Novasco Metallurger
Special long engineering steel products manufacturer.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | N/A | Acquisition | |
| Total Funding | 000k | ||
Ascometal is a European producer of special long engineering steels, primarily serving the automotive, bearings, oil & gas, and mechanical engineering industries. The company was originally formed in 1984 from the long product assets of the French government-owned steel groups Usinor and Sacilor. Its history is marked by numerous changes in ownership, including being part of Lucchini, Severstal, and Apollo Global Management, before being acquired by Asco Industries in 2014 and then by the Swiss company SCHMOLZ + BICKENBACH (later renamed Swiss Steel Group) in 2018.
The company's business model revolves around manufacturing and delivering highly engineered steel products tailored to specific customer requirements. Its product portfolio includes semi-finished products like ingots and billets, hot-rolled bars, and cold-finished products such as drawn wires. Ascometal has developed specific steel grades like VITAC® for improved machinability and METASCO®, which allows heat treatment during the hot forging process. The company operates several production sites across France, including facilities in Hagondange, Fos-sur-Mer, Custines, Le Marais, and Leffrinckoucke (Les Dunes). The Hagondange site is a major operational hub, hosting significant steelmaking facilities and the CREAS (Centre de Recherche et d'Expertise Acier Spéciaux), its research and development center founded in 2001.
Ascometal has faced significant financial challenges, leading to multiple restructuring efforts and judicial reorganization proceedings throughout its history. In 2023, Swiss Steel Group entered negotiations to sell several Ascometal sites to the Italian steel producer Acciaierie Venete, but the deal was terminated in March 2024. Subsequently, Ascometal's management sought court protection to find buyers for its various sites. In July 2024, the British investment fund Greybull Capital was approved as the new owner for the Hagondange, Custines, Marais, and Leffrinckoucke sites.
Keywords: special engineering steel, long steel products, automotive steel, bearing steel, steel bar manufacturing, steel forging, electric arc furnace, hot-rolled products, cold-finished steel, metallurgical research, Hagondange steel, Fos-sur-Mer steel, Asco Industries, Swiss Steel Group, Greybull Capital, European steel producer, mechanical engineering, oil and gas industry, high-grade structural steel, case-hardening steels