Sign in | Join us  
      
 Popular Searches:diamond,cbn,tuck point blade,cup wheel,saw blade, brown fused alumina
Home -- Information


  Featured Companies
 • Yantai Cct Metal…
 • Dymend Tools Co.,…
 • Henan Boreas New…
 • Yancheng Xiehe Machinery…
 • EKF Industrial Supplies…
 • Ruishi New Material…
 • MORESUPERHARD
 • Henan Banner New…
 • Zhengzhou best synthetic…
 • Zhengzhou Haixu…

 Print  Add to Favorite
Custom your font size:     

French steel maker Ascometal goes into administration


Post Date: 10 Mar 2014    Viewed: 307

Reuters reported that French steel maker Ascometal went into administration putting at risk up to 2,000 jobs in a fresh headache for the Socialist government as it tries to bring down unemployment from record levels.

Ascometal, whose roots lie in the former French steel firm Usinor that was later absorbed by No. 1 global steel giant ArcelorMittal has been hurt by an economic downturn in Europe, particularly in the automotive sector.

Declining demand in Europe, where Ascometal generates most of its sales has undermined a 2011 takeover of the company by US investment fund Apollo Global Management and put Apollo at odds with banks that helped finance the deal.

Friday's decision by a commercial court near Paris to put the company in administration came after Apollo failed to reach an agreement with the banks on a debt restructuring.

Mr Arnaud Montebourg industry minister of France said that “The government would aim to find a long term industrial solution for Ascometal and had already received expressions of interest. The coming weeks will be devoted to finalising these potential offers." 


Superhard Material of China

Superhard Material of China

Abrasives and Grinding Products of China

Abrasives and Grinding Products of China

Coated Abrasives of China

Coated Abrasives of China

Chia International Abrasives & Grinding Exposition

China International Abrasives & Grinding Exposition

Home | About Us | Members | Contact | Advertising Quotation
Supported by Yuanfa Information Technology co.,Ltd
Copyright ©Abrasivesunion 2006. All rights reserved
Page rendered in 0.0207 seconds
增值电信业务经营许可证:豫B2-20202116  ICP备案:豫B2-20100036-2