Celsa merges Spanish and French units

Celsa will operate its Spanish and French assets as one business unit. The decision follows the company’s plan to optimise resources and improve efficiency.

Celsa France was already integrated with Celsa España at a corporate level, the steelmaker confirms to Kallanish. “The current executive director of Celsa in France, Josep Vilaseca, will be the head of the new business unit. For his part, Carlos Día, general director of the company for Spain, has been named the new commercial director of the Group,” Celsa explains.

The company meanwhile remains tight-lipped about finding a new local partner, which was a requirement set by the Spanish government when the main creditors took control from the Rubiralta family last year. Since Celsa is considered a strategic business, the new owners had to find a local investor by June to take a 20% stake in the group, according to the commitment.

The Spanish press has reported that Sidenor, Megasa, Christian Lay and Gonvarri showed interest and have already contacted Celsa, but the group has indicated it is in no rush to close a deal.

The priority for Celsa continues to be the possible sale of foreign units and the strengthening of its financial position. Potential buyers can bid separately for operations in France, Norway, Poland and the UK.

Market analysts estimate that the value of these units has fallen significantly amid the current uncertainty in the steel sector. Celsa is waiting for conditions to improve in order to complete asset divestments, since 50% of the group’s Ebitda is generated by its operations abroad.

Todor Kirkov Bulgaria