Spain-based long steel producer Celsa Group has announced that it has signed an agreement with the Czech Republic-based investment group Sev.en Global Investments (Sev.en GI) for the sale of its UK- and Scandinavia-headquartered subsidiaries Celsa Steel UK and Celsa Nordic.
Celsa Group will use the funds from these transactions to reduce its debts. The company will focus on its operations in Spain and continue to implement its plan to reorganize its industrial and financial situation. These acquisitions, which will incorporate over 2,700 employees into the company and will fortify Sev.en GI’s position in the European market, will diverse the company’s portfolio by adding a combined annual production capacity of two million mt of steel, including bars, sections, mesh and wires.