10,487.25 TRY BIST 100 BIST 100
5.68 CNY CNY CNY
46.89 EUR EUR EUR
40.57 USD USD USD
0.12 CNY CNY/EUR CNY/EUR
40.59 TRY Interest Interest
72.58 USD Fossil Oil Fossil Oil
49.86 USD Silver Silver
5.65 USD Copper Copper
102.81 USD Iron Ore Iron Ore
327.00 USD Shipbreaking Scrap Shipbreaking Scrap
4,342.78 TRY Gold (gr) Gold (gr)

The Liberty Steel Dudelange plant went bankrupt

The bankruptcy of Liberty Steel's Dudelange plant in Luxembourg is declared by the Luxembourg Commercial Court after management admitted to suspending payments.

The Liberty Steel Dudelange plant went bankrupt

The Dudelange plant's existing workforce of 300 decreased to around 150, with the remaining 150 employees engaged in basic maintenance work at the plant.

The company faced imminent bankruptcy after years of stagnant operations, delayed salary payments and a never-ending search for investors. Labor unions reported that the plant had neither produced nor sold for more than two years and that salaries were paid only with support from Liberty Steel's parent company.

The possibility of the company coming under external management had previously been reported, due to the discontinuation of production, lack of a replacement owner, lack of sufficient government support and lack of a strategic investor. The Luxembourg government's proposal to take control of the company for sale to a private investor was reportedly rejected by Liberty Steel as it was not sufficient to resolve the financial crisis.

The conditions of the stagnation in the European steel market also resulted in difficulties for Liberty Steel in finding buyers or investors willing to take over the Dudelange and Liège plants.

Liberty Steel announced a plan to sell its Liège and Magona plants along with Dudelange. The situation has become more difficult due to Liberty Steel's EUR 140 million debt after ArcelorMittal's acquisition of Eastern European division in 2019. Due to the debt, it was announced that ArcelorMittal was granted the right to take over the Eastern European division of Liberty Steel by a recent court decision in London.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

EMSTEEL reported higher sales and revenue in H1 2025

Wednesday, July 30, 2025

US-China trade talks have ended

Wednesday, July 30, 2025

Acerinox increased its revenue in the first half despite the tough market conditions

Tuesday, July 29, 2025

EUROFER and EUROMETAL call for urgent action to protect the European steel value chain

Tuesday, July 29, 2025

Sales in Türkiye's white goods sector have decreased

Tuesday, July 29, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now