Ascometal steel mill continues a long tradition of metallurgical production in Hagondange. It all started here in 1912 by August Thyssen. However these promising beginnings were paralysed by the First World War, after which the works were confiscated by the French and incorporated into UCPMI by Louis Renault.

Later on in 1932, Renault founded a new company - SAFE (Société des Aciers Fins de l´Est), and began the production of sheet metal for his cars.

The capacity was expanded by a forge after the Second World War.
At the beginning of the 1980s USINOR buys the entire plant. Nevertheless the old plant was significantly outdated and had no chance to compete with modern production. So it was decided to close the whole site in 1985.

In the same year, Ascometal was established as a subsidiary of USINOR and bought by Lucchini in 1999, which was later incorporated into the Russian company Severstal.

After some turbulent changes in the ownership, the Hagondannge steelworks and rolling mill is owned by Swiss Steel Holding AG since 2020.