Tenaris Announces Investment Plan for U.S. Operations
LUXEMBOURG --
(Marketwire) -- 06/21/12 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BVM: TS) (MILAN:
TEN) ("Tenaris") announced today an investment plan to expand its U.S.
operations. The plan includes the installation of a state-of-the-art seamless
pipe mill, heat treatment and premium threading facilities with an estimated
investment of US$1.5 billion. The new mill, which is expected to
begin operations in 2016, will have an annual production capacity of 650,000
tons of high quality seamless pipes and will be fully integrated with the rest
of Tenaris's U.S. manufacturing
and service operations.
U.S. market demand for high quality OCTG and line pipe products is growing
rapidly due to the development of unconventional shale (oil and gas) reserves
and the resumption of deepwater drilling activity in the Gulf of
Mexico. The new investment plan will strengthen Tenaris's local production and service capabilities,
allowing it to reduce lead times and serve its U.S. customers with a full range
of locally manufactured seamless, welded and premium products, in a market where
imported products account for over half of total consumption.
Tenaris is a leading global
supplier of steel tubes and related services for the world's energy industry and
certain other industrial applications.
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