Construction News

Sat August 08 2020

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Bail-out for rebar giant

3 Jul Celsa Steel UK, the country’s biggest rebar producer, has secured a £30m emergency loan from the government to stay in business.

Spanish-owned Celsa employs more than 800 people at its Cardiff steelworks and is considered by the government to be a key supplier to the UK construction industry.

Celsa supplied 50,000 tonnes of reinforcing steel to London’s Crossrail project, for example, and is supplying 250,000 tonnes to Hinckley Point C.

As part of the loan deal, the company must meet a series of legally-binding conditions, including commitments to protect jobs, improve corporate governance, and show restraint when it comes to executive pay and bonuses. It has also required further financial commitments from shareholders and existing lenders.

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