Swiss Steel Group sells Eastern European assets

Swiss Steel Group, a Switzerland-based producer of long steel products, has completed the divestiture of several metals distribution entities in Central and Eastern Europe.

“This strategic move toward a global distribution network that promotes and sells our own mill products represents a milestone in the ongoing implementation of Swiss Steel Group’s vision for the future and the continuation of its strategic program, SSG 2025,” the company says.

Swiss Steel Group operates several melt shop facilities operated by the following business units: Finkl Steel in Chicago and Canada, Ascometal in France, Ugitech in France and Italy, Deutsche Edelstahlwerke in Germany and Steeltec in Switzerland.

The divestiture announcement follows up on an agreement signed in February between Swiss Steel and the IMS Group, a division of France-based Jacquet Metals.

Under that agreement, Jacquet Metals, which Swiss Steel says is a “a well-established leader in the distribution of specialty metals,” agreed to purchase Swiss Steel distribution centers and offices in the Czech Republic, Poland, Slovakia, Hungary, Lithuania, Estonia and Latvia.

Swiss Steel says the divestiture allows it to streamline its operations and bolster its focus on core strengths, positioning the company for increased competitiveness and long-term growth.

The company says it retains a commitment to maintaining its existing mill-direct business, including in the seven countries where the divested assets are.

Swiss Steel also sold distribution centers to Jacquet Metals in 2015, with those facilities located in Germany, Austria, Belgium and the Netherlands.