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Company Reports Q2 Revenue of $2.97B, Beating Expectations
Reports Q2 revenue $2.97B, consensus $2.94B. The company stated, "In the second half, we expect our sales and EBITDA to remain in line with the first half, despite sales continuing to be affected by lower shipments to the Middle East and higher raw material costs. There may be some upside if the shipping disruption at the strait of Hormuz ends before the end of the year. The third quarter will be additionally affected by seasonality and product mix effects, while the fourth quarter will benefit from higher prices and volumes in most regions."
Tenaris Acquires 100% of Artrom Steel Tubes for €86M
Tenaris S.A. announced that it has entered into a definitive agreement to acquire from GLGH Steel, a U.S.-based company, 100% of the share capital of Artrom Steel Tubes S.A., for an aggregate purchase price of EUR 86M, on a cash-free and debt-free basis, including a normalized level of working capital. The transaction is subject to customary regulatory conditions, including clearance from the European Union competition authorities and Romanian government approvals. Closing is expected to occur during the fourth quarter of 2026. "Artrom Steel Tubes S.A. is a Romanian manufacturer of steel and seamless steel pipes, with annual steelmaking capacity of approximately 450,000 metric tons at its facility in Reia, and seamless pipe rolling capacity of up to 200,000 metric tons at its Slatina facility. The acquisition is expected to expand Tenaris's industrial pipe product range and manufacturing footprint, strengthening its ability to serve customers in the European industrial segment," Tenaris stated.
Tenaris Appoints Gabriel Podskubka as CEO
Tenaris announced that its Board of Directors appointed Gabriel Podskubka as Chief Executive Officer. Paolo Rocca will continue to serve as Chairman of the Board.
Tenaris Terminates $600M Second Tranche of Share Buyback Program
Tenaris announced that it has decided to terminate, effective on March 3, 2026, the second tranche of its Share Buyback Program announced on May 27, 2025. As previously disclosed, Tenaris had entered into a non-discretionary buyback agreement with a primary financial institution for the execution of this $600M second tranche of the Program. This tranche began on November 3, 2025, and was scheduled to end no later than April 30, 2026. Since the commencement of this tranche, Tenaris has repurchased 29,295,219 ordinary shares at an aggregate cost of approximately $583.6M, thereby substantially completing its targeted repurchases. Tenaris has concluded that, in a context of high-volatity in the market, allowing this tranche of the Program to continue as initially scheduled may, by application of the customary mechanics in the existing buyback agreement, result in a significant incremental pay-out to its counterparty. Accordingly, following the expiration of the blackout period corresponding to its annual earnings release on February 20, 2026, Tenaris has exercised its right to terminate its existing buyback agreement on the first date it was allowed to do so under the terms of the agreement. The Tenaris board of directors will consider when to pursue additional buyback programs in the future.
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