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Ascoval rescue deal not impacted by British Steel woes - France Minister

Steel News - Published on Fri, 24 May 2019

Image Source: SteelGuru
Reuters reported that a rescue deal for the Ascoval steel plant in northern France is not impacted by the current woes at British Steel since the Ascoval transaction involves another unit of British Steel not impacted by the liquidation process. French government said that “The mother company behind the British Steel group has confirmed its ability to see through the Ascoval rescue and to bring over the necessary funds in the agreed timetable.”

British Steel was forced into liquidation, although Britain’s second largest steelmaker will continue to trade and supply its customers.

The firm had earlier this month won approval from a French court to buy the Ascoval steel mill, in a deal under which the French state and local authorities are also to invest.

Source :

Posted By : Sanju Moirangthem on Fri, 24 May 2019
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