PRESS RELEASE The company sets a new record for results in 2007 and will launch a new Strategic Plan in the first half of 2008 TUBACEX OBTAINS NET PROFITS OF 56.66 MILLION EUROS IN 2007, REPRESENTING 83.1% GROWTH Llodio, 27 February 2008 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, obtained consolidated net profits of 56.66 million euros in 2007, which means an increase of 83.1% over the figure obtained in 2006, in a year that represents a new all-time record in sales, profits and cash-flow figures, according to the information sent by the company to the Spanish National Stock Market Commission (Comisión Nacional del Mercado de Valores - CNMV). Consolidated sales for the year reached the figure of 696.5 million euros, representing an increase of 29.3% over sales for the previous year, when the figure was 539.07 million euros. The operating profit (EBIT) grew by 89.1% to 89.4 million euros, while gross operating profit (EBITDA) increased by 65.8% to 106.0 million euros. Factors which have been decisive in obtaining these results are the strength of world demand for seamless stainless steel tubes, especially for investment projects in the oil value chain as a whole, as well as in the energy and petrochemical sectors, a trend which is to continue into financial year 2008 and beyond. Having now fulfilled most of the objectives of the 2010 Strategic Plan, and with the ambition of providing the best possible response to current and foreseen demand conditions, TUBACEX will approve a new Strategic Plan during the first half of the year with a 2012 time horizon, so as to position the Company as the world’s leading seamless stainless steel tube manufacturer.   EVOLUTION OF CONSOLIDATED RESULTS FOR THE FINANCIAL YEAR 2007 2006 %2007/2006 SALES 696.51 539.07 +29.3% GROSS OPERATING PROFIT (EBITDA) 106.01 64.03 +65.8% OPERATING PROFIT (EBIT) 89.41 47.29 +89.1% NET PROFIT 56.66 30.95 +83.1% NET CASH FLOW 73.27 47.69 +53.9% EARNINGS PER SHARE (EPS) (in euros) 0.426 0.233 +83.1% Figures in millions of euros

PRESS RELEASE To September it has made net profits of 42.18 million euros TUBACEX DOUBLES ITS 2006 PROFITS Llodio, 8 November 2007 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, obtained consolidated net profits of 42.18 million euros between January and September 2007, which means an increase of 103.1% over the figure obtained in the same period of 2006, according to the information sent by the company to the Spanish National Stock Market Commission (Comisión Nacional del Mercado de Valores – CNMV). The consolidated sales for the first 3 quarters stood at 524.84 million euros, representing an increase of 38.4% over sales in the same period of 2006, when the figure for sales was 379.20 million euros. The operating profit (EBIT) grew to 67.42 million euros to the end of September, making it 92.4% higher than in 2006, while net cash flow generated was 54.52 million euros, representing an increase of 65.2% compared to the previous year, when it was 33.01 million euros.  TUBACEX considers these results to be extremely positive, reflecting the strength of world demand for seamless stainless steel tubes, especially for investment projects in the energy and petrochemical sectors, as well as the major improvements implemented by the Group in productivity, costs, industrial specialisation and competitiveness at all its industrial plants. These factors, giving rise to an unprecedented order book in both extension and quality, ensure record sales, profit and cash-flow figures for financial year 2007 as a whole, and also set a very positive trend for financial year 2008 and thereafter.    EVOLUTION OF CONSOLIDATED RESULTS: JANUARY-SEPTEMBER 2007 2006 %2007/2006 SALES 524.84 379.20 +38.4% GROSS OPERATING PROFIT (EBITDA) 79.76 47.28 +68.7% OPERATING PROFIT (EBIT) 67.42 35.04 +92.4% NET PROFIT 42.18 20.77 +103.1% NET CASH FLOW 54.52 33.01 +65.2% Figures in millions of euros

