancillary support for electricity, gas, water and steam. The 1.3 billion euros of investments, which includes upgrades of the hot-rolled mill and galvanising line and the installation of new production lines, will turn the steelworks into a supplier for the local defence and automotive industries.
Liberty Steel Europe CEO Thomas Gangl said that the project was advancing „on schedule”. CISDI chairman Xiao Peng said the MoU with Sinosure was a „significant step” in reducing the CO2 emissions of the 3 million-tonne capacity mill. Liberty Steel acquired the assets of troubled steelmaker Dunaferr for about 20 billion forints (EUR 50.2m) in a liquidation procedure in the summer of 2023.