Tenaris recently announced the completion of its acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipe from PAO TMK.
Tenaris will acquire IPSCO’s steel shop in Koppel, Penn., the company’s first in the United States, and its mill in Ambridge, Penn., which complements Tenaris’s seamless manufacturing facility in Bay City, Texas.
Tenaris’s existing U.S. industrial and service network is located primarily in the south, while ISPCO’s facilities are mainly located in the midwestern and northeastern regions of the country.
“The IPSCO acquisition marks a new chapter in our U.S. expansion and represents another milestone in Tenaris’s history,” Paolo Rocca, chairman and CEO of Tenaris, said. “Together, we are uniquely positioned to serve the U.S. oil and gas industry, with an extensive geographic deployment throughout North America and an unmatched product range.”
In connection with the transaction, the parties entered into a six-year master distribution agreement under which Tenaris will be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada, starting on Jan. 2, 2020.