Cardiff-based Celsa Steel UK is now under the control of Sev.en Global Investments, the industrial arm of one of Europe’s wealthiest individuals, who made his fortune through coal mining, gas-fired power and global energy assets.

The rebar giant is being rebranded 7 Steel UK, with the new owner promising business continuity for contractors and long-term investment into low-carbon steel production.

Celsa runs the country’s last remaining electric arc furnace for rod, producing around 1.2m tonnes of rebar and steel products each year using 100% UK-sourced scrap.

The business also owns leading fabrication firms BRC, Express Reinforcements and ROM Group, giving it a nationwide network of four scrap yards and 17 fabricator depots.

Celsa’s Spanish parent company sold off the UK and Nordic arms to Sev.en Global Investments as part of a wider restructuring drive to cut debt and refocus on core operations back home.

While financial details haven’t been disclosed, the deal is understood to be worth around €600m, according to market sources.

7 Steel UK CEO Carles Rovira said: “This marks an exciting new chapter for our business.

“Backed by Sev.en Global Investments, we are poised to accelerate innovation and strengthen our leadership in the circular economy. Our people, our purpose, and our product have never been more aligned to the future of the UK economy and the wider UK steel sector.”

The rebrand will be rolled out by July, with day-to-day operations continuing uninterrupted as 7 Steel UK looks to cement its position at the heart of the UK’s construction supply chain.