ArcelorMittal, one of the world’s largest arms manufacturers, is one of the companies that is ready to switch to French metro maker Sanjeev Gupta.
German steelmaker Saarstahl and the Italian Beltrame Group are also actively buying the Gupta prices for France’s Ascoval and Hayange, sources confirmed this.
ArcelorMittal declined to comment. Saarstahl and Beltrame could not be explained.
Economic Affairs It was revealed earlier this month Liberty Steel, partly owned by the GFG Alliance steel group, had lost the two businesses in northeastern France after a sale.
Liberty Steel only bought Hayange’s mill in August after launching British Steel into insolvency.
Ascoval was previously controlled by Greybull Capital, a UK-based trading company, and was bought by Liberty immediately.
The GFG has been struggling to find new sources of funding since the collapse of Greensill Capital’s main lender in power in March.
The group was hit again suspicion of fraud, which is being investigated by the Central Office of Fraud.
The sale of two French crops is closely monitored by the government.
Hayange, near the German border, is considered a national treasure because it makes French railways and the Paris metro. Ascoval uses an electric furnace for recycling.
The French government in March provided a € 20m loan for the two plants. He said he was ready to help colleagues and affected areas in the GFG, but could not save the participants. The loans were made only after the company was able to raise new funds.
The marketing process began in late April, according to one observer. Rothschild advises on sales.
The GFG said it had remained “confident” of new investment, given its strength in the steel market, even though the two regions have been experiencing a “significant decline in operating costs” since Greensill’s collapse.
“At the same time, we are working smart to find ways to market these businesses and invite people who want to make a donation,” the company added.
The GFG is also selling three unique seeds in the UK, including how it operates at Stocksbridge in Yorkshire, as it seeks to deal with a major fall.
Sources familiar with the matter say that several interested people have come forward in recent days.
The GFG has been trying to restructure its operations in Britain but talks with White Oak Global Advisors, a US financial group, were frustrated after hearing the SFO investigation. The GFG has stated support for the study.
Jingye Group, the Chinese owner of British Steel, has told officials that it is ready to step in to take over Liberty Steel. The company, however, is clearly involved in Liberty’s steel operations in Rotherham, which the GFG said were not for sale.
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