SWISS STEEL HOLDING AG
Swiss Steel Holding AG / Key word(s): Miscellaneous Lucerne, March 27, 2024 Ascometal France Holding SAS (Ascometal) has informed Swiss Steel Holding AG that it did not exercise the option granted by Acciaierie Venete S.p.A (Venete) for the purchase of multiple production sites in France within the exercise period and therefore terminated the exclusive negotiations initiated in December 2023. The contemplated transaction was announced on December 20, 2023 and included the sale of the production sites and activities of Hagondange (Moselle), Custines (Meurthe-et-Moselle), Le Marais (Loire), and the activities and workforce of CREAS, Ascometal's research center. Swiss Steel Holding AG has also been informed by Ascometal that, following termination of the negotiations with Venete, Ascometal’s management examined all strategic options and has decided to seek court protection by requesting the opening of judicial reorganization proceedings (procédures de redressement judiciaire) for each of the Ascometal companies. The aim of these procedures would be to preserve the cash position of the Ascometal companies in order to allow time to find buyers for each of the sites. Ascometal has been operating as a standalone investment. The discontinuation of the negotiations and, provided that the French Court accedes to Ascometal companies’ request, the opening of judicial reorganization proceedings, is expected to have no net negative financial impact on the remaining business of the Swiss Steel Group, nor is it expected to negatively impact the announced capital increase and refinancing. Swiss Steel Group is continuing to implement its "SSG 2025" strategy program and is focusing, among other efforts, on the further development of the core activities already addressed in the portfolio. For further information:
About Swiss Steel Group Swiss Steel Group with headquarters in Lucerne (Switzerland) is one of the world’s leading producers of special steel long products. Thanks to the exclusive use of steel scrap in electric arc furnaces, the Group is one of the most relevant companies in Europe in the circular economy and is among the market leaders in the field of sustainably produced steel - Green Steel. Swiss Steel Group has its own production and distribution entities in over 30 countries and, through its strong local presence, offers a wide range of individual solutions in the fields of engineering steel, stainless steel, and tool steel. Swiss Steel Group is listed on the SIX Swiss Exchange and generated a revenue of around EUR 3.2 billion in 2023 with approximately 8,800 employees. Forward-looking statements This document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. This document is not a prospectus within the meaning of the Swiss Financial Services Act and not a prospectus under any other applicable laws. Copies of this document may not be sent to, distributed in or sent from jurisdictions in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy any securities, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. The offer and listing of any securities will be made solely by means of, and on the basis of, a prospectus which is to be approved by the competent review body and published. A decision to invest in securities of Swiss Steel Holding AG should be based exclusively on a prospectus published by Swiss Steel Holding AG (the "Company") for such purpose. This document is not for publication or distribution in the United States of America (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Japan or Australia or any other jurisdiction into which the same would be unlawful. This document does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction into which the same would be unlawful. In particular, the document and the information contained herein should not be distributed or otherwise transmitted into the United States of America or to publications with a general circulation in the United States of America. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state and may not be offered or sold in the United States of America absent registration under or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States of America. The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. In the United Kingdom this document is only directed at persons who (i) are qualified investors and who are also (ii) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FSMA Order"); (iii) persons falling within Articles 49(2)(a) to (d), "high net worth companies, unincorporated associations, tc." of the FSMA Order and (iv) persons to whom an invitation or inducement to engage in investment activity within the meaning of Section 21 of the Financial Services and Markets Act 2000 may otherwise be lawfully communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. In any member state of the European Economic Area (each a "Relevant State") this document is only addressed to qualified investors in that Relevant State within the meaning of the Prospectus Regulation. This publication may contain specific forward-looking statements, e.g. statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of Swiss Steel Holding AG and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. Swiss Steel Holding AG assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments. Except as required by applicable law, Swiss Steel Holding AG has no intention or obligation to update, keep updated or revise this publication or any parts thereof (including any forward-looking statement) following the date hereof. End of Inside Information |
| Language: | English |
| Company: | Swiss Steel Holding AG |
| Landenbergstrasse 11 | |
| 6005 Luzern | |
| Switzerland | |
| Phone: | +41 41 581 41 23 |
| E-mail: | a.beeler@swisssteelgroup.com |
| Internet: | www.swisssteel-group.com |
| ISIN: | CH0005795668 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1868127 |
| End of Announcement | EQS News Service |
1868127 27-March-2024 CET/CEST
