The European Commission has approved the acquisition of 100% of Romanian seamless steel pipe and steel producer Artrom Steel Tubes by Luxembourg-based steel pipe manufacturer Tenaris.
Following its review under EU merger rules, the European Commission concluded that the transaction would not raise competition concerns. The assessment found that strong competitors would continue to supply customers in the markets where the companies operate.
In May, Tenaris signed an agreement to acquire 100% of Artrom Steel Tubes from GLGH Steel, a subsidiary of Chicago-based Great Lakes Global Holdings, for EUR 86 million. The company stated that the acquisition would expand its industrial pipe product portfolio and manufacturing network, strengthening its ability to serve industrial customers in Europe. Tenaris has also owned TenarisSilcotub, a seamless pipe producer in Romania, since 2004.
Artrom Steel Tubes’ facility in Reșița has an annual steel production capacity of approximately 450,000 tons. Its Slatina facility has a seamless pipe rolling capacity of up to 200,000 tons per year.
GLGH Steel acquired Artrom Steel Tubes last year from Serbia-based investment company Hefestos Capital. Hefestos Capital had acquired TMK Artrom in December 2022 through a transaction involving TMK Europe, the German subsidiary of Russia’s TMK Group, and subsequently renamed the company Artrom Steel Tubes.
Author: SteelRadar Editorial Team
