Tenaris Announces Acquisition of Romanian Steelmaking Facility.LUXEMBOURG -- Tenaris S.A. (NYSE NYSE See: New York Stock Exchange :TS) (BCBA BCBA Board Certified Behavior Analyst BCBA Baltimore County Bar Association (Towson, MD) BCBA Building Code Board of Appeals BCBA Barnstable County Beekeepers Association (Massachusetts, USA) :TS) (BMV BMV Bolsa Mexicana de Valores BMV Bureau of Motor Vehicles BMV Bundesministerium für Verkehr (German: Federal Ministry of Transport) BMV Below Market Value BMV Brome Mosaic Virus BMV Bedside Medication Verification :TS) (BI:TEN) announced today that it has completed the acquisition of a 97% shareholding in Donasid S.A, a Romanian steel producer, for EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 37 million (approx. US$48 million). Tenaris is also assuming EUR 16.8 million (approximately US$22 million) in long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. held by Donasid with AVAS, the Romanian state privatization agency and expects to spend an additional EUR 25 million (approx. US$32 million) in investments to adapt the steel shop to produce round steel bars and other improvements. Donasid's assets include a steel shop located at Calarasi on the river Danube in the south of Romania. The steel shop, which has an annual capacity of 470,000 tons, includes an electric arc furnace An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary and continuous casting facilities, and uses steel scrap as its principal raw material. Romania is currently a net exporter of steel scrap. Through this acquisition, Tenaris expects to reduce costs in, and secure a reliable source of steel for, Silcotub, its Romanian seamless pipe mill, and to increase the competitiveness of its Italian seamless pipe operations by substituting marginal steel production and allowing increased specialization in high value steels. Tenaris is a leading global manufacturer of seamless steel pipe products and provider of pipe handling, stocking and distribution services to the oil and gas, energy and mechanical industries and a leading regional supplier of welded steel pipes for gas pipelines in South America. Domiciled in Luxembourg, it has pipe manufacturing facilities in Argentina, Brazil, Canada, Italy, Japan, Mexico, Romania and Venezuela and a network of customer service centers present in over 20 countries worldwide. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion