Ascoval, a joint venture between the recently sold Ascometal and French tube & pipe producer Vallourec in northern France, is to continue production while a buyer is sought for the company, according to reports in the French press over the weekend.
The future of Ascoval was put in doubt when majority shareowner Ascometal was taken over by Swiss special and stainless steel producer Schmolz + Bickenbach (S+B) on Thursday February 1, following a decision made by a French court on January 29.S+B's successful offer for Ascometal did not, however, include taking over its 60% share in Ascoval. This led Vallourec to suggest that...