The commission said it found that the sale would not raise competition concerns, given the companies' limited market positions resulting from the proposed transaction. Liberty in July won a tender to buy the business, submitting an offer of EUR55 million. 

In September, Liberty said it would work with China’s CISDI Engineering Co. to convert the integrated operation to electric arc furnace steelmaking. The project would entail installation of a 150-metric-ton electric arc furnace.  

LIBERTY and CISDI will bear the primary responsibility for the technical aspects of the project, while the Hungarian Ministry of Economic Development has committed to exploring support for the project’s delivery through its administrative processes, Liberty Steel said.  

“We’re transitioning to lower-carbon technologies at speed across our global operations and we intend to do the same at Dunaferr. We know from experience that to move quickly you need the support of world-class technology partners, the right financing structures and a supportive government, which is why the formation of this group is so important,” said Liberty Steel executive chairman Sanjeev Gupta. “We look forward to developing these plans with CISDI and the Ministry of Economic Development to ensure we put the (steel works) on a sustainable, competitive pathway as quickly as possible.”