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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.10 - Manufacture Of Basic Iron And Steel And Of Ferro-Alloys
100 jobs Number of planned job losses
Announcement Date
17 November 2023
Employment effect (start)
17 November 2023
Foreseen end date
17 November 2023
Description
Hungarian firm Ferromark-Halna laid off its 100 employees, effective immediately. Ferromark-Halna was a subcontractor of Liberty Dunaújváros, (formerly known as ISD Dunaferr). Per the terms of the contract, Ferromark-Halna employees permanently worked at the Dunaferr steel plant, from October 2014 until now. Now, Liberty Dunaújváros terminated the contract, and Ferromark-Halna was unable to give its employees any other job.
Despite the contract stipulated that in case of termination consultations should take place with a view to ensuring the continuation of operations and the continued employment of workers, Liberty Dunaújváros said they could not conduct such consultations.
In October, the British-Indian conglomerate Liberty Steel acquired the Dunaferr plant with the generous financial and regulatory support of the government. The government tailwind was justified by arguing that the takeover would save the loss-making Dunaferr plant from liquidation and prevent the mass layoff of its employees. While no workers formally employed by Liberty Dunaújváros are impacted by this layoff, the affected Ferromark-Halna workers effectively operated as Dunaferr employees as well.
Several hundred other workers -– who work at the same plant under similar terms as employees of other subcontractor firms – may face layoffs soon, according to observers.
Eurofound (2023), Ferromark-Halna, Internal restructuring in Hungary, factsheet number 200591, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200591.
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