Tenaris’ N. American sales strong in 2012
Feb 22, 2013 | 06:06 PM
| Samuel Frizell
NEW YORK Tenaris SA will continue to capitalize on the North American energy boom after a strong 2012, despite competition from low-priced South Korean imports, executives said during a Feb. 22 earnings call.
"Our position in North America has strengthened substantially through the year," Tenaris chairman and chief executive officer Paolo Rocca told investors, citing as a driver the companys leading position in Gulf of Mexico deepwater drilling and U.S. shale plays.
Tenaris North American tube sales rose 22 percent over 2011 to $4.95 billion in 2012, an increase the company said was driven by greater liquids-drilling activity and recovery in the Gulf of Mexico. The increase in North American sales, paired with an 11-percent increase in South American sales, accounted for most of the companys $861.5-million increase in sales in 2012 over 2011. ....
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