Skip to content

History of Asco Industries - Ascometal

Ascometal HistoryHistory of Ascometal

Ascometal is a leading European producer of engineering steel (or special quality bar, SBQ). The company later became known as Asco Industries.

Ascometal Timeline

  • French State Asset Formation (1984): Created from Usinor and Sacilor long product assets as part of French government steel restructuring plan, specialised in engineering steel and special quality bar production
  • Lucchini Ownership (1999-2007): Sold to Italian steel group Lucchini by Usinor following privatisation, disposal of Ascoforge Safe automotive forgings business for symbolic 1 Euro consideration
  • Apollo Management and Rationalisation (2010-2012): Bloom casting installed at Fos facility, systematic closure of Le Cheylas operations including EAF melt shop and rolling mills, US private equity fund Apollo Management acquired from Lucchini
  • Administration and Asco Industries Rescue (2014-2015): Ascometal entered administration, Asco Industries consortium acquired assets with high-profile leadership, launched JV with China's Ma'anshan for SBQ production
  • Brief Expansion and Financial Collapse (2017): Created Ascoval JV with Vallourec for Saint Saulve mill, closed Les Dunes EAF steelmaking operations, Asco Industries filed for bankruptcy in November
  • Swiss Steel Integration (2018-2023): Acquired by SCHMOLZ + BICKENBACH becoming part of Swiss Steel Holding AG, ongoing rationalisation with sale of Hagondange facility to Acciaierie Venete announced
Timeline shows troubled evolution from French state specialty steel assets through multiple ownership changes and restructuring attempts. Demonstrates challenges facing European specialty steel producers amid global competition and cyclical demand patterns.

The timeline below covers the history of the firm.

  • 1984: Ascometal created from Usinor & Sacilor long product assets.
  • 1999: Ascometal sold to Lucchini by Usinor.
  • 2007: Disposal by Lucchini of Ascoforge Safe.
  • 2010: Bloom casting installed at Fos.
  • 2010: Le Cheylas EAF melt shop closed.
  • 2011: Le Cheylas round rolling mill closed.
  • 2012: Le Cheylas spring flats rolling mill closed.
  • 2012: US fund Apollo Management buys Ascometal from Lucchini.
  • 2014: Ascometal goes into administration.
  • 2014: Asco Industries acquires Ascometal assets.
  • 2015: JV with China's Ma'anshan for SBQ production Mascometal.
  • 2017: Creation of Ascoval JV with Vallourec.
  • 2017: Closure of EAF steelmaking at Les Dunes, Dunkirk.
  • 2017: Asco Industries announces bankruptcy Nov 2017.
  • 2018: Asco Industries acquired by SCHMOLZ + BICKENBACH.
  • 2023: Sale announced of Hagondange to Acciaierie Venete.

Notes
  • 1984: At the time is was formed, Usinor and Sacilor were French Government-owned. Creation of Ascometal from the specialty long product assets of these two firms was part of the French socialist government's restructuring plan, which also led to the creation of Unimetal from the carbon long product assets of Usinor and Sacilor.
  • 1995: Usinor-Sacilor was privatised.
  • 1999: The sale of Ascometal to Lucchini took place just before 2001 merger of Usinor with Luxembourg's Arbed and Spain's Aceralia - a merger which created Arcelor.
  • 2007: Ascoforge Safe produced ~40,000 tonnes per year of automotive forgings in Hagondange. This business was sold (by Severstal, owner of Lucchini) in October 2007 to a French entrepreneur for a consideration of 1 Euro.
  • 2014: Asco Industries consortium includes Frank Supplisson, formerly French government chief of staff in ministry for economy, finance and industry; Christine Lagarde, former Managing Director if the International Monetary Fund (IMF); former ArcelorMittal ceo Guy Dolle; and Ascometal founder and former Airbus ceo Noel Forgeard.
  • 2017: Ascoval JV was 60% owned by Asco Industries and 40% owned by Vallourec. The venture owned all the assets of the Saint Saulve steel mill in northern France (approx 275kt EAF capacity, with similar capacity for casting tube rounds).
  • 2018: SCHMOLZ+BICKENBACH, a world leader in the production of special steel, acquired the assets of Asco Industries on 1st February 2018. At end-2017, Asco Industries had around 1,400 employees whilst SCHMOLZ+BICKENBACH had ~8900 employees.
  • 2019: Future of Saint-Saulve steel mill noted to be uncertain after British Steel filed for bankruptcy. Plans had been in place for the acquisition of Saint Saulve by Olympus Steel, a wholly owned subsidiary of the British investment fund Greybull Capital. British Steel, owned by Greybull, went into compulsory liquidation in May 2019.
  • 2020: Ascometal's new owner, Swiss stainless steelmaker Schmolz + Bickenbach, changed its company name in September 2020, being re-launched as Swiss Steel Holding AG.
  • 2023: Sale of Hagondage was announced by Swiss Steel, as part of a reorganisation strategy.