A €112.8 million rescue package for Tubos Reunidos won Spanish government approval in 2021 after weeks of internal resistance and intense political lobbying, information from 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 over environmental concerns as the Basque steel company faced insolvency. The financing came from the Fondo de Ayuda a la Solvencia de Empresas Estratégicas (FASEE), administered by the Sociedad Estatal de Participaciones Industriales (SEPI), and took the form of a participative loan, not a grant.
On June 16, 2021, confidential information from the Consejo Gestor del Fondo de Ayuda a la Solvencia de Empresas Estratégicas (FASEE) revealed Aagesen’s refusal to support Tubos Reunidos. Her position matched that of Gonzalo García de Andrés, Secretary of State for Economy, who also expressed doubts about state rescues for certain sectors. The rejection immediately concerned 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.
Facing the risk of bankruptcy, the group behind Tubos Reunidos mobilized political contacts. Fernández reached out to Alonso, stressing that without intervention “from the very top,” SEPI funding would be unlikely. The effort soon drew in the PNV and basic figures in the Basque and central governments. After learning of the rejection, the president of Tubos Reunidos coordinated with Arantxa Tapia, Basque Industry Minister, who contacted then Finance Minister María Jesús Montero. Javier Zarraonandía, Basque Deputy Minister, also applied pressure, contacting Aagesen directly.
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 was pushing for direct PNV involvement, expecting successful intervention to bring compensation for those facilitating the deal. The situation shifted after Gualda was summoned to Moncloa, a move believed to be linked to the PNV leadership’s engagement. Four days later, the deadlock ended: the Consejo Gestor approved the €112.8 million loan, with Aagesen delegating the final favorable report to Miguel González Suela, then Undersecretary at the Ministry for Ecological Transition. The Council of Ministers ratified the terms of the SEPI-FASEE participative-loan arrangement.
The financing was intended to strengthen Tubos Reunidos’ solvency and fund its industrial change, including energy-transition and decarbonisation projects. In June 2021, the company said the money would help restore activity and improve efficiency, while developing its business in clean energy and hydrogen markets. These stated objectives framed the rescue as emergency support for the company and funding for its industrial transition.
Ministry sources declined to elaborate on Aagesen’s change of position, saying only that the process involved an information phase followed by a decision at the Consejo Gestor. The case illustrates how political alliances, particularly the PNV, a basic partner in Pedro Sánchez’s investiture, can influence major economic decisions. EL MUNDO reported that the Tubos Reunidos rescue formed part of a broader pattern of state interventions shaped by internal government debate and external lobbying.
The loan’s financial terms have since become consequential. ELA, the Basque trade union, said the contract allowed interest of up to 9.5% above the relevant IBOR index. Reporting in 2026 put the outstanding SEPI debt at roughly €143 million to nearly €150 million, compared with the original €112.8 million. The company’s total debt was reported at around €300 million. ELA attributed another major component to a €170 million distribution to shareholders in 2008 and identified the SEPI loan as a impressive part of the debt burden.
The participative-loan structure also gave SEPI a potential option to convert the debt into equity instead of relying solely on repayment. ELA argued that this could allow the state to play a role in a restructuring while retaining the possibility of recovering public funds. The loan’s classification has since become disputed: the insolvency administration reportedly treated it as subordinated debt, which could place SEPI behind other creditors in the recovery order.
Approximately five years after the rescue, Tubos Reunidos’ board agreed to request the opening of liquidation proceedings and communicated the decision to the Comisión Nacional del Mercado de Valores (CNMV). Reporting identified five potential buyers, but said they did not want to assume the SEPI debt, while SEPI sought to transfer the obligation to a purchaser of the company’s productive units. The insolvency administration and prospective buyers differ over whether the debt should follow those assets, leaving the question to the competent court and putting the recovery of public funds at the centre of the process.
Later reporting also said the European Commission had warned against writing off the SEPI loan, which by then was valued at approximately €150 million. The Commission’s reported position brings European state-aid rules into the restructuring: any reduction or cancellation of the public claim would have to comply with the applicable EU structure.
During the pandemic, Spain’s state bailouts were managed through SEPI, with the FASEE fund designed to support strategic companies at risk. The Tubos Reunidos case shows how political dynamics can override initial technical objections when regional interests and coalition stability are at stake. The episode follows other high-profile government interventions, including recent health developments involving European royalty, such as the recovery of Princess Mette-Marit after major surgery in Oslo, which also drew impressive public and political attention across Europe.
