Spain-based Tubos Reunidos S.A. warned that its operations may face insolvency risk unless it secures financing and restructuring measures, according to a filing with the National Securities Market Commission.
The company said it is working on a restructuring plan focused on adjusting production capacity following a sharp decline in activity linked to the imposition of a 50pct tariff on exports to the US from June 2025, renegotiating debt with key lenders and state holding company SEPI, securing short-term financing, and pursuing strategic partnerships, particularly outside the US.
Tubos Reunidos said conditions have worsened in recent weeks. Talks with employee representatives over workforce measures at its Amurrio and Trapaga plants failed to reach agreement, resulting in an interruption of activity at the Amurrio facility. Discussions with creditors have also yet to produce an agreement, while efforts to secure new funding and partnerships remain ongoing.
The company added that, if these measures are not achieved, it may be required to take additional steps, including the potential filing for voluntary insolvency. It said it will update the market on any material developments.
Tubos Reunidos is a Spain-based producer of seamless steel tubes, supplying high-performance products to the energy and industrial sectors. The group operates an integrated production model, including its own steelmaking facilities, with annual tube capacity of around 300,000-325,000 tons and EAF steelmaking capacity of 500,000 tons at its Amurrio plant. It operates key facilities in Spain and maintains a finishing and threading presence in the US.
