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Celsa's New Maestro: Jordi Cazorla Conducts Transformation

Synopsis:

Jordi Cazorla Pujalte takes the helm as Celsa Group's chief executive, orchestrating change after a group of investment funds assumed control in November. With a focus on financial rejuvenation, Cazorla aims to position Celsa as a major player in green steel production. The shift in ownership sparks worker concerns, leading to discussions about industrial plans, job security, and potential partnerships. The company's future is at a crossroads, with workers contemplating strikes amidst a climate of mistrust.

Article:

In the evolving saga of Celsa Group, a new maestro has stepped onto the stage. Jordi Cazorla Pujalte assumed the role of chief executive on Monday, succeeding Francesc Rubiralta, who departed following the transfer of control to a group of investment funds in November. This change in leadership marks a crucial chapter for Celsa, prompting both anticipation and uncertainty among its stakeholders.

The reins of Celsa Group now rest in the hands of a consortium of investment funds and banks, including Deutsche Bank, SVP, Cross Ocean, Anchorage, Golden Tree, Attestor, Goldman Sachs, Sculptor, and Capital Group. This shift in ownership positions Celsa for a potential financial resurgence, guided by Cazorla's strategic vision.

Cazorla, in his inaugural address, emphasized Celsa's commitment to becoming a major player in the production of recycled green steel. The focus on sustainability aligns with industry trends and positions Celsa for prominence both nationally and internationally. However, this transformation comes with challenges, including the need for operational adjustments and adherence to market best practices.

The change in leadership has stirred concerns among Celsa's workforce. In Cazorla's first meeting with workers' representatives, questions arose about the new owners' industrial and investment plans, along with assurances for job security. The atmosphere reflects a prevailing mistrust, rooted in previous attempts at restructuring without engaging in negotiations with personnel.

As discussions unfold, workers are contemplating their response. Voting is underway to determine whether to proceed with strikes or approve the proposed plans. The CC.OO. union highlights the existing climate of mistrust and emphasizes the importance of transparent communication and collaboration between management and personnel.

Workers are also pressing for clarity on the ongoing talks to acquire the remaining 20% stake in Celsa Group. This stipulation is part of the court-approved restructuring plan, with a mid-2024 deadline to secure an industrial partner. The uncertainty surrounding potential buyers adds an additional layer of complexity to Celsa's unfolding narrative.

Conclusion:

As Jordi Cazorla Pujalte takes charge, Celsa Group stands at a pivotal juncture. The company's trajectory will be shaped by its ability to navigate financial rejuvenation, foster trust with its workforce, and successfully transition towards green steel production. The journey ahead involves balancing the symphony of industry dynamics, worker expectations, and the quest for sustainable steel solutions.

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