The previously-announced deal for the sale to Tenaris of 100% of the shares of American steel pipe manufacturer Benteler Steel & Tube Manufacturing Corporation has been unilaterally terminated, effective immediately, according to a statement from Tenaris S.A.
Tenaris said last year that they had signed a binding contract to buy Benteler North America Corporation for a total of USD 460 million.
A manufacturer of seamless steel pipes in the United States, Benteler Steel & Tube Manufacturing Corporation has a production plant in Shreveport, Louisiana, with a pipe rolling capacity of up to 400,000 tons per year.
The transaction was anticipated to be completed in the fourth quarter of 2022.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only