PRESS RELEASE The company sets a new record for results in 2007 and will launch a new Strategic Plan in the first half of 2008 TUBACEX OBTAINS NET PROFITS OF 56.66 MILLION EUROS IN 2007, REPRESENTING 83.1% GROWTH Llodio, 27 February 2008 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, obtained consolidated net profits of 56.66 million euros in 2007, which means an increase of 83.1% over the figure obtained in 2006, in a year that represents a new all-time record in sales, profits and cash-flow figures, according to the information sent by the company to the Spanish National Stock Market Commission (Comisión Nacional del Mercado de Valores - CNMV). Consolidated sales for the year reached the figure of 696.5 million euros, representing an increase of 29.3% over sales for the previous year, when the figure was 539.07 million euros. The operating profit (EBIT) grew by 89.1% to 89.4 million euros, while gross operating profit (EBITDA) increased by 65.8% to 106.0 million euros. Factors which have been decisive in obtaining these results are the strength of world demand for seamless stainless steel tubes, especially for investment projects in the oil value chain as a whole, as well as in the energy and petrochemical sectors, a trend which is to continue into financial year 2008 and beyond. Having now fulfilled most of the objectives of the 2010 Strategic Plan, and with the ambition of providing the best possible response to current and foreseen demand conditions, TUBACEX will approve a new Strategic Plan during the first half of the year with a 2012 time horizon, so as to position the Company as the world’s leading seamless stainless steel tube manufacturer.   EVOLUTION OF CONSOLIDATED RESULTS FOR THE FINANCIAL YEAR 2007 2006 %2007/2006 SALES 696.51 539.07 +29.3% GROSS OPERATING PROFIT (EBITDA) 106.01 64.03 +65.8% OPERATING PROFIT (EBIT) 89.41 47.29 +89.1% NET PROFIT 56.66 30.95 +83.1% NET CASH FLOW 73.27 47.69 +53.9% EARNINGS PER SHARE (EPS) (in euros) 0.426 0.233 +83.1% Figures in millions of euros

 

PRESS RELEASE The net profit increases 105.2% compared to 2006 and reaches 30.2 million euros IN JUST SIX MONTHS, TUBACEX ACHIEVES THE SAME PROFITS AS IN THE WHOLE OF 2006 Llodio, 24 July 2007 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, obtained consolidated net profits of 30.20 million euros in the first half of 2007, which means an increase of 105.2% over the figure obtained in the same period of 2006, according to the information sent by the company to the Spanish National Stock Market Commission (Comisión Nacional del Mercado de Valores - CNMV). These results mean that an amount equivalent to the consolidated net profit recorded throughout the entire financial year 2006, which was 30.95 million euros, has been achieved in only six months. The consolidated sales between January and June stood at 367.49 million euros, representing an increase of 31.2% over sales in the same period of 2006, when the figure for sales was 280.07 million euros. The operating profit (EBIT) grew to 50.05 million euros in the first half, making it 108.9% higher than in 2006, while net cash flow generated was 39.07 million euros, representing an increase of 65.4% compared to the previous year, when it was 23.62 million euros. Determining factors in obtaining these results, which TUBACEX evaluates most positively, have been the strength of world demand for seamless stainless steel tubes, especially for investment projects in the energy and petrochemical sectors, as well as the improvements implemented by the Group in productivity, costs, industrial specialisation and competitiveness at all its industrial plants. These factors, giving rise to an unprecedented order book in both extension and quality, ensure record sales, profit and cash-flow figures for financial year 2007 as a whole, and also set a very positive trend for forthcoming years.   EVOLUTION OF CONSOLIDATED RESULTS: JANUARY-JUNE 2007 2006 %2007/2006 SALES 367.49 280.07 +31.2% GROSS OPERATING PROFIT (EBITDA) 58.91 32.85 +79.3% OPERATING PROFIT (EBIT) 50.05 23.96 +108.9% NET PROFIT 30.20 14.72 +105.2% NET CASH FLOW 39.07 23.62 +65.4% Figures in millions of euros

 

PRESS RELEASE It is the highest dividend ever paid in its history TUBACEX WILL PAY ITS SHAREHOLDERS AN ORDINARY DIVIDEND OF 0.0944 EUROS PER SHARE ON 14 JULY Llodio, 26 June 2007 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, will pay out an ordinary dividend of 0.0944 euros gross per share to its shareholders as from 14 July next and it will be drawn from profits obtained in fiscal year 2006. Payment of this dividend, which is to be carried out through the Banco Santander Central Hispano, was approved at the Annual General Meeting of Shareholders of the company held on 24 May last. The total amount of this dividend is 12.38 million euros and represents a pay-out of 40% of the profits obtained in 2006, which totalled 30.95 million euros. This is the largest dividend paid by TUBACEX to its shareholders and represents an increase of 21.7% over the dividend paid out last year.

