The situation looks bleak and potentially terminal for the Álava-based steel pipe maker company Tubos Reunidos, as its board of directors has informed both the National Securities Market Commission and a court in Vitoria-Gasteiz that it is unable to meet its upcoming financial obligations or debts.
The company is facing a mounting debt of €263 million. Tubos Reunidos, specialising in the manufacture of seamless steel tubes for sectors such as energy and petrochemicals, has gone from reporting profits in 2023 to closing the last fiscal year with a loss of €82.5 million.
The firm, originally founded as Tubos Forjados in 1892 during the height of the Basque industrial boom, later merged with a US multinational in 1968. It…