Creditor funds announced this Friday that they have officially taken control of the ownership of the steel giant Celsa, employing around 10,000 workers across Spain. Catalonia’s largest family business to date becomes part of a wider ownership group, shifting away from the Rubiralta family as a mix of banks and investment funds acquired the million-dollar loans that Catalan industrialists had contracted during a prior era of expansion.
Celsa’s new owners secured the win in a legal dispute last September, and the operation’s official approval had awaited sign-off. There was concern that the government might intervene and block the transfer, given Celsa’s strategic network of plants and the potential uncertainty for its factories and employees. In the end, government intervention did not materialize, and the operation proceeded as planned.
The management team installed a few days ago sanctioned the transfer, with Rafael Villaseca stepping in as the new non‑executive chairman, succeeding Francesc Rubiralta. The CEO role will be held by Jordi Cazorla. The change in leadership signals a broader shift in how Celsa plans to navigate its next phase and how its industrial assets will be aligned with the new owners’ strategy.
The new owners of Celsa include banks such as Deutsche Bank and funds like HSBC and SVP Global. They have also reconstituted parts of the board to reflect the new ownership structure. Daniel Alaminos, the State Attorney, will serve as secretary of the council, with additional appointments including Maria Esther Alfonso Evisa, Antonio Arenas Rodriganez, Francisco Javier Díaz-Gálvez from Oda, and Luis Aurelio Martin Bernardo, entering the board on a temporary basis. These changes align with the broader restructuring plan that accompanies the ownership transition. (Source: Industry filings and regional financial reporting, attribution to the parties involved in the restructuring warrants.)
The restructuring plan, approved by a court decision at the start of September, is designed to reduce Celsa’s debt by about 1.4 billion euros and extend its debt maturity by five years, pushing the deadline to October 2028. Supporters say the plan will significantly improve the company’s financial health by lowering leverage and providing a clearer path for ongoing operations. The owners emphasized that this financial realignment will enable greater stability for workers, suppliers, and local communities, while preserving the enterprise’s manufacturing footprint across Spain. (Cited statements from the new owners and accompanying court documents.)
Analysts note that the transfer marks a notable moment for a steelmaker whose history is intertwined with regional industry and family business dynamics. Observers in Canada and the United States will be watching how the new governance arrangements translate into operational efficiency, investment in plants, and potential modernization of production lines. The arrangement is expected to influence local employment, supplier networks, and regional economic activity, particularly where Celsa operates major facilities. Commentary from market observers suggests that the outcome will depend on how well the new board balances debt reduction with continued reinvestment in capacity and technology. (Market analysis supplied by regional financial commentators and industry experts, with attributions to public reporting and company statements.)
In practical terms, the restructuring aims to position Celsa for sustainable performance through a tighter balance sheet and a longer planning horizon. The combination of bank and fund ownership, along with a refreshed executive team, is seen as a move to improve strategic clarity and governance. Stakeholders on both sides of the Atlantic are evaluating how this governance shift translates into concrete actions—cost discipline, capital allocation, and strategic plant modernizations that could influence the competitive stance of European steel producers in a global market. (Industry notes and investor briefings cited as context for the transformation.)