PRESS RELEASE It is the most highly recognised international standard on the matter TUBACEX OBTAINS OHSAS 18001 CERTIFICATION  ON PREVENTION OF OCCUPATIONAL HAZARDS Llodio, 18 June 2007 Tubacex Tubos Inoxidables S.A. (TTI) and Acería de Álava S.A. (Acerálava), two companies belonging to the TUBACEX Group, have been awarded OHSAS 18001 certification for their occupational health and safety management system, placing them in a position of leadership among European companies in the continuous improvement of working conditions and prevention of occupational hazards. By obtaining this certification, the maximum internationally acknowledged standard in occupational hazard prevention management, TUBACEX is a pioneer in industry as a whole, because barely one hundred Spanish enterprises have obtained OHSAS 18001 certification, while in the steelmaking sector only a few companies are certified in accordance with this standard. The fact that TUBACEX has achieved this certification endorses the intense efforts made since 1995, when implementation of the Prevention of Occupational Hazards Programme began. This Programme is based on the philosophy of integrated safety in the chain of command, classes among the strategic objectives of the Company, which has meant the involvement of the human resources of both companies, as well as an important endowment of material resources. In the application of this Programme, 13,600 corrective and preventive actions were performed on the subject of occupational safety between 1997 and 2006, involving an investment of 5.33 million euros. Another aspect to be emphasised is the training the workforce has received on occupational safety and prevention, amounting to 33,000 hours of training and involving the participation of over 6,000 people, with a rotation of almost ten times the average annual workforce of the two subsidiaries in that period. TUBACEX considers prevention of occupational hazards, environmental management and excellence in quality to be strategic objectives of the highest order. Consequently, obtaining OHSAS 18001 is added to the certificates that the Group already holds in Quality (all subsidiaries, both industrial and commercial, have ISO 9001:2000) and in Environmental Management (the entire production process, from receiving raw materials to dispatch of tubes, is covered by ISO 14001 certification). TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, has production plants in Spain, Austria and the U.S.A., as well as a network of sales offices spread throughout the world.

 

