H1 2022 Results (1) 

The Tubos Reunidos Group has published its results for the first half of financial year 2022,
confirming the upwards trend in its activity compared to the previous half, the second half of
financial year 2021. Significant increases in the prices of raw materials, energy (electricity and
natural gas) and freight transport costs had a marked impact on activities in financial year 2021.
The receipt in 2021 of SEPI's FASEE (Fondo de Apoyo a la Solvencia de Empresas Estratégicas —
Strategic Enterprise Solvency Support Fund) enabled the Company to implement the initiatives
envisaged in its 2021–2026 Strategic Plan, including the processes of concentrating steel mills
and cold-drawing units into a single location in the Amurrio plant and the implementation of the
non-traumatic exit plan. These measures will make the Group more efficient and more
competitive.