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.
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