Tenaris sees revenues in Q3 increase for its South American division

Tuesday, 16 November 2021 00:07:32 (GMT+3)   |   Sao Paulo

Steel tube producer Tenaris said its net revenues in South America rose 140 percent year-over-year in Q3 this year, to $314 million.

In a press release, the company said South American sales increased mainly due to higher sales of OCTG products in Argentina, Colombia and Guyana.

The company also said that generally speaking, drilling activity has shown a recovery this year in Latin America. Higher activity was seen in the Vaca Muerta shale in Argentina, and in Colombia, as well as the offshore regions of Brazil, Mexico and Guyana, Tenaris said.

Tenaris also slammed a move by the US Department of Commerce to investigate imports of OCTG from Mexico, Argentina and Russia, which could result in anti-dumping (AD) duties.

“Tenaris, which imports OCTG from Argentina and Mexico to complement its production in the United States, believes that the petition (for an investigation and the potential imposition of AD duties) is unjustified,” the company said.

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