Spanish stainless steel pipe producer Tubacex has announced its financial results for the first nine months of the current year. Accordingly, the net profit of Tubacex for the given period reached €2.61 million, compared to a €8.22 million net loss in the same period last year:
| Jan-Sept 2011 (€ million) | Jan-Sept 2010 (€ million) |
Sales revenue | 364.57 | 264.58 |
Net profit/loss | +2.61 | -8.22 |
According to the company's statement, Tubacex plans to invest €25 million in its steel pipe mills at Llodio and Amurrio in Spain. The goal of the investment plan is to enhance production of high-alloy stainless steel seamless pipes, which are widely used in the oil and gas sector.
Despite growing uncertainty about the global economy, Tubacex stated that increasing global demand for stainless steel seamless pipes and its trade alliance with global steel pipe producer Vallourec & Mannesmann creates a bright future for the company.