Economic uncertainty poses new business challenges which cannot be addressed using a standard solution, as reality needs to be assessed considering the speed of changes evolving. Such speed demands flexibility as one of the main pillars for success in volatility cases.

This flexibility enables us to move forward in our strategic proposal, making decisions which provide differential added value to our clients, while guaranteeing the long-term sustainability of our business. Our 2020 strategy was defined under this paradigm, as a response to our Strategic Plan 2013-2017 evolution which peaked in 2015. Under normal market conditions we would have reached our strategic target two years ahead of schedule.

Then, we decided it was the right time to continue looking to the future proposing our new Strategic Plan 2016-2020. This plan should enable us to make progress throughout the entire value chain, become a global supplier of tubular solutions, access complex projects from design stages and accompanying our clients after the product is delivered, with tailor-made services at the installation.

This is surely a transformation challenge but we are not alone. We have learned to construct by combining synergies, with collaborative projects jointly undertaken by our teams and external allies of different kinds, always creating participatory and enriching methods to address our clients' needs.

We look ahead and are proud of our past because we have demonstrated, and will continue to demonstrate, we are an innovative company with the ability to reinvent ourselves.