Celsa’s new chief takes office amid worker mistrust

Jordi Cazorla Pujalte started his role as Celsa Group chief executive on Monday, Kallanish learns from the company. He replaces Francesc Rubiralta who left the steelmaker after a group of investment funds, representing the main creditors of the company, took control of Celsa last November.

Deutsche Bank, SVP, Cross Ocean, Anchorage, Golden Tree, Attestor, Goldman Sachs, Sculptor and Capital Group are among the banks and funds included in the new ownership group.

“Celsa’s current financial situation will allow, by introducing the best market practices, to take the necessary operational measures to position the company as one of the major steel companies at national and international level, committed to the production of recycled green steel,” says Cazorla.

The ceo’s first meeting was with Celsa workers’ representatives on Monday. They asked Cazorla to provide details about the new owners’ industrial and investments plan and how they will ensure jobs. “There is a climate of mistrust towards the management, because it tried to force a restructuring without any negotiation with personnel,” the CC.OO. union says in a note.

Workers have already begun voting on whether to go on strike or approve the proposed plan, the union confirms. They are also pushing the new owners of Celsa to confirm which Spanish companies are in talks to acquire the remaining 20% stake in the group, as agreed in the court-approved restructuring plan. The deadline to find the industrial partner is reported to have been set for mid-2024.

Todor Kirkov Bulgaria