Swedish high-technology engineering and steelmaking group Sandvik has announced that it has signed a new five-year strategic alliance agreement with the global pipe and tube producer Tenaris on the exclusive joint supply of corrosion-resistant alloy oil country tubular goods (OCTG) materials and technology to the oil and gas industry.
Sandvik also issued its financial results for the second quarter of the current year. Sandvik's net profit for the second quarter was SEK 1.53 billion ($224 million), down 17 percent year on year. Order intake in the given quarter amounted to SEK 21.2 billion ($3.1 billion), remaining unchanged compared to the corresponding quarter of the previous year.
According to Sandvik, activity in the global mining industry remained low during the second quarter without tangible signs of a recovery or further deterioration. Market demand in the second quarter remained characterized by low investment levels in the global mining industry. Cancellations of previously booked orders did not deviate from normal levels and demand for mining equipment was stable, albeit at very low levels.