Generic Hero BannerGeneric Hero Banner
Latest market news

Liberty signs management contract for Dunaferr: sources

  • Market: Metals
  • 18/01/23

UK-owned Liberty Steel may have signed a three-month management contract with the liquidator of Hungarian steel producer Dunaferr to run the beleaguered company, according to sources.

Liberty declined to comment while the liquidator did not return repeated requests for comment.

Argus revealed in December that coal from Liberty Steel was being railed to Dunaferr to keep the plant's coke ovens running.

During the same month, Hungary amended its bankruptcy legislation, meaning that Dunaferr could enter liquidation and be sold. Ukrainian steelmaker Metinvest wrote to the Hungarian government in mid-December, declaring its interest in the facility. Metinvest is seeking outlets for its raw materials, as well as captive slab for its European rolling assets, given reduced domestic output.

Liberty has also expressed its interest in acquiring the site. Liberty head Sanjeev Gupta met with Hungarian politicians with a view to buying the business shortly before the failure of its main financier, Greensill.

Liberty has been in talks with the Hungarian government this month. A delegation from the company visited the plant earlier this month, where the temporary management contract was originally signed. Liberty has established a legal entity in the country, Liberty Central Europe, as reported by Argus.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
19/02/25

EU draft plan seeks to cut energy costs

EU draft plan seeks to cut energy costs

Brussels, 19 February (Argus) — The European Commission has set out plans to tackle the cost of energy in the EU, warning in a draft document that Europe risks de-industrialisation because of a growing energy price gap compared to global competitors. High energy prices are undermining "the EU's global standing and international competitiveness", the commission said, in a draft action plan for affordable energy, seen by Argus . The plan is expected to be released next week, alongside a clean industrial deal and other strategy documents. Much of the strategy relies on non-binding recommendations rather than legislation, particularly in energy taxation. Officials cite EU reliance on imported fossil fuels as a main driver of price volatility. And they also highlight network costs and taxation as key factors. For taxation, the commission pledges — non-binding — recommendations that will advise EU states on how to "effectively" lower electricity taxation levels all the way down to "zero" for energy-intensive industries and households. Electricity should be "less taxed" than other energy sources on the bloc's road to decarbonisation, the commission said. It wants to strip non-energy cost components from energy bills. Officials also eye revival of the long-stalled effort to revise the EU's 2003 energy taxation directive. That requires unanimous approval from member states. The commission pledges, for this year, an energy union task force that pushes for a "genuine" energy union with a fully integrated EU energy market. Additional initiatives include an electrification action plan, a roadmap for digitalisation, and a heating and cooling strategy. A white paper will look at deeper electricity market integration in early next year. EU officials promise "guidance" to national governments on removing barriers to consumers switching suppliers and changing contracts, on energy efficiency, and on consumers and communities producing and selling renewable energy. More legislative action will come to decouple retail electricity bills from gas prices and ease restrictions on long-term energy contracts for heavy industries. By 2026, the commission promises guidance on combining power purchase agreements (PPAs) with contracts for difference (CfDs). And officials will push for new rules on forward markets and hedging. There are also plans for a tariff methodology for network charges that could become legally binding. Familiar proposals include fast-tracking energy infrastructure permits, boosting system flexibility via storage and demand response. Legislative overhaul of the EU's energy security framework in 2026 aims to better prepare Europe for supply disruptions, cutting price volatility and levels. Specific figures on expected savings from cutting fossil fuel imports are not given in the draft seen by Argus . But the strategy outlines the expected savings from replacing fossil fuel demand in electricity generation with "clean energy" at 50pc. Improving electrification and energy efficiency will save 30pc and enhancing energy system flexibility will save 20pc, according to the draft. The commission is also exploring long-term supply deals and investments in LNG export terminals to curb prices. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

S Australia puts Whyalla steelworks into administration


19/02/25
News
19/02/25

S Australia puts Whyalla steelworks into administration

Sydney, 19 February (Argus) — The Labor state government of South Australia (SA) has pushed new laws through parliament forcing the 1.2mn t/yr Whyalla steelworks, owned by UK-based GFG Alliance, into administration. SA appointed KordaMentha as an administrator of OneSteel — which is part of the GFG group and operates the steelworks and associated 9mn t/yr iron ore mines in SA's upper Spencer Gulf region — on 19 February, citing a lack of confidence in GFG's ability to fund ongoing operations. GFG acquired OneSteel in its takeover of Australian steel producer Arrium in 2017, a process also overseen by KordaMentha. The city of Whyalla is reliant on the steelworks as its primary employer and the failure of GFG to pay creditors and service growing debts associated with the plant has led to a political crisis in SA. The appointment of an administrator occurred after changes to the Whyalla Steel Works Act 1958 were rushed through state parliament on the morning of 19 February, the government said. The changes apply GFG's debts as a charge across all of OneSteel's real property, and thus readily enforceable. SA premier Peter Malinauskas revealed this month that the state government is owed tens of millions of dollars in unpaid iron ore mining royalties, while state-owned utility SA Water is owed about A$15mn ($9.5mn). By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Australian fertilizer, copper, zinc rail line to reopen


