<p>Global seamless pipe leader Tenaris SA has reported 100% & 400% YoY increase in sales & net income in Januay-March 2022 quarter</p><p>Net sales - USD 2,367 million, up 100% YoY</p><p>Operating income – USD 484 million, up 839% YoY</p><p>Net income - USD 503 million, up 400% YoY</p><p>EBITDA - USD 627 million, up 220% YoY</p><p>EBITDA margin - 26.50%</p><p>Sales in the first quarter increased a further 15% sequentially, driven by higher prices for OCTG in the Americas and higher shipments of line pipe in Europe and South America. EBITDA rose 30% sequentially with the margin exceeding 26%, as higher prices more than compensated increases in energy and raw material costs. Tenaris decided to discontinue our industrial equipment’s business in Brazil which recorded an EBITDA loss of USD 14 million, including severance provisions, during the quarter, and we fully impaired the value of our 49% share in the joint venture with Severstal in Russia, recording a charge of USD 15 million.</p><p>Tenaris said “The Russian invasion of Ukraine and the sanctions that have been imposed on Russian individuals, companies and institutions has changed the outlook for energy worldwide. Oil and gas prices are higher than they were before the invasion as alternative sources to Russian exports of oil and gas are sought in Europe and other markets. In addition, current oil and gas production levels are not keeping pace with global demand and inventories are at low levels. Inflationary pressures and high commodity prices intensified by the Russian invasion are inducing a monetary response by central banks and a slowdown in global growth as well as increased uncertainty, which is further heightened by the ongoing COVID outbreak and governmental response in China. Drilling activity is increasing around the world led by North America and the Middle East. Offshore drilling activity is also increasing, led by Latin America. Pipeline project activity is also increasing in the Middle East, South America and the Mediterranean and Black Seas.”</p><p>Tenaris added “The outlook for steelmaking raw materials has also changed. Russia and Ukraine have both been major suppliers of pig iron, ferroalloys and semi-finished steel to European and American markets and the costs of these materials have risen sharply since the invasion”</p><p>Tenaris said “OCTG prices are also increasing on higher consumption while inventories have declined to low levels in key regions such as North America and the Middle East. In the second quarter, we anticipate further growth in sales, with higher volumes in the Middle East and South America, and stable margins with higher prices compensating the increase in costs. In the second half, we anticipate further growth in sales, and margins should remain around the same level as the first half.”</p>
<p>Global seamless pipe leader Tenaris SA has reported 100% & 400% YoY increase in sales & net income in Januay-March 2022 quarter</p><p>Net sales - USD 2,367 million, up 100% YoY</p><p>Operating income – USD 484 million, up 839% YoY</p><p>Net income - USD 503 million, up 400% YoY</p><p>EBITDA - USD 627 million, up 220% YoY</p><p>EBITDA margin - 26.50%</p><p>Sales in the first quarter increased a further 15% sequentially, driven by higher prices for OCTG in the Americas and higher shipments of line pipe in Europe and South America. EBITDA rose 30% sequentially with the margin exceeding 26%, as higher prices more than compensated increases in energy and raw material costs. Tenaris decided to discontinue our industrial equipment’s business in Brazil which recorded an EBITDA loss of USD 14 million, including severance provisions, during the quarter, and we fully impaired the value of our 49% share in the joint venture with Severstal in Russia, recording a charge of USD 15 million.</p><p>Tenaris said “The Russian invasion of Ukraine and the sanctions that have been imposed on Russian individuals, companies and institutions has changed the outlook for energy worldwide. Oil and gas prices are higher than they were before the invasion as alternative sources to Russian exports of oil and gas are sought in Europe and other markets. In addition, current oil and gas production levels are not keeping pace with global demand and inventories are at low levels. Inflationary pressures and high commodity prices intensified by the Russian invasion are inducing a monetary response by central banks and a slowdown in global growth as well as increased uncertainty, which is further heightened by the ongoing COVID outbreak and governmental response in China. Drilling activity is increasing around the world led by North America and the Middle East. Offshore drilling activity is also increasing, led by Latin America. Pipeline project activity is also increasing in the Middle East, South America and the Mediterranean and Black Seas.”</p><p>Tenaris added “The outlook for steelmaking raw materials has also changed. Russia and Ukraine have both been major suppliers of pig iron, ferroalloys and semi-finished steel to European and American markets and the costs of these materials have risen sharply since the invasion”</p><p>Tenaris said “OCTG prices are also increasing on higher consumption while inventories have declined to low levels in key regions such as North America and the Middle East. In the second quarter, we anticipate further growth in sales, with higher volumes in the Middle East and South America, and stable margins with higher prices compensating the increase in costs. In the second half, we anticipate further growth in sales, and margins should remain around the same level as the first half.”</p>
