Tenaris plans to invest in Qingdao

SteelOrbis Shanghai Sources reported that Luxembourg based Tenaris SA, the world’s largest seamless steel pipe producer, plans to make an investment at China’s eastern port Qingdao, and the project will start in March 2006. TALTA, Tenaris’s subsidiary in Portugal will invest totally $120 million in the industrial zone in Qingdao for the production line of seamless steel pipe and special screw thread. The initial amount of the investment is $36 million with $12 million registered capital. The project will reportedly be finished in October. It will have 100,000 metric tons annual production capacity and provide $500 million total sales revenue per annum. Tenaris SA is also the largest enterprise in Argentina. The company has 20 service centers in eight countries. Its products are widely used in petroleum, coal, power, and automobile industries. The company has 3.5 million metric tons seamless steel pipe, 900,000 metric tons oil pipe, and 850,000 metric tons welded pipe annual production capacity, with $3.1 billion total annual sales revenue.