According to the Spanish newspaper El Economista, EMSTEEL, formerly known as Emirates Steel, the UAE's largest local steel producer and market leader, is interested in acquiring Spanish steelmaker Celsa's mills in Poland, Britain, and Norway.
Celsa began selling off the mills, which are valued at about €1 billion, in February this year in an attempt to stabilize its financial situation. Although it is uncertain whether the mills will be sold in a single transaction, their sale would undoubtedly help Celsa resolve its financial difficulties. Annually, the Polish mill produces around 1 million mt of rebar, beams and bars, while the British mill produces 1.2 million mt of finished steel.
Accordingly, Celsas' top management and EMSTEEL are reported to have begun negotiations regarding these assets, though an agreement is not expected to be reached any time soon.
At the moment, Celsa Group is running 12 rolling mills and 48 scrap recycling facilities across Spain, France, the UK, Denmark, Finland, Norway, Poland, Sweden, and Ireland.