Swiss Steel Holding AG (SWX:STLN) said that its special long steel solutions unit Ascometal France Holding (Ascometal S.A.) has entered into exclusive talks to sell several production sites in France to Italian steel products maker Acciaierie Venete s.p.a. The discussions encompass the acquisition of Ascometal?s subsidiaries operating the plants of Hagondange in Moselle, Custines in Meurthe-et-Moselle and Le Marais in Loire, as well as the activities and workforce of Ascometal's research centre CREAS, according to a press release. The deal under negotiations does not include the Les Dunes sire in Dunkirk, Nord and the Fos-sur-Mer plant in Bouches-du-Rhone. The value of the proposed transaction, which hinges on regulatory clearances, was not disclosed.

The parties anticipate completion in the spring of 2024. The contemplated sale comes as part of Swiss Steel?s commitment to sustainable practices and its strategic plan, which would support its transformation into a robust and best-in-class special long steel player, leading the green transformation in Europe, the Swiss firm noted in the statement.