Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Eurofound (2009), DAM, Closure in Hungary, factsheet number 68428, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68428.