The company undertakes to invest €600 million in the modernization of the plant

The Commercial Chamber of the Strasbourg Court of Justice, in a decision dated May 31, 2024, recognized the Italian steel company Marcegaglia as the winner of the tender for the acquisition of the Ascometal steel plant in FOS-sur-Mer, France, which is currently undergoing rehabilitation. This is stated in the company’s press release.

Marcegaglia has committed to employing all employees and investing about €600 million in the industrial transformation of the plant.

The modernization project envisages increasing the capacity of the electric arc furnace to 1-1.2 million tons of steel per year, building a new continuous casting machine (CCM) and a modern hot strip mill. The total production capacity of the enterprise will be 1.6-2 million tons of steel per year.

Thus, the FOS-Sur-Mer facility will meet about 30% of Marcegaglia’s steel needs and will use efficient and environmentally friendly production methods.

“This important acquisition is part of the company’s global strategy to integrate the entire value chain. In addition, the Grand Port of Marseille is strategically located in terms of raw material supply and logistics. The innovative modernization project will make the FOS-Sur-Mer plant one of the most important assets of our group,” said Antonio and Emma Marcegaglia.

Last year, Marcegaglia acquired a 100% stake in Latvian Severstal Distribution (SSD), a subsidiary of Russian Severstal.

As a result of this transaction, Marcegaglia Carbon Steel gained full control over the SD SIA service center in Riga and its subsidiaries SD Sp.zo.o. in Poland and SD OOO in Ukraine. The divisions operate through a supply chain that includes only the distribution of flat and long products, without any manufacturing activities.