Tubos Reunidos SA: 2021 – Non-Financial Information Statement and Independent Limited Assurance Report

Non-financial NFIS statement 2021


The rediscovery.

Supporting the energy transition


Developments 2021: Our response to challenges as a strategic company 14

Leaders in providing innovative and sustainable piping solutions 06

Where we come from: almost 130 years of history 12


Where we are going: driving the energy transition 20

Our contribution to Sustainable Development 25



360º communication 30 Materiality analysis 32



Health and safety are our priority 50

Continuing the fight against COVID-19 to ensure a safe environment 59


We are our people 36

Main figures (2021 and 2020) 37

Talent Development 44

Flexibility and work-life balance 47

Equality and diversity 48


meta scrap0l to pipe: a sustaina5ble activity 63

Supporting our customers in the future challenges 73


Professional authorities 84

Prepared to anticipate and manage risks 89

The ethical framework that guides us 91




Innovation in the TRSA 76 group

New products and applications 78

Digitization of the TRSA 79 group

Responsible taxation 96


President’s Letter

“Fortunately, the pandemic and rising costs were not the only things that happened in 2021. We are proud to celebrate the Group’s recognition as a strategic business.”

Francisco Irazusta President

As we announced, the 2021 financial year was even more complicated than the one we experienced the previous financial year due to the inertia of the market and the impact it has on the timings of our activity. In addition, sudden increases in the prices of energy, raw materials, scrap metal and iron Roalloys, together with transportation, were the major challenge for the sector in 2021. This, combined with the pandemic and the international health crisis triggered by the COVID-19 epidemic, which continued throughout the year, hampered the market recovery. activity.

While advances in vaccination and the joint ef strong made by society have allowed us to witness a revival in some countries as their mobility restric eased, this reactivation was interrupted by an increase in our recurring expenses, which slowed down our gradual recovery.

Fortunately, the pandemic and rising costs were not the only things that happened in 2021. We are proud to celebrate the recognition of the Group as a strategic company. We thank the customers, the institute institutions, international analysts and banks for their trust and support, as well as the efforts of our entire team, which enabled us to obtain a participatory loan of 112.8 million euros from the Business Solvency Support Fund strategic (Fondo de Apoyo a la Sol-

“Our commitment to sustainability is not just an ambitious framework, but a roadmap for responsible growth that must go hand in hand with proper and transparent corporate governance.”

Francisco Irazusta



€112.8 million

at the Sociedad Estatal de Participaciones Industriales

(SEPI) of Solvency

Support fund

vencia de Empresas Estratégicas) of Socie-dad Estatal de Participaciones Industriales (SEPI), which will undoubtedly be the key to achieving our objectives in the years to come.

After the confidence expressed and with renewed confidence financial stability, we are optimistic about a new Strategic Plan 2021-2025 that allows us to continue the trans forming the Group, equipping our facilities with the latest technologies and seeking the creation of added value having an impact on the improvement of the Group and the Company in the medium and long term. We are committed to driving the energy transition and decarbonization through the development and efficient manufacturing of innova efficient and durable piping solutions. This new plan will help us approach new markets and business sectors that have a particular influence on clean energy and hydrogen, helping our customers to successfully meet their future challenges. This year, I would like to say that, thanks to the efforts and commitment of our employees, we have reached our first milestones in the field of clean energy, and we hope that they will be the first of a long series.

Our commitment to sustainability is not just a strategic framework, but a roadmap for responsible growth which must go hand in hand with appropriate and transparent corporate governance. In 2021, and following our philosophy of continuous improvement ment, we have designed a corporate governance update plan that has transpired over the year and will continue into 2022. All of these improvements and best practices will help us achieve our goals.

The work of all those who make up the Group has proven to be essential in overcoming the major milestones of recent years and will be a key element in meeting the challenges that have arisen. We must not forget that the well-being and development ment of all those who make up the company are essential elements of its success. Therefore, the commitment ment to health and safety is part of our values, and we have initiated a multi-year project, which has been very well received and involved at all levels. This will allow us to move towards excellence in Health and Safety, improving our culture in this area and always with the objective of “zero accidents”.

I would like to end this letter by thanking all the shareholders, customers, suppliers, institutions and employees of the Group, as well as the Company as a whole. Their support, efforts and commitment have allowed our grand project to move forward stronger and make more successful progress. more than ever. For nearly 130 years, we have been an agile, efficient and trusted partner for our customers, offering them our know-how, our quality and our innovation through products and services with high added value, and we want to remain so with our innovation efficient and durable piping solutions.


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