French tube and pipe maker Vallourec said last week that it would not subsidise a takeover bid for its joint-venture Ascoval steel mill in France, which may now have to close.
Ascoval said in March that it was searching for a new majority shareholder that would allow it to continue steelmaking operations beyond 2019, after Swiss special steels maker Schmolz & Bickenbach acquired Ascoval's majority shareholder Asco Industries in January but did not buy any shares in the...