Swiss Steel Group; Ascometal France negotiates with Acciaierie Venete

Ascometal France Holding, a subsidiary of Swiss Steel Group, a leading producer of special long steel solutions, enters into exclusive negotiations with Acciaierie Venete, a leading Italian steelmaker, who has firmly committed to take-over several production sites in France.

The contemplated transaction is fully aligned with Swiss Steel Group’s strategic program “SSG 2025” and its reorganization for a resilient future.

The contemplated transaction encompasses Ascometal France Holding’s subsidiaries operating the plants of Hagondange (Moselle), Custines (Meurthe-et-Moselle), and Le Marais (Loire), and the activities and workforce of CREAS, Ascometal's research center.

Swiss Steel Group is pleased that Ascometal France Holding has found a reliable and experienced partner in Acciaierie Venete, with industrial synergies, boasting an ambitious plan to strengthen the Ascometal plants of Hagondange, Custines and Le Marais. The contemplated transaction aligns with Swiss Steel Group’s commitment to sustainable practices and its strategic plan, which would support its transformation into a robust and best-in-class special long steel player, leading the green transformation in Europe.

The contemplated transaction also aligns with Swiss Steel Group’s strategic focus on core business activities for further stabilization of the Group and long-term profitability. The transaction would allow Swiss Steel Group to strategically channel its investments into areas that promise sustained growth in alignment with its long-term vision and strengthening other production assets such as the French Ugitech.

Acciaierie Venete has firmly committed to complete the contemplated transaction, which will be submitted to the relevant employee representative bodies of Ascometal. The transaction is subject to the completion of a number of conditions precedent, including the approval of the relevant regulatory authorities. Subject to these conditions being met, completion is expected in spring 2024.

The remaining two subsidiaries of Ascometal France Holding, the Les Dunes (Dunkirk, Nord) and Fos-sur-Mer (Bouches-du-Rhône) plants, are not concerned by the transaction; options for ensuring their long-term future are still under study by all Ascometal stakeholders.

Source and Photo: Swiss Steel Group