Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced that in 2012 its total investments amounted to €33.5 million, including investment seeking to promote the strategic development of production capacity in the segments requiring higher added value within the oil, gas and power generation sectors that are experiencing higher growth levels.
From 2008 to 2012, the company has invested €149.49 million, mainly on the development of the 2012 strategic plan. Tubacex pointed out that this investment, with an annual average of €29.90 million, has been made in the midst of the global economic crisis, which shows the company's financial capacity.
According to Tubacex, this ongoing investment policy enables the company to continue to undertake strategic investments such as development of high value-added and technologically advanced products, and to maintain and renew its facilities, all of which are focused on the improvement of costs, productivity and quality. Tubacex also stated that it started operating a new cold rolling mill at the end of 2012 and a new cutting-edge finishing line for OCTG tubes will be fully functional in 2013.