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12/18/2014

Tubos Reunidos invests €30 million in Araba plant

Araba-based Tubos Reunidos has partnered Marubeni-Itochu Tubulars Europe (MITE), a subsidiary of the Japanese firm Marubeni-Itochu Steel, to set up a new plant in Araba. This will entail investment of €30 million, the company announced yesterday.

At a time when the Basque economy is seeing the light at the end of the tunnel after the crisis but firms are continuing to shut down, this Japanese-Basque partnership is a further step in the direction of innovation and the search for high value-added products. It is a way of competing with the low costs offered by emerging countries, and shows that there continues to be a future for Basque industry.