France-based pipe manufacturer Vallourec has announced that it has finalized the acquisition of a majority shareholding by French specialty steel producer Asco Industries in Vallourec’s Saint Saulve steel mill in France.
Accordingly, Ascoval S.A.S., 60 percent owned by Asco Industries and 40 percent by Vallourec, will own all the assets of the steel mill. The creation of Ascoval, which plans to integrate the site’s 320 employees, is based on a solid industrial and commercial project that includes a major investment program as well as commercial commitments for the purchase of steel by both partners. The investment program, which will allow the Saint-Saulve steel mill to diversify its markets and adapt to Asco Industries’ needs, includes the development of the existing equipment in Saint-Saulve to extend the range of steel bar diameters and to develop new steel grades that will allow access to new markets, particularly the automotive market. In addition, the investment program also includes the strengthening of the rolling capacity in Dunkirk to allow the plant to enter new market segments.