Press releases


CELSA implements the judicial restructuring plan and appoints Rafael Villaseca new President


  • The new shareholders strengthen the company’s balance sheet by capitalising €1.4 billion of convertible debt and Jumbo, in a deal that leaves the company in a much improved financial position. Post-restructuring debt maturities of €1.6 billion are extended by 5 years and an agreement has been reached to extend working capital facilities.

  • Rafael Villaseca joins the Board of Directors as non-executive Chairman.

  • The Board appoints Jordi Cazorla as new CEO. Until his incorporation, Sergio Vélez, Head of FTI Consulting Spain, will perform the functions of CEO.


Barcelona, 24 November 2023.- Celsa Group, Europe’s leading producer of low-emission circular steel, has announced the implementation of its court-approved restructuring plan and the appointment of Rafael Villaseca as the company’s new non-executive Chairman.

Villaseca has an extensive track record at the helm of global Spanish companies in the industrial and energy sectors. He was CEO of Gas Natural Fenosa (now Naturgy) for fourteen years, from 2005 to 2018, and is currently Chairman of the Naturgy Foundation. He is also a director of Cementos Molins and VidaCaixa.

In addition, Jordi Cazorla will soon take up the position of CEO of the Group. Cazorla holds a degree in Industrial Engineering from the Polytechnic University of Catalonia and an MBA from the University of Barcelona. To date, he has been General Manager for Southern Europe at DS SMITH, an industrial group in the packaging sector with a total turnover of more than 9,000 million euros and 30,000 direct jobs. Previously, he held management positions at Ideal Standard, American Standard, General Electric and Hewlett Packard. Until Cazorla joins the company, Sergio Vélez, Head of FTI Consulting Spain, will take over as Managing Director. Vélez, who has a solid track record in managing this type of operations, will be supported by a team of professionals from the international consulting firm.

In addition to the above appointments, the Celsa Group has incorporated Daniel Alaminos, a state lawyer, as Secretary of the Board of Directors. The appointment of the definitive board is at an advanced stage. Pending its appointment, four independent directors have been provisionally incorporated, represented by Ms. Maria Esther Alfonso Evisa, Mr. Antonio Arenas Rodrigañez, Mr. Francisco Javier Díaz-Gálvez de la Cámara and Mr. Luis Aurelio Martín Bernardo. All of them have extensive experience in the management of companies in transition processes and in the implementation of viability plans.
Through these appointments, the Celsa Group aims to ensure the highest standards of corporate governance and value contribution to all stakeholders. “This marks the start of a new phase that represents a starting point for consolidating Celsa’s leadership in the sector,” said Rafael Villaseca, the company’s new Chairman, who will be meeting with the management teams of each of the company’s operating centres in the coming weeks to listen to their concerns and learn in detail about the projects underway.


Implementation of the judicially approved restructuring plan

These appointments are part of the implementation of the restructuring plan approved in early September by court ruling, which will allow Celsa to reduce its debt by 1,400 million euros and extend the maturity of the remaining debt by 5 years – until October 2028 – leaving the company with a much improved financial situation. The extension of the group’s working capital lines has also been agreed.

The transaction has included the acceptance by the new shareholders of a series of commitments to the authorities, including the maintenance of the company’s long-term viability, the group’s decision-making in Spain and the protection of employment and production capacity within the framework of Celsa’s strategic nature.


About CELSA Group

The Group operates in nine countries (Denmark, Finland, France, Ireland, Norway, Poland, Sweden, Spain and the United Kingdom) and has made significant health and safety advances in 2022. The company has defined the CELSA Group Wellness Model, a set of uniformly deployed common guidelines, for all business units.

With reference to equality, CELSA Group aims to reverse the traditionally male-dominated trend in the steel industry, aiming to achieve a 30% female workforce by 2030. In the last five years, the number of women in the organization has increased by 10%, and their ratio in managerial roles has improved. In support departments, women already represent more than half of the company’s workforce.



Jordi Cazrola Consejero Delegado Celsa Group