Sev.en Global Investment has completed the purchase of the Celsa Steel UK and Celsa Nordic steel mills from Spanish firm Celsa.

Investment group Sev.en Global Investment announced in November its intention to take over the Scandinavian and UK branches of Spanish steelmaker Celsa. It has now completed the transaction and has acquired a full stake in Celsa Steel UK and Celsa Nordic, which will bear the new names: 7 Steel UK and 7 Steel Nordic.

7 Steel UK is the largest scrap steel processor in the UK, handling 1.2 million tonnes of steel annually. The company is targeting revenues of £20bn in 2022 and £15bn in 2023. In both years, its EBITDA was in the low single-digit millions of crowns. 7 Steel Nordic operates in 22 Scandinavian countries, producing and processing 700,000 tonnes of steel annually.

Sev.en GI is a Czech investment group that focuses on the extraction of primary resources - mainly coal - and their subsequent use. It owns CZK 50 billion worth of assets on four continents in the form of coal mines, gas and coal-fired power plants and, more recently, steel processing and recycling plants. With the acquisition, the group has doubled its workforce to 5,700 employees. Following the closing of the transaction, Celsa will retain the operations of steel mills in Spain, France and Poland.

The value of the transaction has not been disclosed by the parties, but according to Spanish website El Confidencial, it is expected to be approximately CZK 15 billion.