London (AFP)

GFG Alliance, parent company of Liberty Steel, still mentioned two potential buyers, Saarstahl but also ArcelorMittal, for the group's sites in Hayange and Ascoval, in a reaction to the announcement of a transfer agreement in principle with the German steelmaker.

"Liberty Steel Group presented to the commercial court several options to secure the future of Liberty Steel France (LSF), which includes Liberty Ascoval and Liberty Rail Hayange," said a spokesperson for GFG in a statement received by AFP later. Thursday evening.

The French Ministry of Economy and Finance announced Thursday that an "agreement in principle" had been reached for the takeover by the German steel group Saarstahl of the Ascoval and Hayange sites.

In May, Liberty Steel, owner for less than a year of the Ascoval steel plant located in Saint-Saulve (northern France) and the Hayange rail plant (Moselle, eastern France), announced looking for possible buyers, following the financial difficulties encountered by the British magnate Sanjeev Gupta and his family holding company GFG Alliance.

The group has been desperate for funds since the bankruptcy in March of financial firm Greensill Capital, which was its main creditor.

The Ascoval and Hayange sites "face a significant reduction in capital inflow since the fall of Greensill Capital and we have worked hard in recent months to secure new financing and explore put options," the press release continued. GFG.

# photo1

"Although we are in favor of keeping LSF in the group, we have also identified two credible buyers, ArcelorMittal and Saarstahl, who will be able to build on our ambitions for these activities", notes GFG in its statement, thus appearing to temper the words of Bercy.

“The main stakeholders of LSF will now decide how best to ensure that the employees of these factories, their customers and others can have confidence in a sustainable future” these sites, concludes GFG.

With 270 employees, Ascoval produces blooms (steel "bars") for Hayange (430 employees), which manufactures steel rails for European customers, notably SNCF Réseau and RATP.

A week ago, the inter-union called on the government to validate the project of the German group Saarstahl rather than that of ArcelorMittal.

© 2021 AFP