CELSA incorporates Jordi Cazorla as the new CEO of the Group
- This appointment joins to the Rafael Villaseca one as non-executive Chairman of the Board of Directors.
- The composition of the new Board of Directors will be announced in the coming weeks.
- The new shareholders have strengthened the company’s balance sheet through a debt capitalisation operation, which substantially improves the company’s financial position.
Barcelona, 15 January 2024 – The CELSA Group, Europe’s leading producer of low-emission circular steel, continues with the implementation of its court-approved restructuring plan, with the arrival of Jordi Cazorla as CEO of the company, whose appointment was announced on 24 November.
Jordi Cazorla joins Rafael Villaseca as the new non-executive Chairman of the Board of Directors. Cazorla, who holds a degree in Industrial Engineering from the Polytechnic University of Catalonia and an MBA from the University of Barcelona, has so far developed his professional activity as General Manager for Southern Europe of 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 his incorporation, Sergio Vélez, Head of FTI Consulting Spain, has held the position of interim Managing Director during the change of control process.
“CELSA Group is embarking on a new phase which I am very excited about. The company’s current financial situation will allow -by introducing the best market practices- to take the necessary operational measures to position the company as one of the major steel companies at national and international level, committed to the production of recycled green steel. To do this, we have a team of professionals who have always demonstrated their worth and commitment“, said Jordi Cazorla.
At the same time, progress is being made on the composition of the new Board of Directors of the company, which is expected to be constituted in the coming weeks. The CELSA Group has already announced the appointment of Daniel Alaminos, a State lawyer, as Secretary of the Board of Directors, and the provisional appointment as independent directors of María Esther Alfonso, Antonio Arenas, Francisco Javier Díaz-Gálvez and Luis Aurelio Martín. 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 is adhering to the highest standards of corporate governance and providing value to all stakeholders. “This marks the beginning of a new phase that represents a starting point to consolidate CELSA’s leadership in the sector“, said Rafael Villaseca, the new Chairman of the Board.
From now on, Jordi Cazorla will meet with the management teams of each of the company’s operating centres to listen to their concerns and learn in detail about the projects underway. He will also set in motion the process of drawing up a Strategic Plan to guarantee the company’s viability.
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 improved financial situation. The extension of the group’s working capital facilities has also been agreed.
The transaction has included the acceptance by the new shareholders of a number 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 in the framework of CELSA’s strategic nature.
About CELSA Group
CELSA Group is Europe’s first circular low-emission steel producer with the largest circular supply chain in Europe. It recycles ferrous scrap to produce steel in electric arc furnaces, using the most sustainable and energy-efficient technology.
The company is made up of 6 business groups and has 120 work centres, 7 steelworks, 12 rolling mills and 48 recycling plants (circular hubs), in addition to processing and distribution c o m p a n i e s , which generate direct, indirect and induced employment for more than 70,000 professionals in Europe. It is present in Spain, France, United Kingdom, Denmark, Finland, Norway, Poland, Sweden and Ireland.
The group is working to provide a solution to the planet’s greatest systemic risks: the depletion of resources and the fight against climate change. To this end, it has set itself the objectives of reducing its CO2 emissions by 50% by 2030 and achieving 98% circularity by 2030, and to complete its circularity and become a Net Positive company by 2050.
