Spanish Celsa to set up plans for ASW operations
The receivers have completed the sale of selected assets of UK based bankrupt longs producer ASW this month to the Spanish Celsa Group. Celsa Group now initiates investigations in order to determine the steps to be taken with its new acquisition. The Group will set up a business plan to complete in 4 months and prior to taking any action. Celsa states it has acquired all of the plant including the freehold and leasehold of property except for a nail production line of the main base plant in Cardiff. However, in Sheerness-Kent, the southeast England, it acquired the continuous caster and rolling mill but not the reheating furnace nor the property rights. Depending on the decision of in which plant to restart production, Celsa might need to negotiate with the property owners for the rest of the assets in Sheerness. On the other hand, there are news in the industry that KPMG, the receivers of the ASW have completed sale of the remaining Sheerness assets to a newly established company called Thamsteel. Thamsteel announces its plans to restart production at Sheerness.