Spanish steel pipe maker Tubos Reunidos enters insolvency after 134 years

By Javier Iniguez De Onzono Published on 05/05/2026 - 14:40 GMT+2 Share Comments Share Facebook Twitter Flipboard Send Reddit Linkedin Messenger Telegram VK Bluesky Threads Whatsapp

The emblem of Basque industry went from strong profitability in 2023 to near-collapse in 2026.

The situation looks bleak and potentially terminal for the Álava-based steel pipe maker company Tubos Reunidos, as its board of directors has informed both the National Securities Market Commission and a court in Vitoria-Gasteiz that it is unable to meet its upcoming financial obligations or debts.

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The company is facing a mounting debt of €263 million. Tubos Reunidos, specialising in the manufacture of seamless steel tubes for sectors such as energy and petrochemicals, has gone from reporting profits in 2023 to closing the last fiscal year with a loss of €82.5 million.

The firm, originally founded as Tubos Forjados in 1892 during the height of the Basque industrial boom, later merged with a US multinational in 1968. It also maintains operations in Vizcaya, Spain and Houston, Texas, in the US. The company has nearly 1,300 employees, who have organised a series of demonstrations this week in Orduña, Amurrio and Bilbao, in Spain, in the Basque Country, to protest against their situation.

The company had also proposed a collective redundancy programme (ERE) affecting 242 workers, which was rejected by four trade unions.

Tariffs introduced by Donald Trump on the global steel and aluminium sectors have strained the company’s finances significantly.

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However, Tubos Reunidos had already been facing significant structural challenges. It has seen a massive drop in revenue after the 2023 peak, coupled with energy and labour costs rising in Europe, and cheaper Chinese competition putting pressure on the industry.

Investors have lost confidence in the company’s future over the past several months, which has sent the share price from 57 euro cents to 14 euro cents in the last 12 months. Trading in the company’s shares has been suspended following the announcement.

After filing for insolvency, the company is expected to be managed by an administrator appointed by the court’s commercial division.

A public loan under investigation

A state-backed emergency loan from Spain’s SEPI (public industrial support fund) was granted to the company during the height of the COVID-19 pandemic. It is now under judicial scrutiny, amid allegations that it may have been influenced through improper political contacts. SEPI is being examined after investigators opened a case into possible influence peddling linked to how the financing was awarded.

Spanish courts are investigating whether intermediaries and political figures helped accelerate or influence the loan process in exchange for alleged payments, alongside broader accusations of bribery involving several companies. The case is still under investigation, and no final conclusions have been reached.

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