The managing Council of the Fund to Support the Solvency of Strategic Companies (FASEE), managed by the State Society for Industrial Participations (SEPI), approved this Tuesday to grant Tubos Reunidos the participatory loan that the Basque tube manufacturer had requested for a amount of 112.8 million, according to the information sent to the CNMV.
Twenty companies accumulate requests for more than 2,100 million to the State rescue fund
In January, the company made this request for temporary public support charged to this Fund, given the current market situation and its own activity derived from the impact of the covid-19 pandemic, which led it to close 2020 with losses of 101 ,3 millions.
Finally, at this Tuesday’s meeting of the FASEE Management Board, it was agreed to grant a participative loan for a total amount of 112.8 million euros to Tubos Reunidos, a financing of which this company and its subsidiaries Tubos Reunidos Industrial will be beneficiaries , Tubular Products, Acecsa-Aceros Calibrados y Tubos Reunidos Services. This operation is now submitted to the Council of Ministers for authorization.
The FASEE Management Council is chaired by the president of SEPI, Belén Gualda, and the Secretary of State for the Economy, Gonzalo García, forms part of this body; the Undersecretary of Finance, Pilar Paneque; the Secretary General of Industry, Rául Blanco; the Secretary of State for Energy, Sara Aagesen, and the Secretary General of SEPI, Javier Morales.
Sources close to the public holding company have explained to Europa Press that this Fund is intended exclusively for strategic companies and thus it has been considered that the Basque company is, since “it operates in a sector of activity that has an impact on employment and very important economy of the Basque Country “.
In addition, it has been valued that Tubos Reunidos has been a “benchmark” in the Basque export industry for decades, since its sales abroad represent 90% of its turnover.
Likewise, it has been taken into account that it is a company with 400 clients in 66 countries on five continents and that its products are present throughout the renewable energy value chain, so that it is a way of “collaborating with the energy transition “promoted both by the central and Basque governments and by the EU.
Along with this, they have highlighted that the company directly employs 1,380 people and 7,000 indirectly and is, in addition, a “quality job” as it is mainly a permanent staff of specialized workers. The Basque tube manufacturer accounts for 7.3% of total employment in its sector.
Fifth operation of the rescue fund
This operation is the fifth approved by the Fund, after those granted to Air Europa (475 million), Avoris (320 million), Plus Ultra (53 million) and Duro Felguera (120 million).
At the end of June, the company already anticipated that it had concluded the negotiation with the SEPI, which considered that the company met all the eligibility requirements to receive this temporary financial aid from this fund, in accordance with Royal Decree-Law 25/2020 of July 3.
The tube manufacturer, which expected to have help this July, also explained that the request to the Fund had the character of a participatory loan and is intended to resume the path started in 2019 by the company “towards the energy transition and decarbonization “, so that Tubos Reunidos can approach new markets and sectors of activity with a special presence in clean energy and hydrogen.
Specifically, according to the objectives of the Strategic Plan of Tubos Reunidos 2020-2026, the grants will have three main destinations, the improvement of processes and efficiency with greater digitization; reducing the carbon footprint through innovation and improvements in production and products and training plans for people.