Tenaris posts dip in quarterly net sales

Tenaris, an Italian steel pipe manufacturer, announced on Wednesday a 15% drop in its first-quarter sales to $2.92 Billion.

The company reported that the sales were boosted by higher seasonal volumes in Canada, and increased onshore sales in United States. However, their average selling prices declined.

The Luxembourg-based firm reported a 29% drop in earnings before interest taxes, depreciation, and amortization (EBITDA), to $696 millions, for the first quarter of 2025.

The company said that the reference prices of U.S. Oil Country Tubular Goods have increased since tariffs by Trump's administration were extended to steel products imported, offsetting a large part of the tariffs impact.

Tenaris expects to see a slight increase in sales for the second quarter due to a recovery in the average selling price. The EBITDA margin will be similar to the first quarter.

Tenaris warned in February that an increase in tariffs by the U.S. for steel and aluminum could create "high levels of uncertainty" in costs and prices during the second half of this year.

The U.S. tariffs imposed on imports of steel and aluminum are likely to increase costs for oilfield services companies that support North America's massive energy industry. These metals are essential to their operations.

(Reporting by Enrico Sciacovelli and Gnaneshwar Rajan; Editing by Shailesh Kuber) President Donald Trump shocked markets when he announced tariffs of 25 percent on all steel imported into the U.S. This left industries that depend on these supplies scrambling for ways to offset upcoming increases in cost. Reporting by Enrico Sciacovelli, Gnaneshwarrajan and Shailesh Kumar.

(source: Reuters)