With the release of the first TUBACEX Beat issue we have opened a new way of sharing group related news. The successful welcoming received by this issue reaffirms it is here to stay, and encourages us to share the following pages you all.

In recent weeks we have looked back to take stock of our journey so far and also look ahead for a projection of the company growth with the implementation of different projects which make up our strategic plan.

In the last AGM held on May 27th we shared the results obtained in Q1 2015. Despite an unfavorable context and significant demand reduction which have defined the beginning of the year, TUBACEX demonstrated higher growth levels than in the same period last year, thanks to IBF integration among other factors. These results reflect the progress made by the Group since the launching of the last strategic plan.

On the other hand, we look to the future reinforcing our presence on a key strategic market. We recently announced the acquisition of 67.5% of Prakash Steelage seamless stainless steel tubes division. The company is based near Mumbai and has over 30 years of history, 250 employees and a turnover of 25 million Euros.

We are aware that the forthcoming years will be challenging and sales will continue in downward trend. In spite of this, we continue to work to minimize this impact and boost growth once conditions are favorable. We have learned a great deal from the past and are ready to face the future.