Sara Aagesen initially blocked state aid for Tubos Reunidos, but reversed her stance weeks later. The change followed lobbying by the PNV and high-level government contacts. The case highlights political influence in major financial rescues.
The Spanish government’s decision to grant a €112.8 million rescue package to Tubos Reunidos in 2021 came only after weeks of internal resistance and intense political lobbying, according to a report by the Unidad Central Operativa (UCO) of the Guardia Civil accessed by EL MUNDO. The report details how Sara Aagesen, then Secretary of State for Energy and now third vice president, initially opposed the bailout, citing environmental concerns, at a critical moment for the Basque steel company facing insolvency.
On June 16, 2021, confidential information from the Consejo Gestor del Fondo de Apoyo a la Solvencia de Empresas Estratégicas (FASEE) revealed Aagesen’s refusal to support Tubos Reunidos. This stance aligned her with Gonzalo García de Andrés, Secretary of State for Economy, who also expressed doubts about state rescues for certain sectors. The rejection caused immediate concern among those advocating for the company, including Vicente Fernández, a former SEPI president and then advisor to Tubos Reunidos, and Antxon Alonso, a close associate of PSOE’s Santos Cerdán with strong PNV connections.
Faced with the risk of bankruptcy, the group behind Tubos Reunidos mobilized political contacts. Fernández reached out to Alonso, emphasizing that without intervention “from the very top,” SEPI funding would be unlikely. The strategy quickly involved the PNV and key figures in the Basque and central governments. The president of Tubos Reunidos, after learning of the rejection, coordinated with Arantxa Tapia, Basque Industry Minister, who in turn contacted then Finance Minister María Jesús Montero. Additional pressure came from Javier Zarraonandía, Basque Deputy Minister, who reached out directly to Aagesen.
Despite these efforts, the rescue remained blocked at the June 22 Consejo Gestor meeting. SEPI president Belén Gualda told Tubos Reunidos’ leadership that more time was needed. By early July, Fernández advocated for direct PNV involvement, expecting that successful intervention would merit compensation for those facilitating the deal. The situation shifted after Gualda was summoned to Moncloa, a move believed to be linked to PNV leadership’s engagement. Four days later, the deadlock ended: the Consejo Gestor approved the €112.8 million aid, with Aagesen delegating the final favorable report to Miguel González Suela, current Undersecretary at the Ministry for Ecological Transition.
Official sources from the ministry declined to elaborate on Aagesen’s change of position, stating only that the process involved an information phase followed by a decision at the Consejo Gestor. The case underscores the influence of political alliances—particularly the PNV, a key partner in Pedro Sánchez’s investiture—on major economic decisions. As reported by EL MUNDO, the Tubos Reunidos rescue is part of a broader pattern of state interventions shaped by both internal government debate and external lobbying.
For context, Spain’s state bailouts during the pandemic were managed through SEPI, with the FASEE fund designed to support strategic companies at risk. The Tubos Reunidos case highlights how political dynamics can override initial technical objections, especially when regional interests and coalition stability are at stake. This episode follows other high-profile government interventions, such as the recent health developments involving European royalty, including the recovery of Princess Mette-Marit after major surgery in Oslo, which also drew significant public and political attention across Europe.
