Spanish steelmaker Celsa has launched the sale process for the entire company, with an estimated valuation of around €5 billion, according to Spanish media reports. The process is expected to enter its operational phase in September, when the shareholders will appoint an investment bank to manage the search for potential buyers. Among the institutions that could be mandated to handle the transaction are Citi and Houlihan Lokey, both of which have previously advised the group on major corporate transactions.
The move comes almost three years after Strategic Value Partners (SVP), Attestor, DWS, GoldenTree, and Cross Ocean took control of the Catalonia-based company as part of its debt restructuring in 2023. At that time, the new owners converted approximately €2 billion of debt into equity, launching a turnaround plan that from the outset envisaged a future exit from their investment.
The decision to put the group up for sale comes at a time of strong improvement in its operating performance. After closing 2025 with an EBITDA of €396 million, Celsa returned to profitability in the first quarter of 2026 and completed the refinancing and transformation process initiated in 2023. The company expects EBITDA to approach €600 million in 2026 and €800 million in 2027, forecasts that support the group’s valuation.
According to the sources, one of the main factors behind the improved outlook is the European Union’s new tariff-rate quota (TRQ) regime, which entered into force on July 1, 2026. The new system significantly reduced the annual volume of steel that can be imported into the EU duty-free and introduced a 50% tariff on volumes exceeding the available quotas. The strengthening of the EU’s trade defense measures is expected to benefit European steel producers, including Celsa.
The group’s prospects could also benefit from its industrial presence in Poland, where it operates facilities located close to the Ukrainian border. According to the sources, the eventual reconstruction of Ukraine once the conflict ends could lead to a significant increase in steel demand, further enhancing the strategic value of the group’s assets.
