These are Polish, British and Norwegian companies.
United Arab Emirates-based Emsteel has invested in Spanish steelmaker Celsa’s assets in Poland, the UK and Norway, El Economista reported.
The total value of these assets is approximately 1 billion euros.
The sale of these overseas entities, part of Celsa’s restructuring plan, began in February this year. It is unclear whether all three companies will be sold in one transaction, but such a sale could ease the situation for the Spanish steel company.
Celsa told Spanish media it could not confirm or deny the information due to confidentiality, but the process is ongoing and there is interest from potential buyers.
Callanish said the UAE-based company is aware of the recent reports but that it does not comment on rumors or speculation. However, the company regularly evaluates organic and inorganic business opportunities and any related announcements will be made in accordance with regulatory requirements.
Emsteel, formerly known as Emirates Steel, is controlled by sovereign wealth fund Abu Dhabi Development Holding Company (ADQ). Despite being one of the largest steel makers in the Middle East, 70% of its 2023 sales will be produced in the UAE, according to El Economista, and its industrial presence is limited to its country of origin.
As GMK Center previously reported, Poland’s Celsa Huta Ostrowiec received bids from at least two southern European manufacturers of filament products, but both bids were below the target price.
Celsa is looking to sell some of its European assets, particularly in Poland and Britain, to raise money to overcome its financial difficulties. The company has set a price of 800 million euros for the Polish steel mill, which runs electric arc furnaces and produces about 1 million tonnes of rebar, beams and bars a year, according to people familiar with the matter.