Tenaris

Tenaris S.A.
Company type	Sociedad Anónima
Traded as	BIT: TEN; NYSE: TS; BMV: TS;
Industry	Oilfield services
Founded	17 December 2001; 23 years ago
Headquarters	Luxembourg City, Luxembourg
Area served	Worldwide
Key people	Paolo Rocca (Chairman and CEO)
Products	Steel pipes
Revenue	US$14.868 billion (2023)
Operating income	US$4.3 billion (2023)
Net income	US$3.918 billion (2023)
Total assets	US$21.081 billion (2023)
Total equity	US$16.842 billion (2023)
Owner	Techint (60.45%)
Number of employees	29,134 (2023)
Website	tenaris.com
	Footnotes / references;

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]

References

^ ^a ^b ^c ^d ^e ^f ^g "Tenaris S.A. 2023 Form 20-F Annual Report". U.S. Securities and Exchange Commission. 28 May 2024.
^ "Tenaris to Acquire Maverick Tube". Association for Iron and Steel Technology. 14 June 2006.
^ "(BW) Tenaris to Sell Participation in Dalmine Energie to E.ON" (Press release). Business Wire. 13 September 2006.
^ Driver, Anna (9 August 2007). Dobbyn, Tim (ed.). "Tenaris to buy Hydril for $2.16 bln cash". Reuters. Houston, Texas.
^ Nelson, Valerie J. (14 June 2007). "Richard C. Seaver, 85; oil-drilling exec, donor to L.A. Opera". Los Angeles Times.
^ Malone, Scott; Ando, Ritsuko (28 January 2008). Bavdek, Maureen; Benkoe, Jeffrey (eds.). "Tenaris to sell Hydril pressure business to GE". Reuters. Boston.
^ "Tenaris Completes Acquisition of IPSCO Tubulars". Association for Iron and Steel Technology. 3 January 2020.
^ "Tenaris to Pay $5.4 Million in SEC's First-Ever Deferred Prosecution Agreement" (Press release). U.S. Securities and Exchange Commission. 17 May 2011.
^ Rubenfeld, Samuel (17 May 2011). "Tenaris SA Pays $8.9 Million To Settle FCPA Probe". The Wall Street Journal.
^ Stempel, Jonathan; Driver, Anna (17 May 2011). Dobbyn, Tim (ed.). "Tenaris settles U.S. Bribery probe". Reuters.
^ "Mundo Obrero. Enfrentamiento por el sindicato de TAMSA deja dos muertos" [World Worker. Clash over TAMSA union leaves two dead]. La Izquierda Diario (in Spanish). 24 March 2017.
^ Zamudio, Isabel (9 December 2018). "Dan prisión domiciliaria a líder sindical de Tenaris-Tamsa" [Tenaris-Tamsa union leader given house arrest]. Milenio (in Spanish).

External links

Official website

[20F-1] ^ ^a ^b ^c ^d ^e ^f ^g "Tenaris S.A. 2023 Form 20-F Annual Report". U.S. Securities and Exchange Commission. 28 May 2024.

[2] "Tenaris to Acquire Maverick Tube". Association for Iron and Steel Technology. 14 June 2006.

[3] "(BW) Tenaris to Sell Participation in Dalmine Energie to E.ON" (Press release). Business Wire. 13 September 2006.

[4] Driver, Anna (9 August 2007). Dobbyn, Tim (ed.). "Tenaris to buy Hydril for $2.16 bln cash". Reuters. Houston, Texas.

[5] Nelson, Valerie J. (14 June 2007). "Richard C. Seaver, 85; oil-drilling exec, donor to L.A. Opera". Los Angeles Times.

[6] Malone, Scott; Ando, Ritsuko (28 January 2008). Bavdek, Maureen; Benkoe, Jeffrey (eds.). "Tenaris to sell Hydril pressure business to GE". Reuters. Boston.

[7] "Tenaris Completes Acquisition of IPSCO Tubulars". Association for Iron and Steel Technology. 3 January 2020.

[8] "Tenaris to Pay $5.4 Million in SEC's First-Ever Deferred Prosecution Agreement" (Press release). U.S. Securities and Exchange Commission. 17 May 2011.

[9] Rubenfeld, Samuel (17 May 2011). "Tenaris SA Pays $8.9 Million To Settle FCPA Probe". The Wall Street Journal.

[10] Stempel, Jonathan; Driver, Anna (17 May 2011). Dobbyn, Tim (ed.). "Tenaris settles U.S. Bribery probe". Reuters.

[11] "Mundo Obrero. Enfrentamiento por el sindicato de TAMSA deja dos muertos" [World Worker. Clash over TAMSA union leaves two dead]. La Izquierda Diario (in Spanish). 24 March 2017.

[12] Zamudio, Isabel (9 December 2018). "Dan prisión domiciliaria a líder sindical de Tenaris-Tamsa" [Tenaris-Tamsa union leader given house arrest]. Milenio (in Spanish).

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