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2011 Results Release

In 2011 TUBACEX has registered a net profit of 3.66 million euros, which is the company's first positive figure after the losses registered in 2009 and 2010 as a result of the major international financial crisis, according to the information provided by the company to the Spanish Securities Exchange Commission (CNMV).

TUBACEX RETURNS TO A POSITIVE NET PROFIT IN 2011

(Llodio, 28 February 2012).- Consolidated sales in 2011 reached 486.60 million euros, showing a 34.5% growth, sharply contrasting with the 361.78 million euros registered in 2010. Over 95% of the Group's sales figures are from abroad.

In 2011, the gross operating profit (EBITDA) reached 27.20 million euros, showing an increase of 113% compared to 2010, when Tubacex recorded an EBITDA of 12.77 million euros.

These results show an improvement in the demand of seamless stainless steel tubes -both from investment in new projects and from tube distributors and stockists - and the good performance of the company's new products for oil and gas exploration and extraction and power generation. However, these results have been affected by the evolution in the prices of raw materials throughout the year, after the 46% decrease in nickel prices from the highest levels reached in February to the minimum prices of November.

The order intake has grown by 25% during the year, placing the Group's current delivery time in the third quarter of 2012, the longest of the past three years.

TUBACEX is confident that, despite the current uncertainties regarding the evolution of the global economy, the Group will be able to deliver a significant increase in results during 2012. This expected growth is supported on the good perspectives of the demand of seamless stainless steel tubes, the strategic alliance with Vallourec & Mannesmann and the competitive improvement of the different plants of the Group.

The company has started a new strategic reflection process with a 2018 horizon, focusing mainly on growth, increasing profitability and competitiveness and the consolidation of their global leading position.

Press relations

Nagore Larrea

nlarrea@tubacex.com