Creusot Loire

History

The group was formed in 1970 as a result of Compagnie des ateliers et forges de la Loire (owned by Marine-Firminy) and Société des Forges et Ateliers du Creusot (owned by Schneider) merge.

The group was affected by the 1970s steel crisis, and was not able to give a dividend after 1977.

In 1984 the organisation became bankrupt with debts of $633 million; the company's owner Empain-Schneider rejected state aid as the conditions included giving away control of another subsidiary Jeumont Industrie.