2023-04-30 00:52:27
He knows what it is to be on the very edge of the precipice and in his message there is something of a castaway who has managed to reach the shore. He assumed the presidency of the Álava company Tubos Reunidos in April 2020, in the midst of a global pandemic and in the midst of a historic crisis for the company. The State rescue -Sepi injected 113 million euros into the company in mid-2021-, together with a significant recovery in demand for seamless steel tubes -the product manufactured by the company-, has allowed the direction straightens up. The firm earned almost 42 million euros last year. The best result since 2008 and the first benefits since 2015. – The results last year were very positive after a long journey through the desert. Do they keep the optimistic tone? – In the billing yes, we continue in the same line. Another thing is the entry of new orders, where we now appreciate a small stoppage. But it is an effect that often occurs as a function of stockpiling or destocking. The latest news about the banking crisis has introduced some uncertainty, but I think it is something that will be overcome in a few months. Fundamental market data remains good and we see recovery in Southeast Asia. – The stock price has been at its highest for almost six years. Does it still have an upward path? – I think so. Our first half of this year has a similar trend to that of the final stretch of 2022. But the markets are changeable and volatile. Corporate operations «A merger of steel companies does not make commercial sense and would generate many layoffs» The bailout – The company that you lead was bailed out by the State. Can it be said that it is saved? – It has a proper tendency. If we are able to continue with the dynamics of results that we have had since the second half of last year and the market forecasts are confirmed, we will be able to face the investments and the commitments with the creditors. Let’s say we were up to our necks in water and now we’ve started to breathe. – If the rescue of Sepi had not taken place, would the company have gone bankrupt? – Surely we would have had a very bad time. That help has given us oxygen that has allowed us to get to the point where the market has recovered. From there we have already been able to generate cash. Standard Related News Yes “We had to convince the Government that we are part of the energy transition” Manu Alvarez – The commitment is to return that aid… – In July 2028, although it can be anticipated. – Worried about keeping energy costs high? – Those of energy not so much anymore, because we signed an agreement until 2026 with Iberdrola that gives us stability in electricity costs. In gas we also have regular agreements with Naturgy, although there are doubts about what could happen next winter when there is no supply from Russia. Another thing is the costs of scrap and other components. It must be taken into account that Russia and the Ukraine are the main suppliers of scrap in Europe. Politics in the United States – Are you afraid that a political change in the United States will once again make it more difficult for you to export to that country, which currently accounts for half of your sales? I mean a return to the restrictions imposed by Trump. – The Biden Administration reached an agreement with Europe to change it to a quota system, which is under renegotiation and expires at the end of this year, but there has also been a significant price increase in the United States because there is a lot of demand. You never know what can happen, although in a few months we will have more clarity. – You have made an investment to concentrate the steel production in Amurrio. His predecessors could not execute it due to the response that it aroused in the Trapagaran squad. Has the key been that there are no layoffs? – Definitely. We have not raised any ERE. We have transferred people or relocated, but through an agreement with the unions. This investment will also allow us to manufacture a wider range of products, also in Trapaga. – There is a matter that always flies over. I am referring to the proposal to address a merger of a large part of the companies dedicated to steel in the Basque Country… – If it had commercial sense, it would be fine, but I don’t know what we have to do with companies like Olarra or Sidenor. And from an industrial point of view, if the proposal is to concentrate steel production, I think it would have a high social cost and would generate many layoffs. – Would it make commercial sense with Tubacex? – Look, I’ve already told you that until recently we were up to our necks in water, so we haven’t had time to think about other things. And I think that in the next two or three years we should focus on strengthening our position in the market.
#necks #water #began #breathe