CSN acquires Spanish flat steel producer Galvacolor from Cristian Lay

Companhia Siderúrgica Nacional (CSN), Brazil’s largest industrial conglomerate, has announced its acquisition of Spanish steel producer Galvacolor from CL Grupo Industrial (Cristian Lay). The transaction marks a renewed interest by CSN in the Spanish market, subject to approval by the Spanish National Markets and Competition Commission (CNMC), which was officially notified on October 21.

Located in Jerez de los Caballeros (Badajoz), Galvacolor specializes in the production of flat steel coils, offering a portfolio of four core products: pickled and oiled, cold rolled, galvanized, and pre-painted steel. The company was acquired by CL Grupo Industrial in 2020 and relaunched with an initial €20 million investment following several years of inactivity.

While Galvacolor reported revenues of €95 million in 2024 — down 16.65% year-on-year — the company also posted operating losses of €7.4 million and a negative net equity of €21.57 million. However, a €31 million shareholder loan from Grupo Gallardo Balboa helped stabilize its balance sheet.

This divestment aligns with CL Grupo Industrial’s 2025–2027 strategic plan, which aims to drive €200 million in investments and focus on sustainable growth. Its Steel Division remains one of its largest revenue generators, alongside the Packaging Division, and is undergoing significant transformation driven by innovation and sustainability.

For CSN, the acquisition of Galvacolor is a return to the Iberian industrial landscape. A decade ago, CSN had shown interest in Grupo Gallardo’s assets, including Cementos Balboa in Extremadura and Corrugados Azpeitia and Corrugados Lasao in the Basque Country.

With over €7 billion in annual revenue, an EBITDA of €533 million, and a workforce exceeding 20,000 employees, CSN is a vertically integrated giant active in steel, mining, logistics, cement, and energy. Headquartered in Brazil, it also maintains operations in Germany and Portugal, and its shares are traded on the São Paulo (B3) and New York Stock Exchanges (NYSE).

Source: eleconomista.es