11-6-13 4:05 PM EST | Email Article
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LUXEMBOURG -- (Marketwired) -- 11/06/13 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) ("Tenaris") today announced its results for the quarter and nine months ended September 30, 2013 with comparison to its results for the quarter and nine months ended September 30, 2012.

Summary of 2013 Third Quarter Results

(Comparison with second quarter of 2013 and third quarter of 2012)


                                        Q3 2013    Q2 2013       Q3 2012
Net sales ($ million)                     2,415   2,829  (15%)  2,657   (9%)
Operating income ($ million)                464     578  (20%)    584  (21%)
Net income ($ million)                      314     430  (27%)    434  (28%)
Shareholders' net income ($ million)        300     418  (28%)    433  (31%)
Earnings per ADS ($)                       0.51    0.71  (28%)   0.73  (31%)
Earnings per share ($)                     0.25    0.35  (28%)   0.37  (31%)
EBITDA* ($ million)                         622     730  (15%)    679   (8%)
EBITDA margin (% of net sales)             25.7%   25.8%         25.6%

*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals) and in Q3 2012 excludes a non-recurring gain of $49 million, recorded in Other operating income corresponding to a tax related lawsuit collected in Brazil.

Sales and operating income decreased with sequential sales affected principally by the impact of project delays on line pipe shipments in Brazil and a less favorable mix of OCTG products with lower sales in the Middle East and Africa, in addition to the seasonal impact of Northern Hemisphere plant stoppages. Net income was negatively affected by a $45 million deferred income tax provision, following the enactment of a new 10% withholding tax in Argentina.

Cash flow from operations amounted to $753 million for the quarter including a strong reduction in working capital. Our net cash position (cash and other current investments less total borrowings) increased to $785 million.

Interim Dividend Payment

Our board of directors approved the payment of an interim dividend of $0.13 per share ($0.26 per ADS), or approximately $153 million. The payment date will be November 21, 2013, and the ex-dividend date will be November 18, 2013.

Market Background and Outlook

Drilling activity in North America in the year to date has consolidated, supported by improving operator cash flows on higher oil prices and drilling efficiencies. Going into next year, it is expected that operator cash flows will support an increase in drilling activity if oil and gas prices remain close to current levels. In the rest of the world, oil and gas prices close to current levels should continue to support the ongoing expansion in drilling activity in the Middle East and offshore regions and onshore activity in other regions should remain stable.

In this environment, in the fourth quarter and going into 2014, we expect a strong level of sales in the Middle East and Africa and a rising level of sales in North America. In South America, although sales of OCTG products are expected to increase led by higher shale activity in Argentina, sales and shipments of line pipe products will continue to be affected by project delays in Brazil.

EBITDA margins are expected to remain stable while the overall EBITDA level should increase in line with sales.

Analysis of 2013 Third Quarter Results


Tubes Sales volume
 (thousand metric tons)             Q3 2013     Q2 2013         Q3 2012
Seamless                                 614       677  (9%)       642  (4%)
Welded                                   224       286 (22%)       305 (27%)
Total                                    838       963 (13%)       947 (12%)


Tubes                               Q3 2013     Q2 2013         Q3 2012
(Net sales - $ million)
North America                           928       986   (6%)    1,260  (26%)
South America                           474       652  (27%)      610  (22%)
Europe                                  199       218   (9%)      253  (21%)
Middle East & Africa                    468       626  (25%)      236   98%
Far East & Oceania                      156       137   14%       109   43%
Total net sales ($ million)           2,225     2,619  (15%)    2,469  (10%)
Operating income ($ million)            434       553  (22%)      560  (23%)
Operating margin (% of sales)          19.5%     21.1%           22.7%

Net sales of tubular products and services decreased 10% year on year and 15% sequentially. Sequentially, sales were mainly affected by lower shipments of offshore line pipe in Brazil and lower sales to the Middle East and Africa. Sequentially, North American sales declined principally due to lower sales of line pipe reflecting a more competitive situation for less differentiated products. In South America, sales declined due to lack of line pipe shipments in Brazil reflecting project implementation delays and premium OCTG stock adjustments in Argentina pursuant to the implementation of our alliance with YPF where we took over the management of their existing inventories. In the Middle East and Africa sales decreased compared to a record prior quarter due to the timing of shipments.

