FORM 6 - K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
As of August 6, 2007
TENARIS, S.A.
(Translation of Registrant's name into English)
TENARIS, S.A.
46a, Avenue John F. Kennedy
L-1855 Luxembourg
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or 40-F.
Form 20-F x Form 40-F
----- -----
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12G3-2(b) under the Securities Exchange Act of 1934.
Yes No x
----- -----
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- . -
The attached material is being furnished to the Securities and Exchange
Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange
Act of 1934, as amended. This report contains Tenaris's press release announcing
its 2007 Second Quarter Results.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 6, 2007
Tenaris, S.A.
By: /s/ Cecilia Bilesio
-----------------------
Cecilia Bilesio
Corporate Secretary
Tenaris Announces 2007 Second Quarter Results
The financial and operational information contained in this press
release is based on unaudited consolidated condensed interim financial
statements prepared in accordance with International Financial
Reporting Standards (IFRS) and presented in U.S. dollars.
LUXEMBOURG--(BUSINESS WIRE)--Aug. 3, 2007--Tenaris S.A.
(NYSE:TS)(BI:TEN)(BMV:TS)(BCBA:TS) ("Tenaris") today announced its
results for the quarter and semester ended June 30, 2007 with
comparison to its results for the quarter and semester ended June 30,
2006.
Summary of 2007 Second Quarter Results
(Comparison with first quarter of 2007 and second quarter of 2006)
-------- ------------ -------------
Q2 2007 Q1 2007 Q2 2006
-------- ------------ -------------
Net sales (US$ million) 2,604.2 2,425.3 7% 1,841.3 41%
Operating income (US$
million) 780.4 757.6 3% 690.1 13%
Net income (US$ million) 534.5 509.4 5% 495.8 8%
Shareholders' net income
(US$ million) 496.0 480.3 3% 471.8 5%
Earnings per ADS (US$) 0.84 0.81 3% 0.80 5%
Earnings per share (US$) 0.42 0.41 3% 0.40 5%
EBITDA (US$ million) 910.7 858.1 6% 745.2 22%
EBITDA margin (% of net
sales) 35% 35% 40%
Our results in the second quarter continue to reflect a solid
operating performance. Net sales were up 41%, operating income up 13%
and earnings per share up 5% year on year, as a positive operating
environment in the rest of the world offset a sharp decline in
drilling activity in Canada. We continue to make progress in
integrating our North American operations and positioning our
commercial offer with its full range of products. Free cash flow (net
cash provided by operations less capital expenditures) totaled
US$101.9 million, and net financial debt (total financial debt less
cash and other current investments) increased to US$3,761.7 million at
June 30, 2007 following the Hydril acquisition and payment of an
annual dividend.
Appointment of Chief Financial Officer
Carlos Condorelli, who was recently elected to serve as a member
of our Board of Directors, will retire from his position as our Chief
Financial Officer as of September 30, 2007. He will continue to serve
as an advisor to Paolo Rocca, our Chairman and CEO. Ricardo Soler, who
served as Executive Vice-President of Confab, our Brazilian welded
pipe subsidiary, until November 2006 and is currently serving as CEO
of our recently acquired Hydril subsidiary, will be our new CFO. As
our CFO since inception as a publicly listed company in 2002, Carlos
Condorelli has played a key role in the growth of Tenaris overseeing
the exchange offer through which Tenaris was consolidated into a
single, global enterprise as well as the subsequent expansion of the
Company into Eastern Europe and North America.
Consolidation of Hydril
These second quarter results include the consolidation of Hydril's
results of operations and financial condition beginning in May.
Hydril's premium connection business has been included in our Tubes
segment and a new segment has been created for Hydril's pressure
control business.
Market Background and Outlook
After fluctuating in the first quarter, oil prices have resumed
the upwards trend shown in the past three years as global demand
projections have been revised upwards. On the other hand, North
American gas prices, which had shown signs of recovery in the first
half of 2007 have been falling again as the level of gas in storage
has risen to the higher end of the seasonal range. The international
count of active drilling rigs, as published by Baker Hughes, continued
to rise and averaged 1002 during the second quarter, an increase of 2%
over the previous quarter and one of 10% compared to the same quarter
of the previous year. In North America, however, where drilling
activity is more sensitive to regional gas prices, the Canadian rig
count, in addition to showing its customary seasonal weakness,
registered a 51% decline in the second quarter of 2007 compared to the
same quarter of 2006. The U.S. rig count remained stable showing a 1%
increase during the second quarter of 2007 compared to the first
quarter of 2007 and was up 8% compared to the second quarter of 2006.
