The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Alfod es Eszak; Eszak-Magyarorszag; Borsod-Abauj-Zemplen
Location of affected unit(s)
Miskolc
Sector
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.52 - Casting of steel
878 jobs Number of planned job losses
Announcement Date
23 February 2009
Employment effect (start)
23 February 2009
Foreseen end date
29 May 2009
Description
Diósgyőr Steel Works (Diósgyőri Acél Művek, DAM) has announced the closure of almost the entire plant with the loss of 878 dismissals due to the falling demand from the automotive industry. The mass redundancy is expected to take place in two waves, first 771 workers will be dismissed in April, and another 107 in May. Only 16 employees will remain on the company's payroll.
MAG is what is left of the Lenin Metallurgy Works, a flagship company of the Socialist era. Until recently the company has supplied half the the country's steel needs, almost 300,000 tons a year. DAM is owned by the offshore company Reeferway Ltd.
Sources
23 February 2009: Index
23 February 2009: Heti Világgazdaság
23 February 2009: Világgazdaság
23 February 2009: Portfolio
Citation
Eurofound (2009), DAM, Closure in Hungary, factsheet number 68428, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68428.
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