Tenaris says that Benteler Steel Pipe & Tube Manufacturing Corporation has exercised its right to terminate the $460 million sale of its 400,000 short ton/year Shreveport, Louisiana, pipe plant, Kallanish learns.
“Benteler discovered that they had contracted to sell too cheap. Tenaris got bogged down in Hart Scott and other stuff. So, the clock ran out, and Benteler had the right to terminate,” says a US tubular distributor.
The deal was announced in July and was expected to be completed in Q4.
Kristen DiLandro USA
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US raw production slips on-year
US raw steel production for the week of 4 February was 1.66 million short tons with a capability utilisation rate of 74.1%, Kallanish learns from the American Iron and Steel Institute. The figure represents a 5.2% decrease from the same week in 2022, when production was 1.74m st and utilisation was 80.4%.
Raw steel production increased by 1.3% since last week, when production was 1.64m st and capability was 73.1%.
The South produced 705,000 st of steel, while the Great Lakes region produced 528,000 st. The Midwest produced 207,000 st, the Northeast produced 152,000 st, and the West produced 64,000 st.
The adjusted year-to-date production through 4 February is 8.11m st with a capability utilisation rate of 72.5%. This is down 6.7% from the adjusted year-to-date figures for the same period last year, when the US produced 8.68m st at a rate of 79.9%.
Kristen DiLandro USA
