Tubos Reunidos has acknowledged that it is currently in a situation that compromises its viability and does not rule out requesting a voluntary insolvency declaration, in case it fails to secure new financing or strategic alliances aimed at boosting the activity of the Basque steel group.
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In a communication to the National Securities Market Commission (CNMV), Tubos Reunidos reports that it continues to work, as it has been doing in recent months, on a Viability Plan focused on the progressive adaptation of productive resources to the significant reduction in activity caused by the imposition of a 50% tariff in the United States starting in June 2025, as well as the renegotiation of debt with the main financing entities and with the State Society of Industrial Participations (SEPI), in relation to the loan from the Fund for Support for the Solvency of Strategic Companies or “FASEE”.
Likewise, it dedicates its efforts to obtaining new short-term financing that allows the Company’s viability and the search for strategic alliances aimed at boosting the Group’s activity, especially outside the United States.
As of today, it points out that the reduction in activity has worsened after the lack of agreement with the Works Council within the framework of the Employment Regulation File in the Amurrio and Trápaga plants and the consequent “undesired” paralysis of activity in the Amurrio plant; conversations with some creditors have not yet resulted in an agreement (although the Company continues to analyze alternatives for the restructuring of its debt) and neither new financing nor strategic alliances aimed at boosting the Group’s activity have been obtained to date, without prejudice to the ongoing negotiations to try to achieve them.
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Until the aforementioned lines of action are achieved, the Group acknowledges that it is in a situation that “compromises its viability” and that could require the adoption of additional measures as a result of the deterioration experienced “without ruling out the request for a voluntary insolvency declaration”.
Tubos Reunidos shares plummeted at some point this Monday, by almost 40%, given the difficulties the company is facing and the possibility that it could enter into insolvency proceedings.
Finally, Tubos Reunidos announces that it will duly inform the market of any relevant progress or measures adopted in this regard.
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