Basque region, Spain-based seamless stainless steel pipe producer Tubacex announced that it expects a significant improvement of results in 2013, a financial year that will be focused on generating cash. The company is expecting this increase based on the improvement of its product mix, with the growing importance of high value-added tubes for oil and gas exploration and extraction in global sales, in addition to the management changes that are being implemented in different plants of the group, including plans to improve competitiveness and reduce costs, as well as expenditure and working capital reduction plans.
According to Tubacex, the improvement of the product mix will be further reinforced thanks to the increase in the production capacity of OCTG tubes after completing the expansion of facilities at the Amurrio plant, which will end this year.
As SteelOrbis previously reported, during the first quarter of 2013 Tubacex's EBITDA amounted to €14.37 million, rising by 38.6 percent year on year. The company registered a net profit of €3.53 million in the first quarter, tripling the net profit registered in the corresponding quarter of 2012.