Spanish stainless steel seamless tubes maker Tubacex reported a loss of EUR 8.2 million in the first nine months of this year, representing a decrease of 47.7% as compared to 15.7 for the same period of 2009.

The company said that net income from January to September is being held back by the first quarter, which Tubacex suffered a loss of 9.3 million. However, in the two quarters after the company has recorded profits of 0.4 and 0.6 million.

In regard to EBITDA, the improvement has been palpable: from 0.35 million last year to 6.25 this. Tubacex sales in the first nine months amounted to 264.58 million, 12.8% lower than in 2009.

The company stressed that continued gradual recovery, which reflects the work of improving the competitiveness and cost reduction. It said that the stressed the market situation remains difficult and is affected by many factors, among which are to include the dumping of Chinese tube makers' in their exports to Europe. In any event, the outlook is relatively optimistic.

(Sourced from www.elcorreo.com)