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Politics

Spain Premier Calls Deutsche Bank CEO to Lobby for Steel Firm

  • Celsa has been in a fight with creditors for over two years
  • Firm needs deal with creditors in June to access public funds
Spain’s Prime Minister Pedro Sanchez

Spain’s Prime Minister Pedro Sanchez

Photographer: Jason Alden/Bloomberg

A long-running battle for the restructuring of steelmaker Celsa Group took an unexpected turn this week when the Spanish prime minister called Deutsche Bank AG’s chief executive officer to push for a haircut on the company’s debts. 

Pedro Sanchez telephoned Christian Sewing on Monday to discuss the situation of the Barcelona-based company and urged the lender to make concessions to the company’s owners, according to people familiar with the matter who asked not to be named discussing private information.