The government reminded creditors that taking control of Celsa requires their explicit consent. This was stated by the Ministry of Industry in a briefing issued on Tuesday, in response to Barcelona’s second commercial court ruling against the Rubiralta family and the steel group’s plan to move its assets into a holding company. The family owes roughly 2.4 billion euros to various creditors.
Although the decision is final and not subject to appeal, the Rubiralta leadership has not signaled defeat and is preparing to seek government concessions for operations involving strategic assets like Celsa. In a Tuesday release, family leadership promised actions aimed at maintaining the continuity of the industrial project and recalled past support from the Government and the Generalitat, as well as backing from employers and unions who, before the ruling, favored Rubiralta’s ongoing control of the steel group.
The Ministry of Industry stated that ownership and actual control by the financial creditors will only be valid once the Council of Ministers grants authorization. Investors must be consulted or must file a formal request for permission, the ministry stated.
Judicial decision transfers ownership of Celsa to its creditors
The ministry offered a sparse explanation and did not detail whether this option would be carried out through Rubiralta or directly by the funds. The statement also stressed that the primary objective is to safeguard the company’s future, preserve the integrity of its business units, ensure all operations remain in Spain, and maintain a modern work environment and independent governance.
The ministry, led by Héctor Gómez, did not reveal the route for the transfer. The current political situation and the leadership’s leverage could shape the timing and the process, leaving room for maneuver if officials wish to intervene.
Celsa’s new owners indicated they would forgo the 550 million euros in rescue aid approved during the pandemic, should the government block the move. They argued that the relief would translate into savings for the state and taxpayers, according to the fund involved. The precise date for when the new owner would assume control and the composition of the new board remain unsettled. A stalemate has emerged, with Rubiralta expected to press legal and political avenues to prevent or modify the outcome.