Benteler terminates the previously-announced sale to Tenaris of its Shreveport, Louisiana pipe manufacturing plant

Rhea-AI Summary

Tenaris S.A. (NYSE: TS) announced that Benteler North America Corporation has exercised its right to unilaterally terminate the agreement to sell 100% of Benteler Steel & Tube Manufacturing Corporation to Tenaris. This decision is effective immediately and terminates a previously announced deal. Tenaris is recognized as a leading global supplier of steel tubes and related services in the energy industry and other industrial sectors.

Positive

• Tenaris is a recognized leader in supplying steel tubes to the energy sector, which reflects solid market positioning.

Negative

• The unilateral termination of the acquisition deal may negatively impact Tenaris's growth strategy and market expansion plans.

LUXEMBOURG, Feb. 05, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) announced today that Benteler North America Corporation has exercised its right to unilaterally terminate, effective immediately, the previously-announced agreement for the sale to Tenaris of 100% of the shares of U.S. steel pipe producer Benteler Steel & Tube Manufacturing Corporation.

Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

FAQ

What recent decision did Benteler North America make regarding Tenaris?

Benteler North America Corporation unilaterally terminated the agreement to sell Benteler Steel & Tube Manufacturing Corporation to Tenaris.

How does the termination of the Benteler deal affect Tenaris?

The termination could negatively impact Tenaris's growth strategy and market expansion.

What is the stock symbol for Tenaris?

The stock symbol for Tenaris is TS.