The Government approves the rescue of Celsa and five other companies for 721 million

The Government has authorized aid charged to the Solvency Support Fund for Strategic Companies, managed by the State Industrial Participation Company (SEPI), for a total of six companies, including the Catalan steel company Celsa.

SEPI rescues the steel company Celsa with 550 million

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At a press conference after the Council of Ministers, the Government spokesperson, Isabel Rodríguez, pointed out that these six 'bailouts' due to the impact that the Covid pandemic had on these groups represent a total amount of 721 million euros for the six companies, with the aim of "maintaining their activity and employment", which affects, taking into account their direct jobs, some 18,000 workers.

Specifically, together with Celsa, the other five companies that will receive this support from the fund managed by SEPI, whose validity expires on June 30, include the Asturian engineering companies Imasa and Isastur, the Vivanta dental clinics and the Blue Sea hotel chains and Meeting Point.

In the case of Celsa, the aid approved by the fund's management board amounted to an amount of 550 million euros, being the largest of all, channeled through a participating loan of 280.5 million and another ordinary loan of 269, 5 million.

On the other hand, the request for aid worth 249 million euros from Abenewco 1, the operating subsidiary of Abengoa, was not approved by the Council of Ministers. The Spokesperson Minister, Isabel Rodríguez, explained at the press conference after the Council of Ministers that the rescue of this company "is pending a resolution" that responds to "technical or objective criteria".

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