Czech Republic-based Sev.en Global Investments has completed its acquisition of Celsa Steel UK and Celsa Nordic, rebranding the businesses as 7 Steel UK and 7 Steel Nordic, respectively.
The newly launched group is now a “leading” low-carbon construction steel producer and recycler of scrap steel with an annual UK output of 1.2 million tonnes, the investment firm said in a statement yesterday (14 April).
7 Steel UK’s combined production capacity across the UK and Nordic operations now totals two million tonnes, it added.
The value of the acquisition was not disclosed.
In its previous guise as Celsa Steel UK, the firm generated a pre-tax profit of £614,000 from turnover of £499.8m in its most recent accounts for the 2023 calendar year.
It employed a monthly average of 851 staff.
The UK firm operates from Cardiff and runs an electric arc furnace. It offers a fully integrated process from scrap collection to steel fabrication and maintains four scrap yards and 17 fabrication depots nationally.
Steel produced by the firm has been used in major construction projects in London such as Wembley Stadium, the Olympic Park and The Shard.
Carles Rovira, chief executive of 7 Steel UK, said the acquisition “marks an exciting new chapter” and will enable the business to scale up its low-carbon offering to UK construction clients.
Sev.en Global Investments will manage the integration and rebranding of the new subsidiaries until mid-July.
The company said the creation of 7 Steel is a step towards fully sustainable, circular steel production, as it plans to reduce carbon emissions through greater use of scrap recycling and hydrogen-powered methods.
Source: Sev.en Global Investments press release