Tenaris acquires Benteler for USD 460M

Tenaris agreed to acquire Louisiana-based Benteler Steel & Tube Manufacturing Corp. for USD 460M, a deal that will further expand its production range and manufacturing presence in the U.S. market. Benteler produces seamless steel pipe, with an annual pipe rolling capacity of up to 400K metric tons. Jefferies analysts upgraded Tenaris (TS) shares to Buy recently, saying they prefer Oil Country Tubular Goods exposure in the steel sector and raising OCTG steel price forecasts, while cutting stainless and carbon prices. The stock jumped 8.8% in recent trading, rising with other steel producers in a broad rally among names related to metals and natural resources.

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