Support to get through the crisis.
Bruno Le Maire announced on Saturday on France Inter that the State would release 20 million euros from Monday to help the Ascoval steelworks, weakened by the financial setbacks of its owner, the British group GFG Alliance
.
"We will never let you down",
hammered the Minister of the Economy to the address of the workers of the Ascoval plant in Saint-Saulve (North) and that of Hayange (Moselle), two sites taken over by GFG Alliance in 2020.
“There is a hard blow but it is purely financial.
Ascoval is doing well.
Ascoval has orders.
Ascoval has found an order book with Hayange ”
, underlined Bruno Le Maire.
The Hayange factory, which manufactures rails, is in fact supplied by the steelmaker in the North.
The loan will allow
"Pay salaries, the supplies necessary to run the plant and ensure that there is no disruption of activity in Ascoval and Hayange"
, detailed the minister.
This announcement follows the bankruptcy filing in early March of the financial company Greensill, which specializes in factoring.
This bankruptcy puts its main client, GFG Alliance, on hold.
Without Greensill, the group founded by Anglo-Indian tycoon Sanjeev Gupta is deprived of a major source of funding.
Forced to tighten his belt, he announced breaks in his production in the United Kingdom and a recourse to short-time work.
This steel empire owes Greensill nearly $ 5 billion (€ 4.2 billion), according to lawyers for the British finance company.
