Leading Spanish welded pipe producer Tubos Reunidos has announced its 2011 financial results, posting a 37 percent year-on-year increase in sales revenue to €458.1 million. Meanwhile, the company's EBITDA rose 54 percent to €60.4 million and its net profit reached €24.4 million.
According to the company's statement, the recovery in the global welded pipe and tube market allowed Tubos Reunidos to increase its sales volumes by 40 percent year on year, aided by the group's focus on high-added value products (representing about 69 percent of sales), diversified geographical spread (90 percent of sales were concluded outside the Spanish border) and selection of end-using markets (80 percent of supplies were directed to the energy sector).
As for the 2012 forecast, Tubos Reunidos believes that at least in the first half of the year the steel markets will suffer due to ongoing uncertainty, especially in Europe. Meanwhile, outside the EU the situation appears more positive, particularly in the US and in developing countries, where the economy is recovering at a faster pace. The group's sentiment for the full-year is optimistic on the whole.