The decline in the Canadian rig count was to a level last seen in
2002 and was concentrated in Western Canadian gas drilling. With North
American gas prices continuing to fall, any recovery in Canadian
drilling activity in the second half of the year is likely to be
limited. Demand in the rest of the world, however, remains firm as oil
and gas operators continue to increase investments in exploration and
production activity.
The costs of our steelmaking raw materials and energy have risen
in the year to date and these cost increases will be more fully
reflected in our results for the second half. However, continuing
improvements in our product mix should offset the impact of higher
costs and the normal seasonal decline in seamless pipe sales volumes
in the third quarter on our operating margins in the second half.
Sales of our pipes for pipeline projects in South America picked
up at the end of the first quarter as we commenced deliveries to the
GASCAC phase of the GASENE project in Brazil. Sales are expected to
remain strong during the rest of the year as we complete deliveries to
this and other projects in Brazil.
Analysis of 2007 Second Quarter Results
-------------------------- --------- ------- -------------------
Sales volume (metric tons) Q2 2007 Q2 2006 Increase/(Decrease)
-------------------------- --------- ------- -------------------
Tubes - Seamless 750,000 765,000 (2%)
Tubes - Welded 215,000 13,000
Tubes - Total 965,000 778,000 24%
Projects - Welded 115,000 69,000 67%
Total 1,080,000 847,000 28%
------------------------------ ------- ------- -------------------
Tubes Q2 2007 Q2 2006 Increase/(Decrease)
------------------------------ ------- ------- -------------------
(Net sales - US$ million)
North America 693.8 404.4 72%
South America 326.5 238.4 37%
Europe 421.6 339.1 24%
Middle East & Africa 547.3 494.0 11%
Far East & Oceania 203.2 175.5 16%
Total net sales (US$ million) 2,192.3 1,651.4 33%
Cost of sales (% of sales) 50% 46%
Operating income (US$ million) 719.5 676.8 6%
Operating income (% of sales) 33% 41%
Net sales of tubular products and services rose 33% to US$2,192.3
million in the second quarter of 2007, compared to US$1,651.4 million
in the second quarter of 2006, due primarily to the incorporation of
sales from the former Maverick and Hydril operations. On a like for
like basis, average selling prices rose largely due to product mix
improvements. In North America, sales were affected by a sharp decline
in drilling activity in Canada, but sales of OCTG products rose in
Mexico reflecting a moderate increase in oil and gas drilling
activity. In South America, sales benefited from a recovery in demand
in Venezuela. In the Middle East and Africa, sales of premium
connection and other specialized products increased but demand for API
products was lower in some markets following a build up of stocks in
2006. In Europe, sales increased primarily due to an increase in
average selling prices.
------------------------------ ------- ------- -------------------
Projects Q2 2007 Q2 2006 Increase/(Decrease)
------------------------------ ------- ------- -------------------
Net sales (US$ million) 200.8 104.8 92%
Cost of sales (% of sales) 72% 73%
Operating income (US$ million) 38.3 11.0 248%
Operating income (% of sales) 19% 11%
Net sales of pipes for pipeline projects increased 92% to US$200.8
million in the second quarter of 2007, compared to US$104.8 million in
the second quarter of 2006, reflecting higher sales in Brazil where
deliveries for the GASCAC phase of the GASENE project which commenced
at the end of the first quarter continued during the period.
----------------------------------- --------------------------
Pressure Control Q2 2007
----------------------------------- --------------------------
Net sales (US$ million) 49.2
Cost of sales (% of sales) 61%
Operating income (US$ million) 9.2
Operating income (% of sales) 19%
Net sales of pressure control products amounted to US$49.2 million
in the two months since we acquired this business from Hydril. The
business has a good backlog of orders and sales are expected to remain
strong into 2009.
