Tubos Reunidos, a Spanish steel pipe maker founded in 1892, files for bankruptcy in 2026 after accumulating €263 million in debt. The company swings from profit in 2023 to a loss of €82.5 million in 2025. US tariffs, high European energy costs, & Chinese competition combine to overwhelm the business. Around one thousand three hundred workers in Spain & the United States now face an uncertain future under court administration.