The Italian steel group ASO, based in Ospitaletto (Brescia) and specialized in the production of special steels for the forging within the group itself, announced that it has obtained a medium to long-term € 48 million loan which will be paid by Unicredit and Bnl (Bnp Paribas Group).
Funding will be used to support the acquisition which was made official at the end of 2010 and also communicated by SteelOrbis, of Sider Planting Scaligera (SPS), a producer of high alloy steels, stainless steels and chrome bars. Furthermore, around € 15 million are destined to the completion of investments related to the development plan of the group.
Accordingly, the ASO Group will have the opportunity to expand further its range in the field of high-quality steels, verticalize its forging activity and integrate itself horizontally in the chrome bars segment, in which SPS boasts of being a leader in Europe.
Initial reports are positive: the ASO Group is experiencing a strong growth in 2011, so that the budget could be closed with a doubling of the turnover compared to the previous year.