------------------------------ ------- ------- -------------------
Others Q2 2007 Q2 2006 Increase/(Decrease)
------------------------------ ------- ------- -------------------
Net sales (US$ million) 161.8 85.2 90%
Cost of sales (% of sales) 79% 74%
Operating income (US$ million) 13.4 2.3 484%
Operating income (% of sales) 8% 3%
Net sales of other products and services rose 90% to US$161.8
million in the second quarter of 2007, compared to US$85.2 million in
the second quarter of 2006, reflecting the inclusion of sales of
conduit pipes.
Selling, general and administrative expenses, or SG&A, increased
as a percentage of net sales to 15.7% in the quarter ended June 30,
2007 compared to 13.4% in the corresponding quarter of 2006 due
primarily to an increase in amortization expenses following the
incorporation of Maverick and Hydril. Amortization of customer
relationships and other intangibles acquired with Maverick and Hydril
amounted to US$58 million in the quarter, of which US$19 million
corresponded to Hydril.
Other income and expenses included an expense of US$10.3 million
relating to the settlement of outstanding redemptions on Maverick's
2005 notes.
Net interest expenses rose to US$47.8 million in the second
quarter of 2007 compared to US$1.2 million in the same period of 2006
reflecting an increased net debt position following the Maverick and
Hydril acquisitions.
Other financial results recorded a gain of US$15.1 million during
the second quarter of 2007, compared to a gain of US$5.4 million
during the second quarter of 2006. These results largely reflect gains
and losses on net foreign exchange transactions and the fair value of
derivative instruments and are to a large extent offset by changes to
our net equity position. They arise due to the fact that most of our
subsidiaries prepare their financial statements in currencies other
than the US dollar in accordance with IFRS.
Equity in earnings of associated companies generated a gain of
US$29.4 million in the second quarter of 2007, compared to a gain of
US$25.6 million in the second quarter of 2006. These gains were
derived mainly from our equity investment in Ternium.
Income tax charges totaled US$242.7 million in the second quarter
of 2007, equivalent to 32% of income before equity in earnings of
associated companies and income tax, compared to US$225.7 million in
the second quarter of 2006, equivalent to 33% of income before equity
in earnings of associated companies and income tax.
Income attributable to minority interest rose to US$38.5 million
in the second quarter of 2007, compared to US$24.0 million in the
corresponding quarter of 2006 reflecting higher operating and
financial results at our Confab and NKKTubes subsidiaries.
Cash Flow and Liquidity
Net cash provided by operations during the second quarter of 2007
was US$211.1 million (US$899.4 million in the first half), compared to
US$170.0 million in the second quarter of 2006 (US$714.1 million in
the first half). Cash flow in the second quarter is affected by the
concentration of income tax payments made in this quarter. Working
capital increased by US$34.8 million during the second quarter
principally in our Projects segment.
Capital expenditures amounted to US$109.2 million in the second
quarter of 2007 ($229.1 million in the first half), compared to
US$99.6 million in the second quarter of 2006 (US$169.1 million in the
first half). These expenditures reflect the progress of implementation
of our two-year investment program to increase capacity for
specialized products. During this second quarter of 2007 we completed
construction of new heat treatment plants in Mexico and Argentina.
During the first half of 2007, total financial debt increased by
US$1,171.0 million to US$4,822.3 million at June 30, 2007 from
US$3,651.2 million at December 31, 2006. Net financial debt during the
first half of 2007 increased by US$1,666.4 million to US$3,761.7
million at June 30, 2007 following the acquisition of Hydril for a
total consideration of $2.0 billion and the payment of $354 million as
an annual dividend in June 2007.
Analysis of 2007 First Half Results
Net income attributable to equity holders in the company during
the first semester of 2007 was US$976.3 million, or US$0.83 per share
(US$1.65 per ADS), which compares with net income attributable to
equity holders in the company during the first semester of 2006 of
US$891.5 million, or US$0.76 per share (US$1.51 per ADS). Operating
income was US$1,538.0 million, or 31% of net sales, compared to
US$1,287.2 million, or 37% of net sales. Operating income plus
depreciation and amortization was US$1,768.8 million, or 35% of net
sales, compared to US$1,397.0 million, or 40% of net sales.
