Tenaris says Benteler N.America halts sale of steel pipe business
Steel pipes. (Reference image from Hippopx.)
Tenaris SA said on Sunday that Benteler North America Corp has called off a previously announced agreement to sell 100% of its shares in its steel pipe business to the Luxembourg-based company.
Tenaris, which produces pipes for oil and gas exploration, announced last year that it would acquire US- based Steel & Tube Manufacturing Corp for $460 million as it seeks to expand its manufacturing capabilities in the United States.
The company said it would acquire 100% of Benteler Steel on a cash-free, debt-free basis, which includes $52 million in working capital.
The deal had been expected to close in the fourth quarter of 2022.
(By Lavanya Ahire; Editing by Jason Neely)
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