Steelmaker Celsa Said to Ask Banks for Pitches on IPO or Sale Thomas Gualtieri, Macarena Muñoz, Andrés González and Pablo Mayo Cerqueiro Spanish steelmaker Celsa Group has reached out to banks as it weighs strategic options, including a sale or an initial public offering, according to people familiar with the matter. The Barcelona-based company has sought proposals from several investment banks, said the people, who asked not to be identified because the discussions are private. The requests, known as RFPs, specifically ask about whether the process should be a sale, an IPO or a dual track, said two of people. Banks are due to deliver their proposals next week, said one of the people. A spokesman for Celsa declined to comment.
A group of investment funds, including Strategic Value Partners and Attestor, took control of Celsa following a financial restructuring in 2023. At the time, the steelmaker was locked in a legal fight between the family who owned it and its debt holders. The takeover required negotiations between the creditors and the government, which sought to ensure that the company didn’t move business out of Spain nor cut jobs and that it kept decision-making within the country. Creditors agreed to certain restrictions on site closures and collective redundancies for several years. Chairman Rafael Villaseca said last week the company’s board of directors has a mandate to seek an exit for the shareholders, whether through an initial public offering or by selling their stake to new shareholders, but without a fixed timeline.
Earlier this month Celsa said it was launching a strategic review to provide shareholders with options to earn on their investments following efforts to return it to profitability. Celsa has facilities in Spain, France and Poland that recycle ferrous scrap to produce steel in electric arc furnaces.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing