Tenaris S.A. manufactures seamless and welded steel pipe, premium connections and related services for oil and gas wells and for industrial customers. It was organised in Luxembourg on 17 December 2001, is headquartered in Luxembourg City and is controlled by the Techint group, which held about 60 percent of the shares. Its shares trade on the New York Stock Exchange and the Mexican stock exchange as TS and on Borsa Italiana as TEN, and the company is a member of the FTSE MIB index. Tenaris reports in two business segments, Tubes and Others, and ships more than four million tonnes of pipe a year against a stated annual capacity of 8.7 million tonnes. The company's media kit cites about 25,000 employees of 99 nationalities and net sales of USD 12 billion, while its 2023 annual report counted 29,134 employees. Tubes accounted for 5,734 million of the 6,067 million US dollars of net sales recorded in the first half of 2026.
Tubular products and the Rig Direct model
The OCTG range is organised by well type: unconventional, deepwater, shallow water, high-pressure and high-temperature deep wells, horizontal and extended-reach wells, casing while drilling, thermal wells using steam-assisted gravity drainage and cyclic steam stimulation, mature fields and workstrings. Beyond casing and tubing, Tenaris supplies onshore and offshore line pipe, coating through TenarisShawCor, hydrocarbon processing equipment, artificial lift and coiled tubing products, sucker rods and tubes for power generation, automotive and industrial applications, and it markets hydrogen storage systems and geothermal tubulars through its low-carbon energy line. Connections are sold under the TenarisHydril family, including the BlueDock and Dopeless designs, Dopeless being a dry coating that removes the need to apply thread dope at the rig. Under the Rig Direct model the company delivers pipe, accessories and field services directly to drilling rigs rather than through distributors; service work on third-party pipe generated USD 199 million in the first half of 2026. TenarisUniversity provides technical training, and a licensees network manufactures and threads its connections under licence.
Results for the first half of 2026
The second quarter, reported on 5 August 2026, brought net sales of USD 2,967 million, four percent below both the previous quarter and the same period of 2025, operating income of USD 494 million and EBITDA of USD 649 million at a margin of 21.9 percent. Net income attributable to shareholders was USD 477 million, earnings per share 47 cents and free cash flow USD 396 million. Tube shipments fell to 946 thousand tonnes from 995 thousand tonnes in the first quarter, of which 768 thousand tonnes were seamless and 179 thousand welded. Sales to North America were USD 1,471 million, South America USD 508 million, Europe USD 267 million and Asia Pacific, the Middle East and Africa USD 557 million. The company attributed the sequential decline largely to postponed shipments to Kuwait and Iraq after the effective closure of the Strait of Hormuz for most of the quarter, and to higher logistics and raw material costs; drilling activity in Iraq, Kuwait and Qatar was severely affected while Saudi Arabia and the UAE held up. In Europe, higher OCTG sales in Turkey coincided with the start of offshore line pipe deliveries to the Sakarya development in the Black Sea. First-half net sales were USD 6,067 million, one percent above the first half of 2025, with operating income of USD 1,078 million and EBITDA of USD 1,385 million at a 22.8 percent margin, reduced by United States tariff costs. The board approved an interim dividend of 59 cents per share, about USD 600 million, payable on 25 November 2026, after a USD 606 million dividend and USD 90 million of buybacks in the first half left net cash of USD 3.6 billion at 30 June 2026. Management expects second-half sales and EBITDA broadly in line with the first half.
History and industrial base
Tenaris traces its origins to Siderca, established in 1948 as Argentina's only producer of seamless steel pipe by a predecessor of San Faustin, and it took its present form in 2001. Expansion came through acquisitions: Maverick Tube in 2006 for USD 3.185 billion, Hydril in 2007 for USD 2.16 billion, whose pressure control business was sold to GE Oil and Gas in 2008, and IPSCO Tubulars from OAO TMK in January 2020 for USD 1.2 billion. These transactions added welded pipe and premium connection capacity in the United States and Canada and complemented the group's seamless mills, which include Dalmine in Italy. In 2024 North America accounted for 46 percent of sales, Asia Pacific 26 percent, South America 19 percent and Europe 10 percent. Tenaris holds minority interests in Ternium, Usiminas and Techgen, and its 2026 first-half accounts included a USD 6 million provision for litigation relating to the Usiminas investment.
Governance and contact
Paolo Rocca is chairman of the ten-member board. Following changes announced with the second-quarter results, Jaime Serra Puche resigned for personal reasons, Germán Curá stepped down as vice chair responsible for sustainability but remains a director, and Alicia Móndolo was appointed to the board and as vice chair for sustainability, risk management and compliance, with Maria Novales-Flamarique joining the audit committee. Tenaris files its half-year report with the Luxembourg Stock Exchange and holds a results conference call for each reporting period. General enquiries are handled through the contact form on its website, and the only mailbox published there is the data protection address given on the legal page.