Operating income from tubular products and services, decreased 22% sequentially and 23% compared to the previous year. Sequentially, the decline in operating income was mainly due to the decline in sales and a lower operating margin due to the negative effect of lower sales on the absorption of fixed costs (i.e., depreciation and amortization).



Others                                  Q3 2013    Q2 2013        Q3 2012
Net sales ($ million)                       190     210  (10%)    188     1%
Operating income ($ million)                 30      26   18%      24    27%
Operating margin (% of sales)              15.8%   12.2%         12.6%

Net sales of other products and services decreased 10% sequentially and increased 1%year on year. The sequential decline in sales was mainly due to lower sales of industrial equipment in Brazil. Despite the sequential decline in sales, operating income increased 18% mainly due to better performance of our sucker rods and electric conduit businesses.

Selling, general and administrative expenses, or SG&A, amounted to $439 million, or 18.2% of net sales in the third quarter of 2013, compared to $529 million, 18.7% in the previous quarter and $459 million, 17.3% in the third quarter of 2012. The sequential decline in SG&A expenses was mainly due to lower selling expenses associated with lower shipment volumes and a reduction in the allowance for doubtful accounts following the collection of overdue accounts receivable.

Other operating results, amounted to an expense of $4 million in the third quarter of 2013, compared to an expense of $7 million in the previous quarter and an income of $44 million in the third quarter of 2012. The income in the third quarter of 2012, was related to a $49 million payment from the Brazilian government, in interest and monetary adjustment over a tax benefit received in 1991.

Financial results amounted to a loss of $17 million in the third quarter of 2013, compared to a loss of $11 million in the previous quarter and a loss of $24 million in the third quarter of 2012.

Equity in earnings of associated companies generated a gain of $10 million in the third quarter of 2013, compared to a gain of $12 million in the previous quarter and a gain of $11 million in the third quarter of 2012. These results were mainly derived from our equity investment in Ternium (NYSE: TX).

Income tax charges totaled $142 million in the third quarter of 2013, equivalent to 31.9% of income before equity in earnings of associated companies and income tax, compared to 26.4% in the previous quarter and 24.4% in the third quarter of 2012. In September 2013, Argentina enacted a law that amends its Income tax law. The law includes a new 10% withholding tax on dividend distributions made by Argentine companies to foreign beneficiaries. Accordingly, as of September 30, 2013, we recorded an income tax provision of $45 million, for the deferred tax liability on reserves for future dividends at our Argentine subsidiaries.

Results attributable to non-controlling interests amounted to gains of $14 million in the third quarter of 2013, compared to gains of $12 million in the previous quarter and gains of $1 million in the third quarter of 2012. In the third quarter of 2013, these results were mainly attributable to minority interests at our Japanese subsidiary NKKTubes.

Cash Flow and Liquidity of 2013 Third Quarter

Net cash provided by operations during the third quarter of 2013 was $753 million, compared to $611 million in the previous quarter and $491 million in the third quarter of 2012. Working capital decreased by $239 million during the third quarter of 2013, compared to a decrease of $56 million in the previous quarter and an increase of $107 million in the third quarter of 2012. The decrease in working capital in the third quarter of 2013, was mainly due to a decrease in trade receivables following lower sales.

Capital expenditures amounted to $206 million in the third quarter of 2013, compared to $180 million in the previous quarter and $187 million in the third quarter of 2012.

Our net cash (cash and other current investments less total borrowings) increased to $785 million, at the end of the third quarter of 2013, from $214 million at the end of the previous quarter.

