Bankruptcy decision from the major Swedish iron and steel company

Ascometal, a subsidiary of Swiss Steel Group, recently declared bankruptcy after its units were sold to Italian steel producer Acciaierie Venete.

On behalf of Ascometal, a major producer of long steel products in Europe and active in many fields from automotive to mechanical engineering, French trade unions have reportedly called on the French government to help the company. Reportedly, the company already has 14,000 tons of finished stocks on hand, but given that the company is bankrupt, it cannot afford the transportation costs and therefore cannot ship the finished product.

Sources told SteelRadar that it may be more possible to sell the plants labeled Ascometal to multiple buyers rather than a single buyer, emphasizing that the company needs to sell at least 6,000 of its 14,000 finished products as soon as possible in order to recover financially.

It is stated that the company will negotiate with different buyers for the purchase of the facilities in the coming period and that a public tender will be held for this situation.