The rescue of Catalan steelmaker Celsa takes a decisive step forward as SEPI, the state investment vehicle that oversees the fund for strategic companies affected by the pandemic, lifts the blocking measure that had paused the process. A 550 million euro loan, requested by the Rubiralta family-owned steel group, gains momentum as the next move in stabilizing the business and safeguarding jobs in the sector.
Brussels receives the documents from the state agency, marking a crucial moment for a Catalan company with a footprint that stretches beyond regional borders. This support, which stands as the largest single infusion ever granted by the state to a single enterprise, signals a strong commitment to preserving industrial capacity and continuity for a firm with international reach.
SEPI’s decision comes as creditor funds prepare a renewed bid aimed at reaching a settlement with the Rubiralta group. The plan to secure a collaboration with creditors was originally framed as essential to ensuring the company’s survival and protecting the broader supply chain that depends on Celsa’s operations.
Creditor groups have increased the stakes with a fresh proposal that seeks 75% equity in exchange for contributing to the 50 million euro capital increase that Rubiralta has agreed with SEPI. Regardless of this new offer, spokespersons close to the creditor coalition confirm that the earlier proposal remains active and is not cancelled by the latest terms, indicating parallel tracks are being pursued to resolve the impasse.
Pedro Sánchez, the national leader overseeing the process, held a conversation with Deutsche Bank chair Christian Sewing to urge a shift in stance among the creditor factions. Sewing indicated that, from his perspective, the Brussels process should move swiftly. If the proceedings progress within a week, SEPI’s advisory board could present the plan to the Cabinet on the upcoming Friday and seek approval in the month’s final session on June 28. The commitment deadline for returning funds is set for June 30.
Insiders connected to the steel company view SEPI’s move as favorable news, even though a formal agreement with creditors has not yet been sealed. In any case, public funds will not be disbursed until a definitive accord is reached, ensuring fiscal prudence and protecting taxpayers while the negotiations continue.