Luxembourg-headquartered international steel tube producer Tenaris has announced its financial results for the first quarter of 2022.
Accordingly, in the first quarter this year Tenaris’ net sales revenues totaled $2.36 billion, up by 15.1 percent compared to the fourth quarter and rising by 100.2 percent year on year. The increase in the company’s net sales revenues was driven by higher OCTG prices in both North America and South America and higher shipments of line pipe in Europe and South America. The company’s operating income in the given quarter was $484 million, rising by 77.2 percent quarter on quarter.
In the first quarter, Tenaris’ net sales revenues in North America increased by 20.4 percent quarter on quarter to $1.34 billion, due to higher prices throughout the region reflecting higher drilling activity and declining market inventory levels. The company’s net revenues in South America rose by two percent compared to the third quarter to $348 million, due to higher OCTG prices across the region but lower volumes of line pipe and industrial products in Brazil and Argentina.
Tenaris’ sales volume of pipes in the fourth quarter totaled 822,000 mt, rising by 2.8 percent compared to the fourth quarter and up by 44.7 percent year on year.
For the second quarter, the company expects further growth in sales, with higher volumes in the Middle East and South America.