Celsa has completed a refinancing process, marking the conclusion of a financial and operational restructuring initiated in 2023. The transaction includes the issuance of EUR 600 mln (USD 706 mln) in HoldCo PIK notes, co-led by funds managed by Strategic Value Partners (SVP), alongside EUR 1.2 bln (USD 1.41 bln) in senior secured bonds.
The group operates electric arc furnace-based long steel facilities in Spain, France, and Poland, enabling high levels of recycling and waste recovery. This production model results in significantly lower CO2 emissions compared with traditional steelmaking routes and is expected to strengthen Celsa’s competitive position ahead of planned reductions in free EU carbon allowances from 2026.
SVP, which co-led Celsa’s financial restructuring in 2022 and became a major minority shareholder, said the company has since completed a broad turnaround supported by more than EUR 900 mln (USD 1.05 bln) in equity contributions. These funds have underpinned a value-creation plan focused on cost efficiencies, revenue growth, and balance-sheet strengthening.
Looking ahead, Celsa is expected to benefit from several supportive factors, including proposed EU measures to tighten steel import quotas, improving utilization and margins for regional producers, and a positive construction outlook in its core markets. Construction accounts for the majority of Celsa’s end demand, with activity forecast to grow steadily in Spain and Poland through 2027.
Celsa has total steelmaking capacity of around 7.5 mln tons per year and produces a broad range of long steel products, including rebar, wire rod, and structural steel products.
1 USD / 0.84 EUR
