UK long steel producer British Steel has been granted approval from a French court to take over troubled French special steelmaker Ascoval, the company said on Thursday May 2.
Following the approval from the tribunal de grande instance (TGI) in Strasbourg, Ascoval, which is located in Saint-Saulve, Northern France, will officially become part of British Steel on Wednesday May 15 and will be renamed British Steel Saint-Saulve.The value of the acquisition was not disclosed.Ascoval has a maximum finished steel capacity of 600,000 tonnes per year at its electric arc furnace (EAF) plant in Saint Saulve and makes products such as continuous cast round (CCR) bars in carbon...