Basque Country, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for 2011. Accordingly, its net profit for the year reached €3.66 million, as compared to the net losses recorded in 2009 and 2010.
The company's sales revenues in 2011 increased by 34.5 percent year on year to €486.6 million, while EBITDA rose by 113 percent year on year to €27.2 million. Meanwhile, Tubacex sold 95 percent of its products in the given year outside of Spain.
Tubacex forecasts that increasing global demand for seamless stainless steel pipes and its trade alliance with global steel pipe supplier Vallourec & Mannesmann will contribute to a bright future for the company. Moreover, the group has launched a strategic reorganization program which will last until 2018, focusing on development, increase of profitability and competitiveness, and on the strengthening of its position in the global seamless stainless steel pipe market.