Tenaris: Steel Tube Industry Mulling Action Vs China

[Omaha Steve]

http://money.cnn.com/news/newsfeeds/articles/djhighlights/200708061353DOWJONESDJONLINE000398.htm

By Serena Saitto

Of DOW JONES NEWSWIRES

BUENOS AIRES -(Dow Jones)- China's cheap exports to the U.S. are having an impact on the steel and tube industry in North America, and the whole sector is mulling action, executives from Tenaris SA (TS), the world's largest steel tube maker, told analysts in a conference call Monday.

"We aren't happy to see prices drop because of China's subsidized exports," Tenaris Chief Financial Officer Carlos Condorelli said, adding that the sector was collectively evaluating the impact of China's cheap exports. "A trade case against (China's) standard pipes is being filed."

Tenaris recently increased its exposure in North America with the acquisition of two U.S. companies: Hydril and Maverick. Tenaris specializes in high-end tube products that oil companies use for their drilling and production activities.

Chinese companies operate in the seamless and welded pipe market, but they focus on more basic, less demanding products, Condorelli said.

FULL story at link.