PRESS RELEASE Ordinary General Meeting of Shareholders for financial year 2006 TUBACEX INCREASES ITS DIVIDEND BY 21.7% *It will pay 0.0944 euros gross per share. for a total amount of 12.38 million euros. and a pay-out of 40% *This is the biggest dividend ever paid out by TUBACEX *Sales. profits and cash flow records were all broken in 2006 *The AGM agreed to re-elect the President for a new term of office *Prospects for financial year 2007 are very positive Llodio, 24 May 2007 The Ordinary General Meeting of Shareholders of TUBACEX. meeting today at the Company headquarters in the locality of Llodio. Álava. Spain. has approved the distribution of a dividend for an amount of 0.0944 euros gross per share. to be paid out of the profits of financial year 2006. TUBACEX. the world’s second largest seamless stainless steel tube manufacturer. will allocate a total of 12.38 million euros to paying out this dividend. a dividend payout of 40% of net profits for 2006. which totalled 30.95 million euros. This is the largest dividend paid by TUBACEX to its shareholders and represents an increase of 21.7% over the dividend paid out last year.   Corporate Governance Agreements The Meeting has also agreed the re-election of the President of the Board of Directors. Álvaro Videgain. for a new term of six years and has ratified the appointment of Atalaya Inversiones S.R.L. as a member of the Board. In addition. the Meeting has agreed to modify several articles in the Code of Conduct for the Board of Directors in order to adapt them to the Combined Code on Corporate Governance for listed companies. Moreover. the Meeting agreed to re-appoint KPMG Auditores S.L. for a further year as approved auditor of TUBACEX S.A. and its consolidated Group. Financial Year 2006 With regard to financial year 2006. whose annual accounts have been approved today by the General Meeting of Shareholders. Álvaro Videgain. President and CEO of TUBACEX. described it as historical because the Company’s figures for production. sales. profits and cash flow all set new records. Factors which have contributed to this situation have been. on the one hand. the positive circumstances of the world economy and. on the other hand. the activation of investment projects in the oil and gas. petrochemical. chemical and energy sectors. the main buyers of the products manufactured by the Company. seamless stainless steel tubes. Consequently. consolidated sales rose to 539.07 million euros. a figure 25.2% higher than in the preceding financial period. Two markets which must be highlighted are Europe. the destination for 65% of the Group’s sales. where growth was 28.3% higher than the previous year. and North America. where sales grew by 9.2%. in spite of the strength of the euro against the dollar penalising the sales of European exporters. The consolidated net profit reached 30.95 million euros. which means an increase of 21.7% with regard to the profit obtained the previous year. The net cash flow generated amounted to 47.69 million euros. and therefore 16.1% higher than in the preceding financial year.   Stable core of shareholders In his address to the meeting. the President and CEO of TUBACEX pointed out that “the Board of Directors is and has been working to incorporate a stable core of shareholders into the Company’s capital stock. who are interested in the industrial project we have been implementing and are committed to the future of this Company” and also added that “this effort has borne fruit and at the moment there is a stable core of shareholders that accounts for about 35% of the capital stock”. In the same way. Álvaro Videgain mentioned the positive tendency shown by the Company’s shares on the Stock Market. and pointed out that the sixth consecutive year of revaluation was achieved in 2006. with an accumulated write-up in share value of 350% since financial year 2000.   Investments The TUBACEX Group invested 11.34 million euros in its different subsidiaries during 2006. a figure similar to that of the previous financial year. One item that stands out among these investments is the installation of a new Pilger type cold rolling mill in the TTI factory in Amurrio. to meet increases in demand for this high added value product. Another important investment carried out was to increase the materials heating capacity in the production process at the extrusion press in the TTI factory in Llodio. enabling important increases to be achieved in the productivity of this facility. which is basic in the Group’s production process. Moreover. the investments carried out during the year in Acería de Alava for an amount of approximately 3 million euros must be mentioned. Leading items here were the extension and improvement of the raw materials yard to enable better classification of the different types of scrap and ferroalloys. and modernisation of the AOD electronic control systems.   Competitiveness Scheme Application of the Competitiveness Scheme that TUBACEX has been implementing in recent years has played a determining role in achieving these positive results on the financial period. The purpose of this Scheme is to capitalise on industrial synergies and maximise the economies of scale deriving from the Group’s industrial configuration. with the aim of improving operating margins and achieving a differentiated competitive position in productivity and costs. Through implementation of the Scheme in 2006. important increases have been obtained in the competitiveness of key facilities in the Group’s manufacturing process. Standing out among these have been the increase in production of the steel mill. the improvement in the productivity of the extrusion presses and of the cold rolling of tubes. as well as the reduction of maintenance costs. These processes will continue to be implemented throughout 2007.   Strategic Plan In addition. development of the Strategic Plan that defines the business project of TUBACEX up to a time horizon of 2010 continued throughout the financial year. The purpose of this Plan is to guarantee future growth and profitability and to convert the Company into the leading seamless stainless steel tube manufacturer in the world. The strategic alternative adopted is committed to profitable organic growth. minimises investment requirements and maximises value creation for shareholders. The Plan foresees the growth of the company through optimising use of the capacity of the current production structure and by means of the quest for commercial excellence. affecting consolidation of the position of leadership and profitability in Europe. growth in traditional areas such as the U.S.A. and Canada. as well as in those areas where a greater increase in the demand for tubes is forecast. such as in the case of Asia. Among other aspects expected to have a positive influence are new high added value products. strong growth potential. commercial excellence and customer service.   Expectation for 2007 With regard to the current financial year. Álvaro Videgain stated to the General Meeting that 2007 “is going to be an exceptional year. in which we shall once again break sales and profit records”. because the positive situation of the world economy is still continuing and the high oil prices are still stimulating investment projects in this sector and. in general. in the energy and petrochemical sectors. which favours demand for seamless stainless steel tube. The months of the financial year which have already lapsed are confirming this positive market situation. In the first quarter. sales have increased by 33.8% to reach 172.34 million euros. while net profit has risen to 12.35 million euros. making it 65.2% higher than in the first quarter of 2006.   KEY FIGURES FOR THE CONSOLIDATED TUBACEX GROUP   2006 2005 2004 2003 2002 SALES 539.07 430.50 347.45 258.92 286.70 OPERATING PROFIT (EBIT) 47.29 37.00 25.06 10.20 17.95 NET PROFIT 30.95 25.42 15.38 6.04 16.31 NET CASH FLOW 47.69 41.06 30.46 21.13 32.58 TOTAL ASSETS 539.62 456.93 388.87 341.24 348.16 NET WORTH 225.22 206.02 186.82 173.93 177.25 FINANCIAL DEBTS 197.35 147.33 115.63 101.58 104.75 FINANCIAL PROFIT / (LOSS) (6.11) (3.82) (5.30) (3.24) (5.02) SHARE CAPITAL 59.84 59.84 59.84 59.84 59.84 OPERATING PROFIT / SALES (%) 8.77 8.59 7.21 3.94 6.26 NET PROFIT / SALES (%) 5.74 5.90 4.43 2.33 5.69 NET CASH FLOW / SALES (%) 8.85 9.54 8.77 8.16 11.36 PROFIT / EQUITY (ROE) (%) 13.74 12.34 8.23 3.47 9.20 PROFIT / ASSETS (ROA) (%) 5.74 5.56 3.96 1.77 4.68 PROFITS PER SHARE (PPS) in euros 0.233 0.191 0.116 0.045 0.123 CASH FLOW / SHARE (CFPS) in euros 0.359 0.309 0.229 0.159 0.245 BOOK VALUE /SHARE in euros 1.69 1.55 1.40 1.31 1.33 DIVIDEND in euros per share 0.076 0.051 0.018 0.042 0.042 MARKET CAPITALISATION 656.92 476.06 251.33 188.83 166.22 PRICE / BOOK VALUE times 2.92 2.31 1.35 1.09 0.94 PER times 21.23 18.73 16.34 31.26 10.19 AVERAGE WORKFORCE 1,771 1,628 1,517 1,485 1,504 EMPLOYEES IN SPAIN 1,093 963 904 871 837 EMPLOYEES ABROAD 678 665 613 614 667           Figures in millions of euros

