Tenaris SA, a leading global supplier of steel pipes and related services to global energy and several other industrial applications, announced the successful renegotiation of the terms of its joint venture agreement with JFE Steel Corporation to manage and operate NKKTUBES.
NKKTUBES is a leading Japanese seamless steel pipe manufacturer that produces a wide range of carbon, alloy and stainless steel pipes for the domestic and export markets. Tenaris owns 51 percent of NKKTUBES while JFE Steel Corporation owns the remaining 49 percent.
The joint venture agreement, which expires on July 31, 2015, will now run through July 31, 2030. JFE Steel Corporation will continue to supply steel billets and other required products and services to NKKTUBES under existing contracts.
Tenaris achieved better market positions in the US and Canada in Q1, but reduced sales in the Middle East, reaching the exceptional level of sales it had in Q4 2013. EBITDA and operating profit also remained strong, reflecting operational efficiency and a good mix of products.
During the quarter, cash from operating activities reached $ 612 million and at the end of the quarter received a net cash position (cash, other current investments and borrowings) of $ 1.3 billion.
Tenaris Extends Joint Venture Agreement to 2030
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Azovpromstal® 25 May 2014 г. 12:37 |
