The Government of Cantabria urges to maintain the integrity and employment of the Celsa Group

At its meeting this week, the Government of Cantabria adopted an agreement to defend the integrity, viability, activity and employment of the Celsa Group, owner of the Global Steel Wear factory, in Santander. As reported by the regional Executive in a statement, the Cantabrian president, María José Sáenz de Buruaga, has transferred the agreement to the Minister of Industry, Commerce and Tourism, Héctor Gómez, in a letter, in which she underlines the strategic nature of the company that billed 857 million last yearwith almost half of the region’s metallurgical production, and which represents 1,145 jobs.

In that letter, Sáenz de Buruaga asks the Government of Spain to assume the particular conditions established by Cantabria in order to keep intact its character as a strategic company before the Council of Ministers authorize the Restructuring Plan proposed by the creditors, which has already been approved by judicial resolution. To this end, it urges the Central Executive to take the necessary measures or mandatory authorizations to guarantee the maintenance of the main center of interests, as well as the tax and social domicile of the Group in Spain.

In addition, it demands that you prevent “modifications that entail the disappearance, decrease in activity or business volume or any other form of loss of value of the work centers located in Cantabria and Spain.” For ensure viabilitythe integrity of the Celsa Group and the maintenance of current employment, the Cantabrian Government also considers it necessary that the Restructuring Plan includes “specific commitments” in group management, debt and financial policy, human resources, productive investments, ecological transition and technology and systems, and that it be periodically verified to be able to adopt “corrective measures” if “significant deviations” occur.

Creation of a Board of Directors

Regarding shareholder control, it proposes the existence of a reference Spanish shareholder or shareholders with a stake that allows the exercise of control powers or veto rights. Finally, The Cantabrian Government believes it is appropriate to create a Board of Directorswith the presence of independent directors, which promotes the integration of all the strategic visions necessary to preserve the value of the Celsa Group.

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