Brazil-based
Gerdau Group has announced that it has presented a preliminary proposal for the acquisition of the French special steel producer Ascometal for €41.5 million.
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.
Gerdau stated that the acquisition will be concluded by the end of the second quarter of 2014, following the French courts' decision regarding other proposals submitted by interested parties and subject to other necessary approvals.