Spain's Celsa sells British and Norwegian steel mills to Sev.en GI

MADRID (Reuters) - Spanish steelmaker Celsa has sold its mills in Britain and Norway to Se.ven GI, the Czech investment fund said on Thursday, confirming an earlier report on news website El Confidencial.

A spokesperson for Se.ven GI, owned by billionaire Pavel Tyka?, declined to say how much the fund had paid for the assets after El Confidencial, citing industry sources, said the price tag was 600 million euros ($632.10 million).

Celsa, Spain's largest privately owned industrial group, has been working on selling its foreign assets since February under a restructuring plan. However, its Polish unit, its largest foreign asset, is not part of the sale to Se.ven GI.

The Spanish company will use the proceeds from the asset disposals to reduce debt, El Confidencial said.

Celsa did not immediately respond to a request for comment.

A local court in Barcelona in September 2023 approved a multibillion-euro restructuring plan presented by Celsa's creditors, handing control of the firm to a group that includes Deutsche Bank, Attestor, Anchorage, GoldenTree and SVP.