Ascometal France Holding, a subsidiary of Swiss Steel Group, has announced that the Strasbourg Court of First Instance has approved the takeover bid submitted by UK-based investment company Greybull Capital for the company’s assets.
Therefore, Greybull will acquire Ascometal’s steel mill, rolling mill and finishing sites at Hagondange, its three machining and finishing sites at Custines, Marais de Saint-Etienne, and Leffrinckoucke, along with its special steel research center (CREAS). Within the scope of the acquisition, the French steelmaker will relaunch its steelmaking activities especially for the automotive industry and will begin to produce steel products for the mechanical engineering, energy and defense industries, allowing it to provide a premium service and innovative solutions to its customers. Also, Greybull will recomission the Leffrinckoucke rolling mill, which had been idle since 2019.
According to the new owner of the company, all jobs and the current management team will remain in place.