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Tenaris

Tenaris S.A., organized in Luxembourg, is a manufacturer and supplier of steel pipes and related services for the petroleum industry. The company produces and ships over 4 million tons of pipes annually.[1] In 2023, 53% of the company's sales were to North America, 22% of sales were to South America, 18% of sales were to the Asia-Pacific, and 7% of sales were to Europe.[1]

The company owns 11.46% of Ternium, 3.96% of the share capital of Usiminas, and 22% of Techgen.[1]

The company is 60.45% owned by Techint, which is controlled by San Faustin S.A., which is in turn controlled by Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a Stichting, while 38.41% of the company is publicly traded.[1]

History

Tenaris traces its roots to the formation of Siderca, the sole Argentine producer of seamless steel pipe products by the predecessor of San Faustin in 1948.[1] Tenaris was organized on December 17, 2001.[1]

In June 2006, the company acquired Maverick Tube for $3.185 billion.[2]

In September 2006, it sold 75% of Dalmine, its Italian energy supply business, to E.ON for €39 million.[3]

In 2007, the company acquired Hydril for $2.16 billion.[4][5] The pressure control business was sold to GE Oil and Gas in April 2008.[6]

In January 2020, the company acquired IPSCO Tubulars from OAO TMK for $1.2 billion.[7]

Controversies

Bribery settlement

In May 2011, Tenaris agreed to pay the United States Department of Justice US$8.9 million in the first ever deferred prosecution agreement with the U.S. Securities and Exchange Commission, after Tenaris voluntarily disclosed details of bribes made to officials of an Uzbek state-controlled oil firm to obtain competitor's bid information, which it used to submit revised bids in order to secure tenders.[8][9][10]

Violence at TenarisTamsa facility

On several occasions, melees broke out at the TenarisTamsa facility in Veracruz, Mexico, over a dispute for union leadership between Pascual Lagunes Ochoa and José Carlos Guevara Malpica ("El Profe"), a convicted felon. These melees have resulted in injuries and deaths.[11][12]

See also

External links

References

  1. Tenaris S.A. 2023 Form 20-F Annual Report U.S. Securities and Exchange Commission, May 28, 2024^
  2. Tenaris to Acquire Maverick Tube Association for Iron and Steel Technology, June 14, 2006^
  3. (BW) Tenaris to Sell Participation in Dalmine Energie to E.ON Business Wire, September 13, 2006^
  4. Anna Driver. Tenaris to buy Hydril for $2.16 bln cash Reuters, August 9, 2007^
  5. Valerie J. Nelson. Richard C. Seaver, 85; oil-drilling exec, donor to L.A. Opera Los Angeles Times, 14 June 2007^
  6. Scott Malone, Ritsuko Ando. Tenaris to sell Hydril pressure business to GE Reuters, January 28, 2008^
  7. Tenaris Completes Acquisition of IPSCO Tubulars Association for Iron and Steel Technology, January 3, 2020^
  8. Tenaris to Pay $5.4 Million in SEC's First-Ever Deferred Prosecution Agreement U.S. Securities and Exchange Commission, 17 May 2011^
  9. Samuel Rubenfeld. Tenaris SA Pays $8.9 Million To Settle FCPA Probe The Wall Street Journal, 17 May 2011^
  10. Jonathan Stempel, Anna Driver. Tenaris settles U.S. Bribery probe Reuters, 17 May 2011^
  11. Mundo Obrero. Enfrentamiento por el sindicato de TAMSA deja dos muertos La Izquierda Diario, March 24, 2017^
  12. Isabel Zamudio. Dan prisión domiciliaria a líder sindical de Tenaris-Tamsa Milenio, 9 December 2018^