Vallourec, a specialist in premium tubular solutions, and Asco Industries, a major European player in the production of special steels (long products), have recently finalized the acquisition of a majority shareholding by Asco Industries in the Saint Saulve steel mill.
Ascoval S.A.S., 60% owned by Asco Industries and 40% by Vallourec, will own all the assets of the steel mill. The creation of Ascoval, which plans to integrate the site’s 320 highly skilled employees, is based on a solid industrial and commercial project that includes a major investment program as well as commercial commitments for the purchase of steel by both partners.
The Saint-Saulve steel mill, a modern, hi-tech production facility, will supply both shareholders; Asco Industries to supply the rolling facilities of its mills, and Vallourec for its special steel requirements.
The loading plan is progressive and should reach an annualized production level of 275,000 tonnes from the end of 2017, volumes which will allow the steel mill to remain operational and competitive.
Philippe Crouzet, Chairman of the Vallourec Management Board, stated, “This transfer is part of the Vallourec transformation plan, most of which has now been completed. It will allow the Saint-Saulve steel mill to work with Asco Industries to write a new page in its history, whilst continuing to supply Vallourec with special steels. I would like to thank all the site’s employees for their involvement.”
