Ovako joins Ascometal bidders

Sweden-based special steel producer Ovako has announced that it is negotiating to join the group of French industrialists and investors that announced on May 5 its plans to make a bid for the assets of French engineering steel producer Ascometal, currently under bankruptcy procedures. The negotiation concerns a small minority share for Ovako.
 
Ovako stated that the commercial court in Nanterre in France is expected to make a decision on a winning bid before the end of May.
 
As SteelOrbis previously announced, earlier this week Brazilian steelmaker Gerdau joined the competition to acquire the assets of Ascometal, reportedly offering €86 million.