Celsa halts search for alternative industrial partner: "There are no candidates."

BarcelonaThree weeks after Criteria, the investment company of the La Caixa Foundation, definitively ruled out entering the capital of Celsa, the Catalan steel company has taken stock of 2024, in a year – the first since the creditor funds established themselves as new shareholders – which has closed with losses of 281 million euros, but which has also reduced its debt by 48%, to 1,793 million euros, the sale of its British and Scandinavian subsidiaries, and also with the help of a €109 million capital increase.

However, regarding the search for a new industrial partner for the 20% stake to comply with the Spanish government's requirements for accepting the shareholding change, the company has hit the brakes and, for the moment, has halted the process, considering that there are no "Spanish industrial alternatives" worth considering. "There are no candidates," said its non-executive chairman, Rafael Villaseca, at a press conference this Monday. And he has already conveyed this to the Spanish government: the executive explained that it is not easy to find capital to undertake these investments, considering that Celsa is the second largest industrial company in Catalonia. However, he expressed openness to resuming the process when possible.

Poland, possible divestment

Although the company closed last year with losses of €281 million, after recording an operating result of €65 million and a negative financial result of €322 million, revenue stood at €3.36 billion and EBITDA at €274 million, the equivalent of 8%. "The company's position as a leader in Europe is a key factor in the recovery of its steel production and its profitability," said CEO Jordi Cazorla, who, along with Villaseca, expressed confidence in the company's progress, which is now focused on two major priorities: improving operating results—producing steel in the best possible way and selling it at higher margins—and continuing to reduce debt—which could be further reduced with the divestment of the subsidiary." Both he and Cazorla have been very emphatic about the company's good performance, and Villaseca even continued with the medical simile he used a year ago to describe Celsa's situation. the company was in the ICU, has now been released," said Villaseca, referring to the accounting situation they had encountered after the departure of the previous management, led by Francesc Rubiralta. The approval process presented by the creditor funds was also underway. "We are on the right track and we are confident that this year we will be able to complete this plan [which gave a margin until 2028]. We are no longer in the ICU; we are still in the hospital, but about to be discharged," added Villaseca. The company has not only experienced Criteria's withdrawal, but has also suffered a legal setback: last week a court of first instance rejected the lawsuit filed against Francesc Rubiralta for a loan of 504 million that, according to the ruling, is uncollectible. "We do not question the justice system, but our services will most likely file an appeal," said Villaseca, who positively valued the fact that the court has deemed it a "proven fact" that 500 million euros left the company.