Naveen Jindal weighs $5-B bid for Spanish steelmaker Celsa

Jindal Steel chairman Naveen Jindal is evaluating a potential USD 5-B bid for Barcelona, Spain-based steelmaker Celsa . The acquisition effort is being conducted through private overseas entities unrelated to the publicly listed Jindal Steel.Celsa has a manufacturing capacity of 7.5 million tonnes and specializes in long steel products for the construction industry. Following a restructuring process that concluded in 2023, the firm is now controlled by a group of creditors, including Strategic Value Partners, Attestor, Deutsche Bank, and Golden Tree. These creditors previously infused USD 1-B into the company through loans, bonds, and equity to stabilise its finances. In the 2025 calendar year, Celsa reported revenues of USD 3.3-B and an EBITDA of USD 396-M.Jindal Group aims to integrate Celsa's capacity with its existing operations, including the 15-million-tonne target capacity of Jindal Steel and the 3.2-million-tonne capacity of Jindal’s private business in Oman. The group is also currently expanding its direct reduced iron manufacturing capacity in Oman by 5 million tonnes, which could provide raw materials for European operations.