Tenaris SA
F:TW1
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Tenaris SA
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Tenaris SA
Tenaris SA makes steel tubes and pipes that are used mostly in the oil and gas industry. Its main products are seamless pipe and related equipment that help drill wells, lift oil and gas, and move it through pipelines. The company also sells technical services, connection systems, and field support that help customers choose and use the right pipe for each well or project. Its main customers are oil and gas producers, drilling contractors, and pipeline operators, along with some industrial and power customers. Tenaris makes money by selling pipe products and by charging for engineering, inspection, and other services tied to those products. Because its products are part of critical energy infrastructure, customers care about quality, strength, and reliability more than simple price alone. Tenaris sits in the middle of the energy supply chain, between steelmaking and the companies that drill and transport hydrocarbons. That role is different from a plain steel mill because the company does not just roll metal into generic pipe; it makes specialized tubular products that must handle extreme pressure, heat, and corrosion. This gives Tenaris a business model built around technical know-how, long customer relationships, and products that are closely matched to demanding field conditions.
Tenaris SA makes steel tubes and pipes that are used mostly in the oil and gas industry. Its main products are seamless pipe and related equipment that help drill wells, lift oil and gas, and move it through pipelines. The company also sells technical services, connection systems, and field support that help customers choose and use the right pipe for each well or project.
Its main customers are oil and gas producers, drilling contractors, and pipeline operators, along with some industrial and power customers. Tenaris makes money by selling pipe products and by charging for engineering, inspection, and other services tied to those products. Because its products are part of critical energy infrastructure, customers care about quality, strength, and reliability more than simple price alone.
Tenaris sits in the middle of the energy supply chain, between steelmaking and the companies that drill and transport hydrocarbons. That role is different from a plain steel mill because the company does not just roll metal into generic pipe; it makes specialized tubular products that must handle extreme pressure, heat, and corrosion. This gives Tenaris a business model built around technical know-how, long customer relationships, and products that are closely matched to demanding field conditions.
Quarterly growth: Tenaris reported first-quarter sales of $3.1 billion, up 6% year on year and 4% sequentially, with EBITDA of $735 million and net income of $564 million.
Middle East disruption: Management said the Strait of Hormuz disruption will hit second-quarter sales by about $140 million and push EBITDA margin down by a couple of points because of lower volumes and about $32 million of added logistics costs.
Second-half recovery: The company expects volumes to recover in the third and fourth quarters, with second-half results likely getting close to first-quarter levels if the regional situation eases.
North America strength: Tenaris sees both higher activity and higher prices ahead in North America, with rig count expected to rise by around 50 rigs, or about 10%, by year-end.
Longer-term upside: Management highlighted opportunities in offshore, deepwater, Canada, Venezuela and possible new pipeline projects in the Middle East as customers look for supply diversification.
Tariffs and buybacks: Tariff costs were estimated at $110 million to $120 million in the first quarter, and management said the share repurchase authorization will be revisited at the May 12 shareholder meeting.
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