Following the approval of the rescue plan by the creditors banks last week, Italian steel company Lucchini has signed an agreement for the sale of its French subsidiary Ascometal to the fund Apollo Global Management. Financial terms of the agreement have not been disclosed.
"This agreement will allow Lucchini to reduce its debts and to collect the funds in order to seek industrial partnerships for the development of the Italian plants", said Lucchini's CEO Marcello Calcagni.