Through the merger, Acciaierie Venete plans to increase its presence on the European market
Italian long products manufacturer Acciaierie Venete plans to acquire three steel plants of Ascometal (a subsidiary of Swiss Steel Group) in France. This was reported by Kallanish with reference to the company’s data.
Acciaierie Venete has begun negotiations to purchase the Hagondange plants in the Moselle department, Custines in Mer and Moselle, Le Marais in the Loire region and the Ascometal Creas research center. In this way, the company plans to increase its presence in the European market.
«The acquisition of the three steel plants will allow Acciaierie Venete to strengthen its position and increase production capacity outside Italy. This step will provide the companies with a stable future backed by a shareholder with a strong balance sheet and extensive industrial experience. The Group, with an ambitious investment plan for the acquired businesses, will create several synergies, including in procurement», comments Acciaierie.
The company plans to present its development plan to unions and other stakeholders in the coming months. The merger is expected to be completed in the spring of 2024.
«Swiss Steel Group is pleased that Ascometal France Holding has found a reliable and experienced partner in Acciaierie Venete, which has industrial synergies and boasts an ambitious plan to strengthen Asco’s steel plants in Hagondange, Custin and Le Marais,» notes Swiss Steel.
Two other Ascometal plants, Les Dunes in Dunkirk and Fos-sur-Mer, are not included in the merger.
As GMK Center reported earlier, steel enterprises of France in October 2023 steel production decreased by 8.1% compared to the previous month and by 19.3% y/y – to 788 thousand tons. In January-October 2023, French steelmakers produced 8.11 million tons of steel, which is 23.1% less compared to the same period last year.