Marcegaglia acquires Fos-sur-Mer steel plant, launching France's biggest steel project in decades
Italian group Marcegaglia has taken over the former Ascometal steel mill in Fos-sur-Mer, preparing the largest French steel venture in recent decades.
After nearly thirty years of involvement with the Fos-sur-Mer site, which opened in 1973 as Ascometal, Michel Nègre described Marcegaglia’s acquisition as a remarkable turnaround. The Italian family-owned steel processor bought the plant from Swiss Steel in May, while the remaining French Ascometal assets were sold to British fund Greybull Capital and renamed NovAsco. NovAsco subsequently collapsed in December, leading to massive job cuts and leaving only one plant operating in Leffrinckoucke.
A state complaint has been lodged against Greybull for not delivering promised capital despite receiving public aid. Marcegaglia now aims to restart production at Fos-sur-Mer, marking the most ambitious steel project in France in decades.
Why it matters
The takeover could revive a major industrial site and preserve thousands of jobs in France's steel sector.
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