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Tenaris (NYSE:TS) stated late Thursday it agreed to amass Louisiana-based Benteler Metal & Tube Manufacturing Corp. for $460M, a deal it stated will additional increase its manufacturing vary and manufacturing presence within the U.S. market.
Benteler produces of seamless metal pipe, with an annual pipe rolling capability of as much as 400K metric tons.
Jefferies analysts upgraded Tenaris (TS) shares to Purchase on Thursday, saying they like Oil Nation Tubular Items publicity within the metal sector and elevating OCTG metal worth forecasts, whereas slicing stainless and carbon costs.
The inventory jumped 8.8% in Thursday’s buying and selling, rising with different metal producers in a broad rally amongst names associated to metals and pure sources.
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