-------------------------- --------- --------- -------------------
Sales volume (metric tons) H1 2007 H1 2006 Increase/(Decrease)
-------------------------- --------- --------- -------------------
Tubes - Seamless 1,497,000 1,480,000 1%
Tubes - Welded 466,000 20,000
Tubes - Total 1,963,000 1,500,000 31%
Projects - Welded 190,000 127,000 50%
Total 2,153,000 1,627,000 32%
------------------------------- ------- ------- -------------------
Tubes H1 2007 H1 2006 Increase/(Decrease)
------------------------------- ------- ------- -------------------
(Net sales - US$ million)
North America 1,421.6 853.9 66%
South America 587.1 457.2 28%
Europe 840.3 635.2 32%
Middle East & Africa 1,127.2 804.9 40%
Far East & Oceania 360.9 348.2 4%
Total net sales (US$ million) 4,337.1 3,099.4 40%
Cost of sales (% of sales) 50% 47%
Operating income (US$ million) 1,441.5 1,249.0 15%
Operating income (% of sales) 33% 40%
Net sales of tubular products and services rose 40% to US$4,337.1
million in the first half of 2007, compared to US$3,099.4 million in
the first half of 2006, due primarily to the incorporation of sales
from the former Maverick and Hydril operations. On a like for like
basis, average selling prices increased due largely to product mix
improvements and volumes registered a marginal increase.
------------------------------- ------- ------- -------------------
Projects H1 2007 H1 2006 Increase/(Decrease)
------------------------------- ------- ------- -------------------
Net sales (US$ million) 325.3 201.0 62%
Cost of sales (% of sales) 70% 70%
Operating income (US$ million) 64.6 27.3 137%
Operating income (% of sales) 20% 14%
Net sales of pipes for pipeline projects increased 62% to US$325.3
million in the first half of 2007, compared to US$201.0 million in the
first half of 2006, reflecting higher sales in Brazil where deliveries
for the GASCAC phase of the GASENE project began during the period.
------------------------------ -------------
Pressure Control H1 2007
------------------------------ -------------
Net sales (US$ million) 49.2
Cost of sales (% of sales) 61%
Operating income (US$ million) 9.2
Operating income (% of sales) 19%
------------------------------- ------- ------- -------------------
Others H1 2007 H1 2006 Increase/(Decrease)
------------------------------- ------- ------- -------------------
Net sales (US$ million) 318.0 162.8 95%
Cost of sales (% of sales) 80% 75%
Operating income (US$ million) 22.6 10.9 109%
Operating income (% of sales) 7% 7%
Net sales of other products and services rose 95% to US$318.0
million in the first half of 2007, compared to US$162.8 million in the
first half of 2006, reflecting the inclusion of sales of conduit
pipes.
Selling, general and administrative expenses, or SG&A, increased
as a percentage of net sales to 15.6% in the semester ended June 30,
2007 compared to 13.4% in the corresponding semester of 2006 due
primarily to an increase in amortization expenses following the
incorporation of Maverick and Hydril. Amortization of customer
relationships and other intangibles acquired with Maverick and Hydril
amounted to US$95 million in the semester, of which US$19 million
corresponded to Hydril.
Net interest expenses rose to US$83.3 million in the first half of
2007 compared to US$0.5 million in the same period of 2006 reflecting
an increased net debt position following the Maverick and Hydril
acquisitions.
Other financial results recorded a gain of US$2.1 million during
the first half of 2007, compared to a gain of US$15.1 million during
the first half of 2006. These results largely reflect gains and losses
on net foreign exchange transactions and the fair value of derivative
instruments and are to a large extent offset by changes to our net
equity position. They arise due to the fact that most of our
subsidiaries prepare their financial statements in currencies other
than the US dollar in accordance with IFRS.
Equity in earnings of associated companies generated a gain of
US$55.3 million in the first half of 2007, compared to a gain of
US$47.1 million in the first half of 2006. These gains were derived
mainly from our equity investment in Ternium.
Income tax charges totaled US$468.2 million in the first half of
2007, equivalent to 32% of income before equity in earnings of
associated companies and income tax, compared to US$415.8 million in
the first half of 2006, equivalent to 32% of income before equity in
earnings of associated companies and income tax.
