Stahl-Holding-Saar (SHS) Group the holding company for German steel manufacturer Saarstahl, has acquired Liberty Ascoval and Liberty Rail Hayange to support the company’s focus on European green steel production.
Liberty Steel’s primary lender collapsed earlier this year, leading the company to restructure and seek new investors. Following this announcement, many companies made bids for the acquisition, including SHS, which bid in June.
The German steelmaker’s offer was recently formally validated by French authorities. The cost of the acquisition was not disclosed, though Ascoval and Hayange will have access to new industries for business such as the automotive sector, and geographical markets, SHS said in a statement on Aug 5.
Both companies partnered in February for the construction of a hydrogen-based steel-making project in France and Liberty believes that SHS has a concept that is similar to the company’s Greensteel model that will ensure a solid future for the operations.
Ascoval combines the circular economy with the use of electric arc furnace production. which has a neutral carbon footprint. Hayange contributes to the development of sustainable mobility solutions through the production of railway infrastructure products.
Dr. Karl-Ulrich Köhler, SHS’ management board chairman, stated that the acquisition aligns with the group’s growth and diversification strategy. It also supports its goal to preserve the Saarland steel industry and will facilitate the execution of the progressive human and industrial concept for the future of the Nord and Moselle regions in France.