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Tenaris S.A. (TS) is a global leader in manufacturing premium steel pipes and oil country tubular goods (OCTG) for the energy sector. This page aggregates official announcements, financial updates, and strategic developments from one of the world's most trusted industrial suppliers.
Access real-time updates on Tenaris' operational milestones, including earnings reports, product innovations, and global expansion initiatives. Investors and industry professionals will find curated press releases covering technical advancements, supply chain developments, and partnerships critical to energy infrastructure projects.
Our repository features verified news about Tenaris' engineering solutions for extreme drilling environments, manufacturing capacity updates, and sustainability efforts. Content spans quarterly financial results, major contract awards, and R&D breakthroughs in tubular technology.
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Tenaris S.A. (NYSE: TS) announced its Q2 2024 results, reporting net sales of $3,322 million, down 3% from Q1 2024 and 18% year-over-year. Net income decreased to $348 million, a 54% drop from Q1 2024 and 69% year-over-year. EBITDA margin fell to 19.6% from 28.7% in Q1 2024.
The company's performance was impacted by declining OCTG prices in the Americas and a $171 million provision for ongoing litigation. Despite challenges, Tenaris maintained a strong free cash flow of $774 million and a net cash position of $3.8 billion.
Outlook remains uncertain due to OPEC+ production cut rollbacks and high OCTG imports in the U.S. Tenaris expects Q3 results to be affected by lower activity in the U.S. and Latin America, as well as extended OCTG price declines in the Americas.
The Brazilian Superior Court of Justice (SCJ) has ordered Tenaris's subsidiary Confab and affiliates of Ternium, part of the T/T Group, to pay Companhia Siderúrgica Nacional (CSN) indemnification related to the 2012 acquisition of a stake in Usiminas.
CSN's lawsuit argued that a tag-along tender offer should have been made to non-controlling Usiminas shareholders, offering 80% of the acquisition price per share. Initial courts dismissed CSN's claims, but the SCJ reversed its earlier decision, granting CSN indemnification potentially up to BRL 942 million (approx. $180 million).
Despite the ruling, Tenaris maintains the claims are without merit and plans to appeal the decision. The company asserts that the SCJ decision contradicts previous legal opinions and court rulings.
Tenaris has completed the third tranche of its USD1.2 billion Share Buyback Program, purchasing 18,080,524 ordinary shares for EUR276.63 million (USD300 million) from May 13, 2024, to June 13, 2024.
As of June 14, 2024, Tenaris holds 34,447,527 ordinary shares in treasury, representing 2.96% of its total issued share capital.
The company has entered a non-discretionary buyback agreement with a primary financial institution for the fourth tranche, which begins on June 17, 2024, and ends by October 31, 2024, aiming to purchase up to USD300 million worth of ordinary shares.
These shares will be cancelled in due course.
Tenaris S.A. announced the commencement of a USD 300 million third tranche of its USD 1.2 billion Share Buyback Program, aiming to buy back ordinary shares in the open market for cancellation. The program is executed through a buyback agreement with a primary financial institution, ensuring compliance with regulations. The third tranche starts on May 13, 2024, and ends by August 12, 2024.
Tenaris S.A. shareholders approved all resolutions at the annual and extraordinary general meetings, including annual dividend declaration and the appointment of new directors. The Company's 2023 reports were acknowledged, and the share capital was reduced following a share buyback program.
Tenaris S.A. completed the second tranche of its Share Buyback Program, purchasing 16,367,003 ordinary shares for €277,137,521. The company now holds 34,146,305 shares in treasury, equal to 2.89% of the total issued share capital.
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