Spanish steel pipe manufacturer Tubos Reunidos has declared bankruptcy after 134 years of operation. The company, which is one of the key representatives of the Basque industrial sector, entered a period of severe financial recession by 2026 after recording high profitability in 2023. The Board of Directors of the company, based in Alava, notified the National Commission on the Spanish Securities Market and the Spanish Government about this. A court in Vitoria-Gasteiz ruled that the company would not be able to meet its upcoming debt obligations and financial obligations in the future. It was reported that the company's total debt reached 263 million euros. Tubos Reunidos, a company specializing in the production of seamless steel pipes for the energy and petrochemical sectors, made a profit in 2023, but ended the 2025 financial year with a loss of 82.5 million euros. Founded in 1892 during the era of Basque industrialization under the name Tubos Forjados, the company expanded its structure in 1968 through a partnership with an American firm. The company, which operates in the Spanish region of Vizcaya and in Houston, USA, employs about 1,300 people. The company recently proposed a collective redundancy plan (ERE), which is expected to affect 242 employees, but this proposal was rejected by the unions. Tariffs imposed by the United States on steel and aluminum, along with rising energy and labor prices in Europe, have further worsened the company's financial structure. It was also noted that competition from cheap Chinese production has increased the pressure. It is expected that after filing for bankruptcy, the company will be managed by a court-appointed administrator.
Author: Editorial staff of SteelRadar
Steelradar.com
