Celsa opened a new stage yesterday with the celebration of the first shareholders’ meeting without the Rubiralta family. The new owners of the steel company, a group of twenty international funds, approved last year’s accounts, which reflect the delicate situation experienced by the company in 2023 and the business objectives for this year. “The company has left the prison, but it is still in the hospital”, summed up the president of the board of directors, Rafael Villaseca, hours later in a meeting with the media.
The new management carried out several accounting adjustments to correct the exceptions of previous years and consolidated the accounts of the group for the first time in its history, which has a network of three holdings and more than 60 companies. All this brought to light a gap in the balance sheet of 1,187 million euros.
However, the restructuring of the debt ordered by commercial court number 2 in Barcelona allowed the company to close the year with net assets of 326 million and a net financial debt of around 1,200 million euros. Villaseca emphasized that the company’s books are audited by the international firm EY.
Among the factors that explain the patrimonial hole, credits worth 539 million granted to patrimonial companies of the Rubiralta family stand out. These loans became uncollectible when the previous owners of the multinational declared these companies in bankruptcy. “The council has the responsibility to do everything possible to recover these loans”, indicated the president.
The recapitalization also made it possible to end the year with a profit of 459 million euros thanks to extraordinary items. Without the contribution of the funds, losses would have increased to 918 million. The group’s turnover stood at 4,756 million, 22% less, while the gross operating result (ebitda) reached 441 million, which represents a 50% drop. “Last year Celsa also suffered the consequences of a weak market”, commented the CEO, Jordi Cazorla. Steel consumption was reduced by 6.5% in the European Union, which must also be added to a drop in prices. “We expect a gradual recovery with growth this year of 5.6% and 2.9% in 2025,” he said.
For this new stage, Cazorla explained that the management team is being restructured. At the moment, six executives have been let go and new executives are expected to be added in the coming months. The company has already announced the addition of a new financial director, Borja García Alarcón.
At Celsa, one of the main Catalan industrial companies, work is being done. Villaseca explained that he has commissioned the consulting firm Bain to draw up a strategic plan for the coming years and that he hopes to be able to present it during the second semester. “We do not envisage staff adjustments”, he commented.
On the other hand, the company is exploring the possibility of divesting one of its international subsidiaries. The multinational has hired the investment bank Citi to address this issue. On the other hand, Villaseca assured that it is still too early to talk about the plans to give entry with 20% of the capital to a Spanish industrial partner.
