Celsa’s fund owners start exit preparations as the steel group returns to profit
Funds owning 98 per cent of Celsa have begun preparing to leave the Spanish steel group. A sale and a flotation remain possible, with no timetable or structure chosen. First-half profit reached 50.7 million euros after a loss a year earlier, while debt has fallen since the funds took control.
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Owners prepare to leave without choosing a route
Celsa, the Spanish steel producer, is preparing for a change of ownership after its investment-fund shareholders asked the board to organise their departure. Chairman Rafael Villaseca announced the preparations in Barcelona on 6 October alongside chief executive Jordi Cazorla. A corporate sale and a stock-market flotation remain among the possible routes.[1], [2]
Four funds hold 98 per cent of the share capital and want to leave together. Villaseca said the board approved the process the previous week. No deadline has been set, and advisers and market conditions will guide the next steps. If conditions are unsuitable, he said preparations would be halted until a suitable moment.[2]
Profit returns as debt falls
Celsa posted first-half profit of 50.7 million euros, compared with a loss of 3 million euros in the corresponding period a year earlier. Revenue over the six months was 1,786 million euros. Adjusted earnings before interest, tax, depreciation and amortisation rose by 29 per cent to 288 million euros.[1], [2]
The margin on sales increased from 12 per cent to 16 per cent. Debt fell to 1,134 million euros from 3,689 million euros when the new owners arrived in November 2023. The ratio of debt to earnings before interest, tax, depreciation and amortisation declined from 8.4 times to 2.3 times.[1]
Investment continues during exit preparations
The group invested 67 million euros in the first half, matching the amount a year earlier. Cazorla said the spending was financed from its own resources. The board also approved 31 million euros for a new special-steel rolling line at A Laracha in Spain’s Galicia region.[1]
An acquisition by a buyer outside the European Union would require approval from Spain’s Council of Ministers because the group is considered strategically important. Villaseca said a flotation would be unlikely to encompass the entire company. The intended exit remains at an early stage, with the transaction structure still open.[1], [2]
