Spain's Celsa Group launches a €5 billion sale process, with the operational phase starting in September 2026. Owners Strategic Value Partners and partners converted €2 billion of debt into equity in 2023 and have since driven EBITDA from €396 million in 2025 toward a projected €800 million in 2027. The EU's new steel tariff regime and Celsa's Polish plants near Ukraine add strategic value. Citi and Houlihan Lokey are being considered to manage the sale.