Income attributable to minority interest rose to US$67.6 million
in the first half of 2007, compared to US$46.0 million in the
corresponding semester of 2006 reflecting higher operating and
financial results at our Confab and NKKTubes subsidiaries.
Some of the statements contained in this press release are
"forward-looking statements." Forward-looking statements are based on
management's current views and assumptions and involve known and
unknown risks that could cause actual results, performance or events
to differ materially from those expressed or implied by those
statements. These risks include but are not limited to risks arising
from uncertainties as to future oil and gas prices and their impact on
investment programs by oil and gas companies.
Consolidated Interim Income Statement
--------------------- -----------------------
(all amounts in
thousands of U.S.
dollars, unless Three-month period Six-month period ended
otherwise stated) ended June 30, June 30,
--------------------- -----------------------
2007 2006 2007 2006
----------- --------- ----------- -----------
Continuing operations (Unaudited) (Unaudited)
Net sales 2,604,206 1,841,346 5,029,505 3,463,237
Cost of sales (1,404,558) (903,261) (2,696,056) (1,719,588)
----------- --------- ----------- -----------
Gross profit 1,199,648 938,085 2,333,449 1,743,649
Selling, general and
administrative expenses (408,511) (246,142) (782,778) (462,782)
Other operating income
(expense), net (10,723) (1,880) (12,660) 6,305
----------- --------- ----------- -----------
Operating income 780,414 690,063 1,538,011 1,287,172
Interest income 20,208 13,221 42,399 25,616
Interest expense (67,996) (14,437) (125,723) (26,076)
Other financial results 15,121 5,386 2,078 15,083
----------- --------- ----------- -----------
Income before equity in
earnings of associated
companies and income
tax 747,747 694,233 1,456,765 1,301,795
Equity in earnings of
associated companies 29,398 25,551 55,305 47,072
----------- --------- ----------- -----------
Income before income tax 777,145 719,784 1,512,070 1,348,867
Income tax (242,659) (225,739) (468,190) (415,765)
----------- --------- ----------- -----------
Income for continuing
operations 534,486 494,045 1,043,880 933,102
Discontinued operations
Income for discontinued
operations - 1,719 - 4,352
----------- --------- ----------- -----------
Income for the period 534,486 495,764 1,043,880 937,454
----------- --------- ----------- -----------
Attributable to:
Equity holders of the
Company 495,950 471,771 976,254 891,459
Minority interest 38,536 23,993 67,626 45,995
----------- --------- ----------- -----------
534,486 495,764 1,043,880 937,454
----------- --------- ----------- -----------
Consolidated Interim Balance
Sheet
-------------------- --------------------
(all amounts in thousands of
U.S. dollars) At June 30, 2007 At December 31, 2006
-------------------- --------------------
(Unaudited)
ASSETS
Non-current assets
Property, plant and
equipment, net 3,228,277 2,939,241
Intangible assets, net 4,925,668 2,844,498
Investments in associated
companies 478,663 422,958
Other investments 40,829 26,834
Deferred tax assets 337,460 291,641
Receivables 43,879 9,054,776 41,238 6,566,410
--------- ---------
Current assets
Inventories 2,640,572 2,372,308
Receivables and
prepayments 258,930 272,632
Current tax assets 200,650 202,718
Trade receivables 1,818,443 1,625,241
Other investments 169,411 183,604
Cash and cash equivalents 891,159 5,979,165 1,372,329 6,028,832
--------- ---------- --------- ----------
Total assets 15,033,941 12,595,242
EQUITY
Capital and reserves
attributable to the
Company's equity holders
Share capital 1,180,537 1,180,537
Legal reserves 118,054 118,054
Share premium 609,733 609,733
Currency translation
adjustments 141,928 3,954
Other reserves 27,931 28,757
Retained earnings 4,019,677 6,097,860 3,397,584 5,338,619
--------- ---------- --------- ----------
Minority interest 427,557 363,011
---------- ----------
Total equity 6,525,417 5,701,630
---------- ----------
LIABILITIES
Non-current liabilities
Borrowings 3,955,243 2,857,046
Deferred tax liabilities 1,358,852 991,945
Other liabilities 218,543 186,724
Provisions 92,899 92,027
Trade payables 343 5,625,880 366 4,128,108
--------- ---------
Current liabilities
Borrowings 867,049 794,197
Current tax liabilities 397,853 565,985
Other liabilities 261,535 187,701
Provisions 24,453 26,645
Customer advances 488,649 352,717
Trade payables 843,105 2,882,644 838,259 2,765,504
Total liabilities 8,508,524 6,893,612
Total equity and liabilities 15,033,941 12,595,242
Consolidated Interim Cash Flow Statement
---------------------- ---------------------
Three-month period Six-month period
ended June 30, ended June 30,
---------------------- ---------------------
(all amounts in
thousands of U.S.
