In 2021, under exceptional market conditions, result as well as sales records were broken and new milestones were reached. At the beginning of 2022, the outlook is once again favorable, but a number of factors remains uncertain. The corona pandemic for the most part appears to be past; however, in the first quarter we continue to be confronted with loss of productivity as a result of high levels of absence due to illness because of corona infections.

The invasion of Ukraine by Russia is a very severe event. It is still unclear how this will affect the economy and our markets. Our attention is first and foremost focused on our employees in our Ukrainian branch in Lviv and on their families. We have temporarily halted our operations there so that our people can provide for their personal safety and that of their families.

It is expected that the financial consequences for our company will be relatively limited, given the small scope of our activities there. Naturally, the trade sanctions imposed on Russia and Belarus also impact our sales, as well as procurement activities. In particular, it is not clear what the impact will be over the long term on the availability of materials, market demand, inflation and economic development. Most importantly, a speedy end to the war is our biggest wish for humanitarian reasons. This would also bring greater clarity about and stability in the future. These unexpected developments in the first quarter of 2022, with a high lack of clarity about its due course, make it difficult to provide a good prognosis for the remainder of the year.

As a family business with a history dating back almost one hundred years, we know very well how to deal with uncertain and changing market conditions to ensure the continuity of our company. For almost one hundred years we have been guided by our inspiration for pipes and tubes. Everything in our business operations is focused on delivering our pipe and tube products to our customers – according to specifications, on time and in the right quantities with expert advice – such that they can be immediately incorporated into their production processes. Customers can count on a reliable partner. We especially rely on our global teams, people who are committed and who dedicate all of their efforts to giving our customers top priority on a daily basis.


Zwijndrecht, the Netherlands, 6 April 2022

Management Board
P.L. Rietberg (Chairman)
J.M. Sassen