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Dow Jones News
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PAO Severstal: Tenaris and Severstal to form JV to build a welded pipe plant

Dow Jones received a payment from EQS/DGAP to publish this press release.

PAO Severstal (SVST) 
Tenaris and Severstal to form JV to build a welded pipe plant 
 
05-Feb-2019 / 13:30 MSK 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
  Tenaris and Severstal to form joint venture to build a welded pipe plant 
 
                              in West Siberia 
 
This announcement contains inside information 
 
   Moscow, February 5, 2019 -Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS 
and MTA Italy: TEN) and PAO Severstal (MICEX-RTS: CHMF; LSE: SVST) announced 
 today that they will create a joint venture to build a welded pipe plant to 
 produce OCTG products in the Surgut area, West Siberia, Russian Federation. 
       Severstal will have a 51% interest in the joint venture company, with 
Tenaris owning the remaining 49%. The commencement of the project is subject 
                     to regulatory approvals and other customary conditions. 
 
The plant, which is estimated to require an investment of USD240 million and 
     a two year construction period, is planned to have an annual production 
 capacity of 300,000 tons. Through this joint venture, Tenaris and Severstal 
 aim to serve the growing market for welded OCTG pipe products in Russia and 
            neighbouring countries, combining Tenaris's knowhow in OCTG pipe 
manufacturing and sales with Severstal's expertise in producing high quality 
                                                             steel products. 
 
          Alexey Mordashov, Chairman of the Board of Directors of Severstal, 
commented: "Our strategic goal is to make Severstal the leader in the future 
  steel industry. And the future belongs to those companies that can provide 
     their clients with unique solutions based on excellent understanding of 
their needs. To offer the oil and gas market best-in-class OCTG products and 
   a range of customized and innovative services we are happy to join forces 
 with a global leader in the manufacturing and supply of high-quality welded 
 and seamless steel pipes. The production will be located in close proximity 
to the main oil and gas companies which will ensure cost efficiency both for 
                                          us and our customers' operations". 
 
  Paolo Rocca, Chairman and CEO of Tenaris, commented: " We are very pleased 
  to form this partnership today with Severstal. By combining our respective 
   strengths and our commitment to industrial excellence, we believe that we 
 can support the Russian and CIS oil and gas industry with a world-class and 
very competitive alternative for high quality OCTG products and services. As 
   in all our operations around the world, we seek to deliver solutions that 
        help to make customer operations more efficient and cost-effective". 
 
Severstal is a leading Russian steel producer of high value-added flat, long 
  and tubular steel products for the construction, automotive, machinery and 
                                                          energy industries. 
 
Tenaris is a leading global supplier of steel tubes and related services for 
      the world's energy industry and certain other industrial applications. 
 
 Some of the statements contained in this press release are "forward-looking 
   statements". Forward-looking statements are based on management's current 
  views and assumptions and involve known and unknown risks that could cause 
       actual results, performance or events to differ materially from those 
                                   expressed or implied by those statements. 
 
                                    *** 
 
 P?? Severstal is one of the world's leading vertically-integrated steel and 
   steel related mining companies, with assets in Russia, Latvia and Poland. 
   Severstal is listed on RTS and MICEX and the company's GDRs are traded on 
  the LSE. Severstal reported revenue of $8,580 million and EBITDA of $3,142 
    million in 2018. Severstal's crude steel production in 2018 reached 12.0 
                                       million tonnes. www.severstal.com [1] 
 
  Tenaris manufactures and supplies welded and seamless steel pipe products, 
  and provides related services and accessories for the oil and gas, energy, 
 and mechanical industries. Using its worldwide manufacturing facilities and 
      service centers, Tenaris offers all stages of supply chain management: 
manufacturing, procurement, distribution, and customer service in all active 
     regions of the world. In addition to the US facilities, the company has 
     manufacturing facilities in Argentina, Brazil, Canada, Colombia, Italy, 
 Japan, Mexico and Romania. With a worldwide capacity of 3.7 million tons of 
      seamless and 2.6 million tons of welded pipes, Tenaris commands nearly 
  one-third of the global OCTG seamless products market. www.tenaris.com [2] 
 
ISIN:          US8181503025 
Category Code: UPD 
TIDM:          SVST 
LEI Code:      213800OKDPTV6K4ONO53 
Sequence No.:  7368 
EQS News ID:   772529 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=4b15f91445f21bf7bba524c68c1bddc7&application_id=772529&site_id=vwd&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=2568a8a6d0b4e68a37e074f5b942f292&application_id=772529&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

February 05, 2019 05:30 ET (10:30 GMT)

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