German steel company Saarstahl announced on Wednesday that it confirmed its bid to acquire two steel mills in France owned by British businessman Sanjeev Gupta's Liberty Steel.
"This application supports an industrial project aimed at the future of the two plants, as well as the sustainable development of industrial activities in the North and Mosel regions," the company said.
Financial details were not disclosed.
“Our project aims to integrate the new rail market into Saarstahl's commercial and industrial strategy, to diversify our portfolio (blooms and arc furnace rails) and access new production technology (electric arc furnace). This project is fully in line with the strategy of our Saarland Group, both in terms of increasing competitiveness and structural transformation, ”said Dr. Karl-Ulrich Köhler, Chairman of the Management Board of Saarstahl.
Interest in the Ascoval and Hayange sites arose in connection with the restructuring of Liberty Steel and the search for financing after the collapse of its main lender.
Italy's Afv Beltrame Group said it is also interested in the two plants.