Tenaris : reports no major damage to its industrial sites in South Texas following Hurricane Harvey
September 31, 2017 at 08:20 pm EDT
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DGAP-News: Tenaris S.A. / Key word(s): Miscellaneous
Tenaris reports no major damage to its industrial sites in South
Texas following Hurricane Harvey
01.09.2017 / 02:20
The issuer is solely responsible for the content of this announcement.
LUXEMBOURG -- (Marketwired) -- 08/31/17 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) announced today that all its facilities in Houston, Freeport and Bay City are gradually resuming operations from today following the passage of Hurricane Harvey and subsequent extensive flooding in the area. The facilities, including Bay City, suffered no major flooding or damage. The construction work on the Bay City mill is also resuming and, in accordance with our preliminary assessment, the rolling of the first pipe will be delayed until October.
The impact on our people has been severe. Out of our 1,320 employees in the Houston area 36% have been displaced. We are in constant contact with them and are providing time and financial assistance at this difficult time.
During this week, our customers' operations in Eagleford were affected by the hurricane, which may have a limited impact on our North American sales for the third quarter.
Some of the statements contained in this press release are 'forward-looking statements'. Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements.
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
01.09.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Tenaris S.A. is the world's No. 1 producer of steel pipes used in the oil and gas industries. Net sales break down by activity as follows:
- production of pipes (94.6%): unwelded steel pipes (3,146 KT sold in 2021 and welded steel pipes (387 KT sold) primarily for drilling activities. The group also offers accessory products (tubing products, surface coatings, etc.) as well as installation, assembly, logistical support, etc.;
- other (5.4%): primarily manufacturing of ducts for the transportation of oil and gas fluids.
Net sales are distributed geographically as follows: Europe (8.5%), North America (58.7%), South America (21.7%), Middle East and Africa (8.8%) and Asia/Pacific (2.3%).