dollars) 2007 2006 2007 2006
----------- --------- ----------- ---------
(Unaudited) (Unaudited)
Cash flows from
operating activities
Income for the period 534,486 495,764 1,043,880 937,454
Adjustments for:
Depreciation and
amortization 130,284 55,115 230,771 109,790
Income tax accruals less
payments (375,170) (173,618) (249,793) (90,160)
Equity in earnings of
associated companies (29,398) (25,551) (55,305) (47,072)
Interest accruals less
payments, net (40,564) (6,756) 4,865 (1,464)
Income from disposal of
investment - - - (6,933)
Changes in provisions 3,750 4,800 (3,480) 5,531
Changes in working
capital (34,846) (195,284) (125,365) (219,541)
Other, including
currency translation
adjustment 22,560 15,525 53,803 26,472
----------- --------- ----------- ---------
Net cash provided by
operating activities 211,102 169,995 899,376 714,077
----------- --------- ----------- ---------
Cash flows from
investing activities
Capital expenditures (109,237) (99,572) (229,149) (169,101)
Acquisitions of
subsidiaries and
minority interest (1,925,432) (9,301) (1,927,182) (39,110)
Other disbursements
relating to the
acquisition of Hydril (71,580) - (71,580) -
Decrease in subsidiaries - - (1,195) -
Proceeds from disposal
of property, plant and
equipment and
intangible assets 1,903 1,568 4,596 3,388
Dividends received 11,496 - 11,496 -
Changes in restricted
bank deposits - (21) - 627
Investments in short
terms securities 19,277 1,120 14,193 (176,530)
----------- --------- ----------- ---------
Net cash used in
investing activities (2,073,573) (106,206) (2,198,821) (380,726)
----------- --------- ----------- ---------
Cash flows from
financing activities
Dividends paid (354,161) (204,233) (354,161) (204,233)
Dividends paid to
minority interest in
subsidiaries (36,563) (8,420) (39,922) (16,001)
Proceeds from borrowings 2,159,852 133,478 2,208,026 234,563
Repayments of borrowings (657,814) (115,558) (1,018,713) (270,159)
----------- --------- ----------- ---------
Net cash provided by
(used in) financing
activities 1,111,314 (194,733) 795,230 (255,830)
----------- --------- ----------- ---------
(Decrease) Increase in
cash and cash
equivalents (751,157) (130,944) (504,215) 77,521
Movement in cash and
cash equivalents
At beginning of the
period 1,614,686 887,222 1,365,008 680,591
Effect of exchange rate
changes 19,513 (4,019) 22,249 (5,853)
(Decrease) Increase in
cash and cash
equivalents (751,157) (130,944) (504,215) 77,521
At June 30, 883,042 752,259 883,042 752,259
----------- --------- ----------- ---------
At June 30, At June 30,
---------------------- ---------------------
Cash and cash
equivalents 2007 2006 2007 2006
Cash and bank deposits 891,159 776,146 891,159 776,146
Bank overdrafts (8,096) (22,466) (8,096) (22,466)
Restricted bank deposits (21) (1,421) (21) (1,421)
883,042 752,259 883,042 752,259
Non-cash financing
activity 2007 2006 2007 2006
Conversion of debt to
equity in subsidiaries 35,140 - 35,140 -
CONTACT: Tenaris
Nigel Worsnop, 1-888-300-5432
www.tenaris.com