Since the launch of our Strategic Plan in 2013, Tubacex has undergone many changes. We have created a new management model, based on operational excellence; we have developed a new production system (TxPS) and we have redefined our business strategy. But this process does not end here. We are going to continue changing and improving until we become the leading supplier in high alloy tubular solutions.

We want to share this path with all of you: customers, suppliers, employees, partners, shareholders, etc. We want all those who belong to the Tubacex universe to accompany us in this change process. For this reason, you have this quarterly newsletter in your hands which will enable us to share our progress, our achievements and our aspirations with you. And we have decided to give it the name of our excellence program, Tubacex Beat, which is the umbrella program that collects and coordinates all of our tools, systems, models and initiatives and which will guide us on the continuous improvement path.

We have a year of hopes and challenges ahead of us. Hope because we are immersed in the middle of a growth process. As many of you will already know, we incorporated the Italian company, IBF, in our Group in January and we expect to incorporate the stainless steel tube division of Prakash Steelage over the forthcoming months. Furthermore, we have also created Tubacex Services in Cantabria to extend the range of services to our customers.

But this is also going to be a year of challenges. We are facing with a difficult year due to the macroeconomic environment and, particularly, the fall in oil prices. However, we are fully committed to our strategy of becoming a benchmark supplier of solutions for the Energy sector. The achievements obtained in the first phase of our Strategic Plan place us in a better position to face this adverse market and supported by our business and operational strategy and with the effort and commitment of all the people that make up Tubacex, I am convinced that we will emerge stronger from this crisis.