only one buyer still in the running to avoid a “catastrophe”

The wait is set to end on Friday, June 28 for some 800 Ascométal employees. The Strasbourg court will consider the future of the steel group specializing in special steels on Friday, which has been in receivership since March.

The Strasbourg Commercial Court is due to give its decision this morning on the offers submitted to it to take over the sites located in the North, Lorraine and Loire. However, two potential buyers have withdrawn: the French industrialist Europlasma and the Italian Vénété. The French group, which had submitted a takeover offer covering all the sites and 650 employees, finally withdrew on Thursday 27 June: the CFDT mentioned a “Blast“, the CGT deploring a “disaster“.

The Greybull investment fund is therefore now alone at the negotiating table. His offer would save 750 jobs, but it is conditional on public funding: a loan of 60 million euros from the State, and 25 million euros from other financial partners, which the Briton is still negotiating with the Ministry of Industry. In a position of strength, he now demands more guarantees from the State.

These discussions worry the unions, since according to the CGT, “It’s urgent” : Ascométal’s treasury is empty. Others are calling for temporary nationalization to prevent a huge waste. The court may also decide on Friday to postpone its decision for a few days and thus avoid the announcement of a liquidation just before the legislative elections.

Ascometal has a steelworks in Hagondange and three machining and finishing sites, in Custines (Meurthe-et-Moselle), Saint-Etienne (in the Marais district) and Leffrinckoucke (Nord).