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Euronews English @euronews.com Β· Lyon πŸ‡«πŸ‡· Β· 3d

The Álava-based steel pipe manufacturer Tubos Reunidos has plunged from profitability in 2023 to near-collapse by 2026, burdened with €263 million in debt, significant losses, and facing insolvency amidst rising operational costs, intense competition, and a loss of investor confidence, while Spanish courts investigate potential political influence in a state-backed emergency loan received during the COVID-19 pandemic. #SteelIndustry #EconomicCrisis #CorporateGovernance #ES #US #CN

www.euronews.com
Spanish steel pipe maker Tubos Reunidos goes insolvent after 134 years
The emblem of Basque industry went from strong profitability in 2023 to near-collapse in 2026. 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.
Euronews English @euronews.com Β· Lyon πŸ‡«πŸ‡· Β· 3d

The Basque steel pipe manufacturer Tubos Reunidos has plunged from strong profitability in 2023 to near-collapse by 2026, facing a staggering debt of €263 million, significant operational losses, and ongoing investigations into alleged political influence over a state-backed emergency loan, prompting employee protests and court-ordered management. #SteelIndustry #BusinessNews #Bankruptcy #ES #US #CN

www.euronews.com
Spanish steel pipe maker Tubos Reunidos goes insolvent after 134 years
The emblem of Basque industry went from strong profitability in 2023 to near-collapse in 2026. 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.