Second Vice President and Minister of Foreign Affairs Economic Affairs and Digital Transition Nadia Calviño affirmed that the government will fully observe the decision handed down by the Supreme Court of Justice of Catalonia (TSJC) regarding the ownership of the steel producer Celsa. The commitment was clear: the state will respect the court ruling while ensuring Spain’s broader strategic and industrial interests are safeguarded. This stance was articulated in Brussels on the afternoon of the ongoing week, following a TSJC resolution the previous Monday that endorsed the creditors’ restructuring plan for Celsa. The plan involves a change of control to shareholders who will replace the current owners, the Rubiralta family, and aims to stabilize the company’s finances and preserve its workforce. The government’s message stressed that the implementation of the ruling will be carried out with an eye toward national economic security and social stability, underscoring that energy-intensive steel production remains a critical pillar of Spain’s manufacturing base and employment landscape.
The court document confirms that the restructuring process complies with all applicable legal standards, and it notes that the debt load stands at roughly 3,988 million euros, a figure that considerably exceeds the current estimated enterprise value of the group, which ranges between 2,400 and 2,775 million euros. Despite this gap, the court recognized that the survival and ongoing operation of Celsa hinge on the agreement reached with creditors, whose proposed plan provides the liquidity and structural changes needed to keep the company solvent and competitive. The ruling reflects the judicial system’s assessment that the proposed solution is in line with market realities and that the creditor-led restructuring offers the best path to preserving the company’s productive capacity and regional supply chains.
During the press briefing conducted in Brussels, the deputy prime minister reiterated that the government will monitor the process closely to ensure compliance with legal requirements and to prevent any unintended consequences for workers, suppliers, and regional economies. The emphasis on safeguarding employment and preserving Spain’s strategic industrial capabilities was presented as a core objective, with officials indicating that the state’s role will include oversight mechanisms and robust protections for affected employees. The prime concern is to maintain the continuity of production at Celsa, safeguard skilled jobs, and sustain the broader ecosystem around steel manufacturing that supports downstream industries, from construction to automotive supply chains. The government also signaled its willingness to coordinate with European partners to align the restructuring with cross-border regulatory standards and to address potential risks that may arise from asset transfers or refinancing operations.
In closing, Calviño’s remarks framed the decision as a constructive step that aligns judicial direction with public policy aims. She stressed that Spain’s state interests—particularly the maintenance of strategic industrial capacity and employment levels—will be defended in all stages of the process. The government’s position reflects a belief that a transparent, creditor-driven restructuring can deliver long-term stability while ensuring that essential production capabilities remain rooted in Spain. By balancing legal compliance with national economic priorities, officials hope to secure a favorable outcome for Celsa’s workforce and the country’s industrial future, while also reinforcing the country’s commitment to prudent oversight of major corporate restructurings.