The company’s strategy to stabilize finances by selling its Ascometal subsidiary to Italy’s Acciaierie Venete has been discontinued. The plan was announced in December 2023.
 
Swiss Steel subsidiary Ascometal has broken off sales negotiations and is now seeking court protection.
 
The company aims to preserve the liquidity of the Ascometal companies in order to gain time for the search for buyers for each of the facilities. Swiss Steel intends to divest three Ascometal plants in France: in Hagondange (Moselle), in Custines (Meurthe-et-Moselle) and in Le Marais (Loire); as well as research center CREAS.
 
Ascometal has been operating as a stand-alone investment, Business Insider reports. The discontinuation of the negotiations is not expected to have negative financial impact on the remaining business of the Swiss Steel Group.