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Q1 2011 Results Release

TUBACEX ACHIEVES 2.80 MILLION EUROS NET PROFIT IN THE FIRST QUARTER

(Llodio, 11 May 2011).- TUBACEX has recorded a consolidated net profit of 2.80 million euros between January and March 2011, compared to the losses that amounted to 9.31 million euros during the same period of 2010, according to the information registered at the Spanish Securities Exchange Commission (CNMV).

The gross operating profit (EBITDA) from January to March reached 12.06 million euros. During the first quarter of 2010, the gross operating profit was negative by 4.42 million euros.

The first trimester of 2011 is the fourth consecutive period to register positive net profit, thus consolidating the recovery of the company's profitability levels, situating the EBITDA/Sales ratio above 10%.

The first quarter's consolidated sales have reached 119.56 million euros, compared to 72.52 million euros recorded in the same period of 2010. Despite this increase of activity, the Group has managed to maintain its net debt levels at 225 million euros, virtually the same as at the end of the year 2010.
TUBACEX positively values these results, which reflect the recovery of the market and other operational improvements in the Group's key operating units.

TUBACEX hopes to consolidate and improve these current results throughout 2011. Therefore, the development of the company's Competitiveness Plan, the investments made in the previous years in high value-added products and the alliance with Vallourec&Mannesmann will be key to achieving this goal.

Press relations

Nagore Larrea

nlarrea@tubacex.com