Celsa’s new owners evaluate foreign subsidiaries’ financial situation

The new owners of Spanish-headquartered Celsa have now taken full control of the company and are in the process of evaluating the financial situation of Celsa’s global units before presenting a new industrial plan.

Celsa has steelmaking operations in France, Norway, Poland and the UK, outside of Spain. According to local trade unions UGT, Celsa’s new management confirmed last week it is now evaluating the financial performance of the foreign units. Press sources in Spain report it might be considering selling some of the foreign units, if needed, to strengthen the group’s financial position.

Spanish trade unions add in a statement seen by Kallanish that Celsa confirmed that a new industrial plan is not yet available, but will be presented after the group-wide financial evaluation.

In addition to evaluating its global presence, Celsa is also actively looking for a Spanish industrial partner to support its industrial transformation. The trade unions were told the process of finding a new partner should last five to six months. Spanish press reported Megasa, Sidenor and Gonvarri as potential partners being considered by Celsa.

At the beginning of this year, Jordi Cazorla Pujalte started his role as Celsa Group chief executive. He replaced long-time boss Francesc Rubiralta who left the steelmaker after the group of investment funds, representing the main creditors of the company, took control of Celsa.

Emanuele Norsa Italy , Todor Kirkov Bulgaria