trending Market Intelligence /marketintelligence/en/news-insights/trending/fa7a4drkridvrbxsqxm6zg2 content esgSubNav
In This List

French government to inject €5M to keep Ascoval steel plant operational

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


French government to inject €5M to keep Ascoval steel plant operational

France agreed to inject about €5 million to support operations at the Ascoval steel plant at Saint-Saulve, Reuters reported Feb. 2, citing Finance Minister Bruno Le Maire.

The deal guarantees activity at the plant for another year, while a potential buyer is sought for the asset.

The Hauts de France region, Swiss specialist steel producer Schmolz + Bickenbach AG and steel pipe maker Vallourec also agreed to create a €14 million fund to help employees if there are future job cuts.

Ascoval, a joint venture between Ascometal SA and Vallourec SA, employs about 300 people, but the move is expected to save several hundred jobs.

Schmolz + Bickenbach recently won a bid to acquire the troubled Ascometal, but Ascoval was left out by the rescue.