Celsa, Spain’s largest private industrial group, is considering the sale of its steel plants in Poland, Norway and the UK. The total market value of the assets reaches €1.3 billion. This was reported by the local newspaper Expansion.
Celsa’s Polish unit Huta Ostrowiec is likely to attract the most interest from potential buyers and could be worth up to €800 million. The Norwegian plant can be valued at around €300 million, while the British Celsa Steel UK is estimated at around €200 million.
According to the report, Celsa is working with Citi to analyze the triple deal with its foreign subsidiaries.
The potential divestment of the company’s foreign operations is part of a new strategy that it is implementing on the advice of consulting firm Bain & Company.
In 2022, Celsa produced 5.52 million tons of steel. Finished product output amounted to 1.18 million tons.
As GMK Center reported earlier, in 2023, the EU countries reduced steel production by 7.4% compared to 2022, to 126.3 million tons. Global steel production decreased by 0.1% y/y – to 1.85 million tons.
In 2023, Spanish steel companies reduced steel production by 2.7% compared to 2022, to 11.26 million tons. In December 2023, Spanish steelmakers produced 712 thousand tons of steel, up 7.4% compared to December 2022 and down 30.9% compared to November.
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