19/02/25
News
19/02/25

Australian fertilizer, copper, zinc rail line to reopen

Sydney, 19 February (Argus) — The Mount Isa rail line — which connects multiple Queensland phosphate and copper mines to the Port of Townsville — will reopen today, after floods damaged the track earlier this month. The track is expected to open on 19 February, the line's operator Queensland Rail (QR) confirmed to Argus. But QR did not specify the reopening time. The company announced the line closure on 10 February, after nearly two weeks of heavy rains. QR identified 1.6km of track damage along the Mount Isa rail by 14 February. The rail operator's staff were unable to access parts of the track at the time, as water covered 2km of the line. Fertilizer suppliers Incitec Pivot and Centrix use the lines for DAP/MAP and phosphate rock shipments respectively from their Phosphate Hill and Ardmore projects. Metals producer Glencore also moves copper and zinc from its Mount Isa mining complex to Townsville via the track. Centrix is planning to ship approximately 10,000t of phosphate concentrate out of the Port of Townsville in mid-March. The company also moved 25,000t of concentrate out of the port on 18 February, supported by its phosphate stockpile in Townsville. Queensland's recent floods also disrupted loadings at many of the state's coal ports, including the Ports of Abbot Point, Hay Point, and Dalrymple Bay, in early February. Coal loadings across Australia's east coast dipped to 5.42mn deadweight tonnes (dwt) over the week to 8 February, down by 27pc from 7.42mn dwt a week earlier, because of the weather issues. Argus ' MAP/DAP fob Townsville price was last assessed at $620-640/t on 13 February. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

BYD plans give solid-state batteries clearer timeline


18/02/25
News
18/02/25

BYD plans give solid-state batteries clearer timeline

Beijing, 18 February (Argus) — The rollout of electric vehicle (EV) solid-state batteries has been given a clearer timeline after China's largest EV producer BYD unveiled plans to launch massive production of such vehicles around 2030. "We will start demonstration in 2027 and achieve large-scale production around 2030," Sun Huajun, chief technology officer at BYD Lithium Battery, said at the second China All-Solid-State Battery Innovation and Development Summit Forum on 16 February. The firm has started feasibility studies into the industrialisation of solid-state batteries, covering key material technology, cell system development and production line construction, Sun added. BYD rolled out a 60 ampere hour all-solid-state battery last year. Its new energy vehicle (NEV) sales surged by 41pc to more than 4.27mn units in 2024, accounting for 27pc of global sales. It is also a major battery manufacturer, with almost 154GWh installed last year, accounting for 17pc of global EV battery installations, industry data show. This timeline is later than earlier predictions by some domestic automakers and research institutions, as most of them said last year that they will deploy full solid-state batteries at their own EV brands from 2025 and start mass production in 2026 or 2027. Solid-state batteries with a longer EV driving range, smaller size and safer performance are considered the main development direction for the next generation of power batteries, but there are several challenges restricting mass production, particularly significantly higher costs. More than 100GWh of solid-state battery capacity is being planned in China, according to industry estimates, but it remains uncertain when they will be turned into real production, and some of the capacity is for solid-liquid hybrid batteries. "To realise the industrialisation of solid-state batteries, we still need to solve the problems with the technology, process and cost," Miao Wei, former minister at China's ministry of industry and information technology said at the same forum. "Looking at the current progress of global research and development, the technology to support massive production is yet to mature. There will be small-scale production around 2027." Several EV and battery producers have unveiled development plans or announced production launches for solid-state batteries in the past few years, but many are semi-solid-state batteries that have lower EV driving ranges, according to market participants. "Semi-solid-state batteries still belong to the category of liquid batteries. We should not get the two mixed up," Miao added. But the development of such batteries is expected to boost the adoption of EVs in the longer term, because anxiety over driving ranges is one of the main reasons why many potential buyers have not opted to buy an EV, especially in China. Some full-solid-state batteries being developed can support a driving range of more than 1,000km. China last year unveiled a plan to devote 6bn yuan ($829mn) to accelerate development of such batteries. Chinese consumers bought fewer NEVs than gasoline vehicles in January for a second straight month, while gasoline demand picked up thanks to the lunar new year holiday, when people typically drive long distances to hometowns. NEV refers to battery electric vehicles (BEVs), plug-in hybrids and fuel cell vehicles in the country. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Anglo to sell Brazilian nickel business to MMG


18/02/25
News
18/02/25

Anglo to sell Brazilian nickel business to MMG

Singapore, 18 February (Argus) — UK-South African mining firm Anglo American has agreed to sell its nickel assets in Brazil to Chinese firm MMG for up to $500mn as it looks to focus on copper, iron ore and crop nutrients. The sale to the Chinese company's MMG Singapore Resources arm is expected to close by September. Anglo will receive an upfront cash payment of $350mn when the deal is completed, up to $100mn in a price-linked earnout and a contingent cash payment of $50mn for the development projects, it said today. The Brazilian nickel assets covered by the deal include the Barro Alto and Codemin ferronickel operations and the Jacaré and Morro Sem Boné greenfield projects. Anglo produced 39,400t in nickel metal equivalent in 2024, down by 1.5pc on the year. It expects to produce 37,000-39,000t in 2025. Brazilian multi-metals mining group Vale is also reviewing options for its nickel mining assets, including a potential sale, as it aims to optimise its mining portfolio and increase the competitiveness of its vertically integrated nickel business. China imported 40,048t of ferronickel from Brazil in 2024, down by 36.3pc from a year earlier as Indonesian nickel pig iron (NPI) gained ground in the stainless steel sector. MMG is a subsidiary of Chinese diversified metals company Minmetals. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more