The company, one of the key representatives of the Basque industrial sector, entered a period of severe financial deterioration by 2026 after recording strong profitability in 2023.
The board of directors of the Álava-based company notified both Spain’s National Securities Market Commission and the court in Vitoria-Gasteiz that it would be unable to meet its upcoming debt obligations and financial commitments. The company’s total debt was reported to have reached 263 million EUR.
Specializing in the production of seamless steel pipes for the energy and petrochemical sectors, Tubos Reunidos posted a profit in 2023 but closed the 2025 fiscal year with a loss of 82.5 million EUR.
Founded in 1892 during the Basque industrial era under the name Tubos Forjados, the company expanded its structure in 1968 through a partnership with a US-based firm. Operating in Spain’s Vizcaya region and in Houston, USA, the company employs approximately 1,300 people.
Recently, the company proposed a collective redundancy plan (ERE) expected to affect 242 employees, but the proposal was rejected by trade unions. Tariffs imposed by the United States on steel and aluminum, along with rising energy and labor costs in Europe, further strained the company’s financial structure. It was also noted that competition from low-cost Chinese production increased the pressure.
Following the bankruptcy filing, the company is expected to be managed by a court-appointed administrator.
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