Tube and pipe producer Tenaris expects to invest about MXN 6 billion ($310 million) in Mexico in 2018, a company executive told Mexico’s El Financiero.
Guillermo Vogel, a board member and vice president of finance at Tenaris, said oil prices worldwide as well as in Mexico have improved, boosting Tenaris’ outlook in the country.
“We see a better 2018 as compared to 2017 for all the group and especially for Tamsa Mexico,” he said.
“In Mexico, we’re experiencing new investments, we’re continuously investing. We should probably launch a new finished steel line, … so it can be more sophisticated and offer better quality [for our products,]” he told the Mexican newspaper.
Vogel said Mexico’s energy reform may help tube demand increase.
“Right now Tenaris Mexico depends on exports, … demand has increased, and we’re seeing a market recovery worldwide,” he said.