Sweden-based special steel producer Ovako has announced that the commercial court of Nanterre in
France has made a decision regarding the bid concerning the assets of French engineering steel producer Ascometal in favor of the French consortium which also includes Ovako. Accordingly, Ovako will hold a small minority share in Ascometal. The consortium in question consists of a group of investors led by former French finance ministry official Frank Supplission, as stated by media reports.
Ascometal has three steel plants located in Hagondange, Les Dunes and Fos-sur-Mer with a combined steel production capacity of 920,000 mt per year, supplying to
France's automotive, oil and gas, railway, agriculture and industrial equipment sectors.
As SteelOrbis previously reported, Brazilian steel producer Gerdau had offered €86 million to acquire the assets of the bankrupt Ascometal, promising to rehire employees numbering over 1,500 which had been laid off, plus over 150 more workers.