The Management Board of the Fund to Support the Solvency of Strategic Companies affected by the pandemic of the covid-19 has approved this Tuesday to grant a loan participatory of 112.8 million euros a Assembled Pipes, as reported by the company to the National Securities Commission (CNMV). The operation will now be submitted by the Management Board of the Solvency Fund to the Council of Ministers, for its final approval, as indicated by sources close to the State Society for Industrial Participations (SEPI), through which the Management Board manages the Fund .
When approving this loan, the Management Board has taken into account that Tubos Reunidos is a strategic groupThis is due both to its activity in the steel sector, with products present throughout the renewable energy value chain, and to the employment it generates: 1,380 direct and 7,000 indirect jobs.
Another of the circumstances that have been taken into account is the location of the group, which manufactures steel tubes, in the CAV, where it is a key company for its important steel and extractive sector; Furthermore, the Management Board has considered that Tubos Reunidos is a benchmark in the export industry, assuming its sales abroad represent 90% of its turnover. Tubos Reunidos has about 400 clients and operates in 66 countries on five continents.
The products it manufactures are present throughout the renewable energy value chain, so the Fund Management Council has taken into account its contribution to the energy transition promoted by the Basque Government and the Government of Spain, as well as the Union European.
The company has 1,380 direct workers and some 7,000 indirect ones, representing 7.3% of the total employment in its sector, and it has a permanent staff of highly specialized workers.
What is the loan going to be used for?
As explained by Tubos Reunidos on the occasion of the Shareholders’ Meeting held on June 30, the participatory loan will go to improve processes, increase efficiency through digitization, reduce the carbon footprint through innovation and productive improvements, and training of workers.
The group works at 75-80% of its capacity in 2019 and plans to end the year with the level prior to the pandemic, after 2020 in which it had a negative result of 101.3 million, when it was already coming from losses of 41 million in 2019.
Tubos Reunidos also announced that as of June 30 it was renouncing the Temporary Employment Regulation Files (ERTE), and that for the third quarter of the year it would not request the activation of any at the Amurrio and Valle de Trápaga plants. Both Tubos Reunidos Industrial, located in Amurrio, and Productos Tubulares, located in Valle de Trápaga, had two files approved from December 2020 to June 30, 2021, although in Productos Tubulares it was not activated at any time.