 

PRESS RELEASE An increase of 65.2% over 2006 TUBACEX OBTAINS NET PROFITS OF 12.35 MILLION EUROS TO MARCH Llodio, 10 May 2007 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, obtained consolidated net profits of 12.35 million euros between January and March 2007, which means an increase of 65.2% over the figure obtained in 2006, according to the information sent by the company to the Spanish National Stock Market Commission (Comisión Nacional del Mercado de Valores - CNMV). The consolidated sales in the first quarter of the year stood at 172.34 million euros, representing an increase of 33.8% over sales in the same period of 2006, when the figure for sales was 128.85 million euros. The operating profit (EBIT) grew to 21.85 million euros between January and March, making it 89.3% higher than in 2006, while net cash flow generated was 16.85 million euros, representing an increase of 41.1% compared to the previous year, when it was 11.95 million euros. TUBACEX considers that it finds itself in an excellent situation, in which important improvements in productivity, industrial specialisation and competitivity are taking place in all its production centres at a time when the market is very favourable, due to very strong demand for investment projects in the energy and petrochemical sectors. All the above means very positive prospects for financial year 2007 as a whole, solidly based on an extensive order book and leadership in sales positioning in the main markets. TUBACEX is to hold its Annual General Meeting on 24 May next. EVOLUTION OF CONSOLIDATED RESULTS: JANUARY-MARCH 2007 2006 %2007/2006 SALES 172.34 128.85 +33.8% GROSS OPERATING PROFIT (EBITDA) 26.35 16.02 +64.6% OPERATING PROFIT (EBIT) 21.85 11.54 +89.3% NET PROFIT 12.35 7.47 +65.2% NET CASH FLOW 16.85 11.95 +41.1%           Figures in millions of euros

 

PRESS RELEASE There are important oil and gas sector investment projects in the region TUBACEX OPENS A SALES OFFICE IN DUBAI TO BOOST ITS SALES IN THE MIDDLE EAST Llodio, 21 February 2007 TUBACEX, the world’s second largest seamless stainless steel tube manufacturer, has opened a new sales office in Dubai (United Arab Emirates), staffed by its own personnel, with the aim of increasing the industrial Group’s activity in the Middle East. The new sales office, which is called TUBACEX MIDDLE EAST, will be responsible for coordinating the Group’s sales network in this region, where several of the world’s leading oil and gas producing countries are located, such as Saudi Arabia, Kuwait, United Arab Emirates, Iran, Iraq, Qatar, Bahrain, Yemen and Oman. With this new sales office, TUBACEX will improve its attention to current customers in the Middle East, enable it to be closer to new customers and take advantage of the good growth prospects in expected demand for tubes, since most of the world’s investment projects in the oil and gas production sector are concentrated in this region. The commercial aspects of the Strategic Plan 2010, implemented by TUBACEX in late 2004, include reinforcing the Group’s presence in those areas where greater growth in demand for tubes is expected in coming years. To this effect, TUBACEX opened a sales office in Shanghai in 2005 and another in Brazil in 2006, in order to increase its presence in the Asian and Latin American markets, respectively. The TUBACEX Group has seamless stainless steel tube manufacturing plants in Spain, Austria and the U.S.A., as well as a worldwide sales network. With the new office now open in Dubai, the TUBACEX Group has a total of fourteen sales offices in twelve countries and also has exclusive sales agents in another thirty countries spread throughout the world, thereby providing a response to the internationalisation process initiated several years ago, which has enabled the company to become the second largest seamless stainless steel tube manufacturer in the world.