The Ministry of Industry warned yesterday that “it is imperative” that Celsa continues in Spain when foreign funds assume ownership of the group, until now controlled by the Rubiralta family.
In a short statement, the Central Government also emphasizes that the new owners – SVP Global, Deutsche Bank, Sculptor and Anchorage, among others – must avoid decisions to close and cut backs that put the viability of the company at risk. Celsa is considered a strategic company for the country: it has an annual turnover of nearly 6,000 million euros, employs 10,000 workers and operates in a strategic area such as the supply of steel products. In fact, Celsa is one of the most important steel producers in the entire European continent.
The requirements announced by the Ministry of Industry are in the same line as that which has been established in the sentence of commercial court number 2 of Barcelona, ??which at the beginning of September ordered the transfer of the property to creditor funds with the aim of capitalize and refinance the millionaire debt, which exceeds 3,000 million euros.
In the press release, the ministry assures that “the Government is using all available legal instruments, and in particular, the current foreign investment control legislation, to ensure a series of commitments that guarantee the maintenance of employment, the productive capacities and the company’s decision-making in Spain, as well as efficient management through an independent board of directors and the entry of a Spanish industrial partner that ensures the company’s long-term competitiveness “.
Throughout yesterday, the creditor funds also made official the agreement to start the process to obtain the authorization of the Central Government, a mandatory procedure for the takeover of Celsa, since it is a strategic company.
Likewise, they recalled that they have proposed Rafael Villaseca, former CEO of Naturgy, as president of an independent board of the company. With regard to the rest of the commitments established by the Government and the sentence, the funds ensure that “they will be implemented as the process progresses”. In this same sense, they assured that they aim to clean up the group’s accounts and strengthen the financial position with the aim of maintaining the workforce and production capacities in Spain.
In addition to the commitments already mentioned, the fact of giving entry to a minority partner in the Spanish industrial sector stands out. According to what this newspaper has reported this week, among the companies interested are the Basque group Sidenor, the Catalan firm ACIN and Grupo CL, with origins in Extremadura. These companies would be talking to acquire 20% of Celsa’s capital.
Throughout this process of transfer of ownership, foreign funds are committed to working with all parties involved in order to ensure compliance with the objectives communicated by the central government. As they assured yesterday, the creditor funds are promoting transparent communication channels, both with the different levels of the public administration and with the representatives of the workers, among which are the unions UGT, CC.OO. and USOC.
