Tenaris signs letter of intent in bid to control Silcotub
Bnamericas Published: Wednesday, March 24, 2004
Luxembourg-based steel group Tenaris (Nyse: TS) has signed a letter of intent with a group of private investors that could give it control of Rumanian tube maker Silcotub SA, Tenaris said. Silcotub is Rumania's market leader in small-diameter pipes for the oil industry and other applications. It has a capacity of 180,000t/y of seamless steel tubes. Facilities include a continuous rolling mill, finishing facilities and a cold-rolling plant, the official statement said. Tenaris officials declined to comment on the issue when contacted by BNamericas. The Argentine group Techint is 60%-owner of Tenaris. It has a production capacity of 3Mt/y of seamless pipes and 850,000t/y of welded pipes. Tenaris is manufacturer of seamless tubes and supplier of handling, storage and distribution of tubes for the oil and gas sectors.
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