Tubos Reunidos does not consider the European report on SEPI debt relief binding

Accordingto Tubos Reunion, the European report that it is not possible to eliminate SEPI debt "is not binding"and does not represent the European Commission's" final position. "The insolvency administration describes debt as" subordinate, "which would mean" it should not be transferred with productive units. "This is demanded by all potential buyers of the company, who have asked not to accept it.

In an internal note released to employees, the company explains to employees the detailsof last Wednesday's meetings between the management of Tubos Reunion and the insolvency administration with the group's works councils.

This meeting shared the evolution of the company's activity and financial situation, and clarified some of the issues relating to the five offers selected for the next phase of the Reunited Tubes sales process.

In particular, Tubos Reunidos has detailed that orders worth EUR 15 million have been continued in the first 20 days of October, 105% more than in the same period in October 2025.

The company believes it is "gratifying" because it has been found that in the US prices for unwelded steel pipehave risen enough for operators and distributors to start importing pipes, including casing , which is one of the most common products in the range offered by Tubos Reunion.

Therefore, Tubos Reunidos stresses that this development "contributes tostrengthening activity and demonstrating to potential buyers the industrial and commercial capacity of Tubos Reunidos ". In any case, it also recognizes that it is a" major challenge "in internal communication because" they must have the funds necessary for the manufacture and timely delivery of these orders ".

For this reason, the company has reported that, although the data are "positive", they must maintain "prudence"and bear in mind that there is a" complex financial situation ". In particular, it has pointed out that although the inflow of orders has improved, the turnover remains below that recorded in 2025 and the treasury situation remains" very tight ".

In this context, Tubos Reunidos has confirmed that the payment of the extra payment for the month of October in Trapagaran is planned, as was done in September in Amurrio, although it has advanced that the next payments will depend on the ability to generate the cash derived from the productive activity, so it has informed workers that "they cannot rule out the timely postponement of the payment of any payroll or extra payments for the month of December".

Tubos Reunidos has clarified that buyers are not asking for the 150 million debt owed to the SEPI to beforgiven, but that it should not be taken over. The SEPI argues otherwise and supports its position in a non-binding European report, while the Insolvency Administration says that since it is a participatory loan, the debt should be excluded from sale.

On the other hand, the company has informed the workers at the Iruña de Oca plant that, in the absence of new orders, labour adjustment measures will have to be implemented, which will soon be negotiated with the works council, a plant in which, according to trade union sources, some 60 people work and which has been paralysed since before the summer due to lack of activity, followed by the submissionof the latest offers, probably in early December, for the evaluation and hierarchization of the insolvency administrations.

In conclusion, Tubose Reunidos has said that the sales process continues to progress, but that there are still "important decisions to be made" and has stressed that the aim is "to maintain operational normality, meet customers and preserve the value of Tubos Reunion in order to have the best possible solution for the company as a whole."