Tenaris Announced Acquisition of Steel Pipe Producer Benteler Steel & Tube Manufacturing Corp

The transaction is expected to close during the last quarter of the current year.

SEATTLE (Scrap Monster): Tenaris SA- the global manufacturer and supplier of steel pipes and related services announced that it will acquire leading U.S. seamless steel pipe producer Benteler Steel & Tube Manufacturing Corp for a sum of $460 million. This is part of Tenaris’ plans to expand its manufacturing capabilities in the U.S.

According to company press release, it will acquire 100% of Benteler Steel on a cash-free, debt-free basis, including $52 million of working capital. Benteler operates a production facility in Shreveport, Louisiana, which has a pipe rolling capacity of up to 400,000 metric tons per annum.

The deal is subject to regulatory approval from antitrust authorities and other necessary approvals from local authorities. The transaction is expected to close during the last quarter of the current year.

Also, the company entered into a long-term contract with Brazil’s state-run oil and energy producer Petrobas towards supply of products and services for its Buzios deepwater project. The pipes to be supplied will be produced at Tenaris’ Conmfab mill in Brazil, Tamsa mill in Mexico and Dalmine mill in Italy. The four-year contract is to supply seamless and welded casing, in carbon, sour service and high collapse steel grades.

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