We use them to give you the best experience. If you continue using our website, we’ll assume that you are happy to receive all cookies on this website. Steel pipes manufacturer and supplier Tenaris has acquired 100% of the shares of the US-based steel pipe manufacturer IPSCO Tubulars from PAO TMK. Finalised at $1.1bn, the transaction price is based on a cash-free and debt-free basis. It also includes $220m of working capital. The deal adds IPSCO’s steel shop in Koppel, Pennsylvania, to Tenaris’ network. The facility is the first of Tenaris in the US to produce steel bars. The takeover also adds IPSCO’s seamless manufacturing facility in Ambridge, Pennsylvania, to Tenaris. Tenaris said that it will consolidate IPSCO’s balance sheet and operational results in its financial statements from this first quarter. Tenaris chairman and CEO Paolo Rocca said: “Together, we are uniquely positioned to serve the US oil and gas industry, with an extensive geographic deployment throughout North America and an unmatched product range.” Rocca added: “With IPSCO, we will be able to strengthen our Rig Direct® offering with shorter lead times and more responsive service capabilities.” The agre...