In what is described as a historic move, this week a Barcelona court ruled to shift control of a long- standing family-owned steel group away from its founders. The Rubiralta family’s Celsa Group will transition ownership to a pool of creditor funds, a decision tied to a new bankruptcy regime and the company’s substantial debt. The ruling marks a standout moment in Spain’s corporate history and has implications for about 10,000 jobs across multiple factories and offices, including 2,400 positions in Catalonia where the main Castellbisbal steel mill lies.
Judge’s ruling on Celsa prompts Catalan response
Concerns rose quickly among workers and government officials following the decision. The government apparatus, including the Generalitat, computes the impact at roughly 6 billion euros in annual value tied to a strategic enterprise for the Spanish economy. The court’s decision directs the company’s assets toward a set of mutual funds, though the authors of the ruling remain cautious about the forthcoming steps. What lies ahead for Celsa’s future remains a central question for employees and regional authorities alike.
What is Celsa?
Celsa has long stood as a steel industry pillar. Founded as Compañía Española de Laminación SA in 1967, its first facility was in Sant Andreu de la Barca. Today, the group reports annual turnover near 6,000 million euros and employs more than 10,000 people across Spain. The firm was designated strategic under Spanish law, ranking as Europe’s third-largest steel producer. The sector’s energy intensity makes it a major consumer of industrial electricity, and its output accounts for about 0.3% of Spain’s GDP while contributing to roughly 3% of freight traffic in the Barcelona port area.
Historically, Celsa remained a family-owned business, with Francesc Rubiralta Rubio at the helm as the elder family member shaping strategy across generations. To maintain market influence and meet stricter environmental standards, the Rubiralta family invested heavily, largely through debt. The court documents show outstanding commitments of approximately 2.9 billion euros, much of it borrowed against property-related loans and winners.
Who are the new owners?
Where the previous ownership bore the unmistakable imprint of the Rubiralta family, the new steerage comes from a diverse set of financial backers. Banks like Deutsche Bank, mutual funds such as International Kapitalanlagegesellschaft MBH (Germany), and American investors including Trinity Investments are among those cited. Other players include venture capital groups and additional fund managers. The exact roster includes entities like Cross Ocean USD ESS II, Goldentree, and others. These funds will not manage day-to-day operations; a board of directors led by a chief executive will oversee the business, and officials have suggested they seek high-profile, globally respected leadership.
A list of creditors that previously litigated against the company for debt-to-equity adjustments totals 1,352 million euros, with names including Rathmines, Deutsche Bank London Branch, SDF 2 Attorney, Cross Ocean USD ESS II, Cross Ocean AGG II, Sculptor Investments, Trinity Investments, Goldentree, BV, and AIO VII among others. These details outline a broad landscape of stakeholders backing the transition.
When will the funds take charge?
The timetable for handing over control remains unclear. The process hinges on several conditions and signals the start of a new phase under insolvency law, which adds a layer of uncertainty. Because Celsa is considered a strategic industrial asset for Spain, the operation falls under foreign takeover safeguards. If the funds’ headquarters are outside Spain, the administrator must authorize the move in advance. The Ministry of Industry has underscored this framework, and both Rubiralta’s camp and the unions are working to secure guarantees while trying to ensure a stable transition that protects other family businesses as well.
Is this the final sentence?
The bankruptcy law, in effect since the end of September 2022 and fully operative from January 1, 2023, provides that if a debtor’s obligations exceed its actual value, a bankruptcy administrator decides on the transfer of assets to creditors. Judge Alvaro Lobato Lavin of the Barcelona Second Court announced the decision on September 4. In his ruling, he asserted that a modern, competitive economy is steered by market forces and that the company’s value supported transferring assets in exchange for part of the debt, totaling 1,352 million euros. Appeals beyond this decision are limited; only government intervention can delay the outcome, and the court’s ruling is final in its current form.
Although some parties may explore further legal avenues, the prevailing view is that the sentence stands as a definitive determination of this stage of the process. The focus now shifts to the government’s role and the fund’s management plan rather than a path to immediate reversal.
What happens to the 10,000 jobs and what is the funding plan?
Union representatives express concern about job security and contract terms, noting that the situation demands robust guarantees. UGT and CCOO have aligned with the Rubiralta leadership in forecasting near-term negotiations and a rigorous assessment of the workforce implications. Creditor funds are expected to pursue a strategy that preserves the business and workers during the transition, with officials indicating the aim is to maintain operations and seek strategic alignment within Europe’s steel sector.
Public statements from the new fund owners emphasize continuity and a focus on governance that strengthens Celsa’s operations, financial discipline, and long-term competitiveness. Central to this plan is ensuring that government approval remains in place, due to the special protections surrounding Celsa under foreign takeover rules. The management has signaled that local workers and decision-making structures should remain intact to support a stable handover.
[Citation: Gobierno and Generalitat briefings; court filings; industry observers]