Tenaris Plans to Increase Spending on US Operations

Tenaris SA will redirect funds initially slated for the acquisition of Benteler Steel & Tube Manufacturing Corp. in Shreveport, La., to its existing operations in the US.

“We will reorient our investment plan in the United States to achieve, through organic growth, the objective of strengthening our local industrial and logistics system,” Tenaris chairman and CEO Paolo Rocca said Feb. 16 in a fourth quarter earnings conference call.