A few weeks before the end of the year, we cannot help making a balance of the road we have gone down together. This year, we have also experienced a macroeconomic situation dominated by a slowdown in world growth and the fall in prices of raw materials, particularly oil, causing instability which has tested the strength of TUBACEX. 

Oil prices have fallen to their lowest level since 2009, decelerating investment projects in the exploration and production sector, one of the Group's main segments of activity. It is precisely in this scenario marked by uncertainty where our commitment to operational excellence acquires even more special relevance, if possible. Based on this, by enhancing our efficiency, adopting flexibility and cost saving measures and increasing the market share in other key sectors, we will consolidate our business. 

We cannot change the environment, but we must adapt to it by being more creative, competitive and flexible. With this attitude, we will continue facing up to the market situation with the certainty that we are all an essential part of a great team that requires joint commitment in order to continue moving forwards.

The strength of a company is basically measured at times of uncertainty. Times in which we have not ceased to invest and in which we have continued to integrate companies. A clear example of this is the recent acquisition of 68% of the stainless steel piping division of the Indian company, Prakash Steelage, which enables us to begin this third edition of TUBACEX Beat in full color. We welcome all of our new team in Asia.