Editor’s Note
This article reports on a significant legal and industrial development concerning the takeover of steelmaker Novasco. The Strasbourg court’s ruling coincides with a government minister’s pledge to pursue legal action against a previous investor, highlighting ongoing efforts to address corporate accountability.
The Strasbourg court issued its decision on Monday regarding the takeover of the troubled steelmaker Novasco. Earlier in the day, the Minister of Industry had announced his intention to take legal action against the previous investor to ensure they “assume their responsibilities.”
In total, 549 jobs are expected to be cut as a result of this operation. It was a highly anticipated decision for employees and closely scrutinized by public authorities. The Strasbourg court on Monday accepted the offer from the Ardennes-based SME Métal Blanc for the takeover of the struggling steelmaker Novasco.
This consortium of investors, led by Julien Baillon, plans to take over only one plant as part of a “partial sale.” This is the plant located in Leffrinckoucke, near Dunkirk (Nord), which employs 144 people. This decision condemns the three other sites in Saint-Etienne, Custines (Meurthe-et-Moselle), and Hagondange (Moselle) to liquidation. In total, 549 out of 750 jobs are expected to be eliminated following this operation.