Steel tube maker Tenaris said net revenues for its South American tubing business in 2020 declined 47 percent, year-over-year. The company said revenues for South America in full-year 2020 was $660 million, down from $1.24 billion in full-year 2019.
The company attributed the weaker revenues to lower steel tube sales volumes and diminished prices in the region, except for Brazil, due to Covid-19. In Brazil, offshore drilling activity continued.
Tenaris said revenues in South America at its tubing business in Q4 2020 was $160 million, down from $265 million in Q4 2019.