Swiss Steel Group Faces Termination of Sale Negotiations and Judicial Reorganization Proceedings by Ascometal

Swiss Steel Holding AG has been informed by Ascometal France Holding SAS about the halt of sale negotiations for several French production sites. The negotiations, initially announced on December 20, 2023, involved sites at Hagondange, Custines, Le Marais, and the CREAS research center. These discussions were ceased following Ascometal's decision not to proceed with the purchase option offered by Acciaierie Venete S.p.A.

Following the end of negotiations, Ascometal has indicated its intention to request judicial reorganization proceedings for its companies. This move is aimed at preserving the organizations' cash reserves while seeking new buyers for the sites in question. According to Swiss Steel Group, this development and the potential approval of judicial reorganization by the French Court are not expected to negatively affect its financial stance, nor interfere with the proposed capital increase and refinancing efforts.

Despite these developments, Swiss Steel Group continues to focus on advancing its "SSG 2025" strategy program, ensuring the growth of its core activities as planned.