Investment funds that took control of Celsa in 2023 plan to launch a buyer search for the entire Spanish steel group in September. Celsa posted EBITDA of €396m in 2025 and returned to profitability in Q1 2026. EBITDA is expected to reach €600m in 2026 and €800m in 2027. New EU steel safeguards and Celsa's Polish facilities positioned to support Ukraine's reconstruction enhance the company's asset value.

The EU's revised steel safeguards took effect July 1, cutting annual duty-free import quotas to 18.35 million tonnes. South Korea's country-specific quota was reduced by 19.7% to 2.07 million tonnes. To offset the impact, Seoul plans to stimulate domestic steel demand by strengthening cooperation with shipbuilding, defense and renewable energy sectors, which is expected to generate over 510,000 tonnes of additional steel demand. Korea also intends to continue EU negotiations under the FTA framework while expanding into new export markets to reduce reliance on Europe. Under the new quota system, five countries including Turkey, India, Japan, South Korea and Ukraine secured around 2.74 million tonnes/year of duty-free allocations in category 1A (HRC), representing 53% of the total quota. The overall HRC quota was cut by 59%, with Turkey's quota falling about 60% while Japan's rose roughly 24%.

The EU's Directorate-General for Trade plans to publish country-specific steel import quotas only in the final week of June, just few days before the safeguard successor measure takes effect on July 1, 2026. The new framework imposes 50% tariffs and reduces import quotas by 47%, placing a significant burden on Europe's steel-processing sector. Critics argue the delayed publication undermines business planning and may conflict with Article 41 of the EU Charter on the right to good administration. Separately, the Commission has launched a consultation on Melt & Pour proof-of-origin requirements under the EU Steel Regulation, running from June 4 to July 2, 2026. The implementing act will determine documentation standards for importers proving where steel was melted, with overly burdensome requirements risking disproportionate impact on SMEs versus large integrated producers.

Outokumpu said the revised EU safeguard system would cut quota volumes by around 47% compared with 2024 levels, while the tariff on volumes exceeding those quotas would rise to 50%. The company said tighter protection is needed amid weak European demand, a high share of low-priced Asian imports, and the US 50% tariffs on steel.

Finland-based stainless steel producer Outokumpu has welcomed the EU’s revised steel safeguard measures, saying the new framework will provide stronger protection for the European steel industry against global overcapacity, unfair competition, and carbon leakage.

EU reached a trilogue agreement on new steel safeguards, featuring an 18.3 million tonne quota, a 50% out-of-quota tariff, and "melt-and-pour" rules. However, critics highlight a loophole for slabs and potential WTO compliance issues. Simultaneously, Indonesia's complete overhaul of its nickel pricing architecture is expected to hike downstream production costs for stainless steel and EVs by over 12%. Following these shifts, base metals surged on both LME and SHFE, with nickel leading gains by nearly 4%. Market volatility remains high as the industry adapts to these structural cost increases and trade barriers.