Celsa has contacted multiple banks for formal proposals that map out strategic paths, including a sale, an initial public offering, or running both options in parallel. The pitches are due next week, according to people familiar with the talks, who asked not to be named because the discussions are private. A company spokesman declined to comment.
Earlier this month Celsa said it started a strategic review aimed at giving shareholders ways to make money on their investments after moves to return the business to profitability.
A set of investment funds, among them Strategic Value Partners and Attestor, assumed control of Celsa in a 2023 financial restructuring. At that time, the company was embroiled in a legal dispute between the founding family and its creditors, and the change of control involved negotiations with the government.
Officials sought assurances on keeping decision making in Spain, avoiding job cuts, and not shifting business out of the country. Creditors consented to caps on shutting sites and on workforce reductions over a multiyear period. Last week, Chairman Rafael Villaseca noted that the board has the authority to pursue a shareholder exit via an IPO or by disposing of their stake to new shareholders, with no timeline fixed.
Celsa runs plants in Spain, France, and Poland where ferrous scrap is recycled and steel is made in electric-arc furnaces.
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A dual track can tighten timelines and raise valuations, since the IPO path sets a public benchmark while a sale tests private bids. The bottom line: watch for which route Celsa prioritizes next week when bank proposals land, and for any clues on timing that could shape comps for European steel and recycling names.
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