Steel industry: Novasco steelworks has until the end of September to find a buyer, 760 jobs on hold
Placed in receivership on Monday, the Novasco steelworks, formerly Ascometal, has a month and a half to save its operations and its 760 jobs in France.
By Le Parisien with AFPThe Strasbourg court has set the deadline for submitting plans to take over Novasco at the end of September, said Yann Amadoro, secretary of the CGT's social and economic committee (CSE). A new hearing is scheduled for September 25 to decide the future of the steel company.
Novasco, which specializes in specialty steels, particularly for the automotive industry, was acquired in July 2024 by the British investment fund Greybull Capital. The latter was to inject €90 million alongside the French government, which contributed €75 million. However, only €1.5 million was paid by the fund, according to the unions, jeopardizing the recovery of the business. An additional €10 million was due to arrive at the end of August.
Novasco has four sites: Hagondange (Moselle), Custines (Meurthe-et-Moselle), Saint-Étienne (Loire), and Leffrinckoucke (Nord). The site in Hagondange, which employs 450 people, is said to be the most threatened. "It's compromised for Hagondange," acknowledges Yann Amadoro.
Already weakened by the downturn in the automotive market, the company suffered a serious accident in November 2024: a falling ladle of molten metal injured three workers and caused seven weeks of shutdown. "Doubts gripped management," a management representative said last month, citing a need for €100 million to continue operating.
The return to work, scheduled for August 25 after the summer break, looks uncertain. "There's no more work," observes the union representative. Employees will hold a general assembly that day, before a "citizens' march" in Hagondange on September 4.
Le Parisien
