Luxembourg-headquartered international steel tube producer Tenaris has announced its financial results for the first quarter of this year.
Accordingly, in the given quarter, the company’s net sales revenues totaled $3.10 billion, up by four percent compared to the fourth quarter and by six percent year on year. The increase in its net sales revenues was driven by seasonally higher activity in Canada, a limited recovery of activity in Mexico, higher offshore sales in Brazil, customer stock-building in North Africa and an advance of shipments in Saudi Arabia, despite the disruption in the Middle East since March caused by the Iran war and the closure of the Strait of Hormuz. Tenaris’ net income in the first quarter amounted to $564 million, up by 22.0 percent quarter on quarter and by nine percent year on year, while its operating income rose by five percent compared to the previous quarter and by six percent year on year to $584 million.
In the first quarter, the company’s sales volume of pipes totaled 784,000 mt, rising by one percent compared to the fourth quarter and by one percent year on year.
For the second quarter, Tenaris stated that its sales will be affected by lower shipments in the Middle East and its margins will be impacted by higher logistics costs in addition to lower absorption of fixed costs. For the second half of 2026, the company foresees its sales and margins to recover, assuming the strait of Hormuz is reopened in the short term.