Analysis of 2013 First Nine Months Results


                                                                 Increase/
                                          9M 2013     9M 2012   (Decrease)
Net sales ($ million)                        7,923       8,076          (2%)
Operating income ($ million)                 1,595       1,771         (10%)
Net income ($ million)                       1,167       1,338         (13%)
Shareholders' net income ($ million)         1,143       1,328         (14%)
Earnings per ADS ($)                          1.94        2.25         (14%)
Earnings per share ($)                        0.97        1.12         (14%)
EBITDA* ($ million)                          2,050       2,142          (4%)
EBITDA margin (% of net sales)                25.9%       26.5%

*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals) and in 9M 2012 excludes a non-recurring gain of $49 million, recorded in Other operating income corresponding to a tax related lawsuit collected in Brazil.


Tubes Sales volume                                               Increase/
(thousand metric tons)                    9M 2013     9M 2012   (Decrease)
Seamless                                      1,948       2,007         (3%)
Welded                                          799         882         (9%)
Total                                         2,747       2,889         (5%)


                                                                 Increase/
Tubes                                     9M 2013     9M 2012   (Decrease)
(Net sales - $ million)
North America                                3,057       3,799         (20%)
South America                                1,721       1,612           7%
Europe                                         686         800         (14%)
Middle East & Africa                         1,494         869          72%
Far East & Oceania                             375         365           3%
Total net sales ($ million)                  7,333       7,445          (2%)
Operating income ($ million)                 1,512       1,680         (10%)
Operating margin (% of sales)                 20.6%       22.6%

Net sales of tubular products and services decreased 2% to $7,333 million in the first nine months of 2013, compared to $7,445 million in the first nine months of 2012, reflecting a 5% decrease in volumes and a 4% increase in average selling prices.

Operating income from tubular products and services decreased 10% to $1,512 million in the first nine months of 2013, from $1,680 million in the first nine months of 2012, reflecting a 2% decrease in sales and a reduction of 200 basis points in the operating margin.


                                                                 Increase/
Others                                    9M 2013     9M 2012   (Decrease)
Net sales ($ million)                          590         631          (6%)
Operating income ($ million)                    83          91          (9%)
Operating margin (% of sales)                 14.1%       14.4%

Net sales of other products and services decreased 6% to $590 million in the first nine months of 2013, compared to $631 million in the first nine months of 2012, mainly due to lower sales of industrial equipment in Brazil, coiled tubing and tubes for electric conduit, partially offset by higher sales of sucker rods.

Operating income from other products and services decreased 9% to $83 million in the first nine months of 2013, compared to $91 million during the first nine months of 2012, reflecting lower sales and stable margins.

SG&A amounted to $1,444 million, or 18.2% of net sales during the first nine months of 2013, compared to $1,390 million, or 17.2% in the same period of 2012. The increase in SG&A expenses was mainly due to higher selling expenses associated with higher shipments to the Middle East and Africa and an increase in provisions for contingencies and doubtful accounts.

Financial results were a loss of $37 million in the first nine months of 2013 compared to loss of $35 million in the same period of 2012.

Equity in earnings of associated companies generated a gain of $34 million in the first nine months of 2013, compared to a gain of $31 million in the first nine months of 2012. These gains were derived mainly from our equity investment in Ternium.

Income tax charges totaled $426 million in the first nine months of 2013, equivalent to 27.3% of income before equity in earnings of associated companies and income tax, compared to $429 million in the first nine months of 2012, equivalent to 24.7% of income before equity in earnings of associated companies and income tax. In September 2013, Argentina enacted a law that amends its Income tax law. The law includes a new 10% withholding tax on dividend distributions made by Argentine companies to foreign beneficiaries. Accordingly, as of September 30, 2013, we recorded an income tax provision of $45 million, for the deferred tax liability on reserves for future dividends at our Argentine subsidiaries.

Income attributable to non-controlling interests amounted to $24 million in the first nine months of 2013, compared to $10 million in the first nine months of 2012, mainly due to improved results at our Japanese subsidiary NKKTubes.

Cash Flow and Liquidity of 2013 First Nine Months

During the first nine months of 2013, net cash provided by operations was $1,928 million, compared to $1,514 million in the same period of 2012. Working capital decreased by $312 million in the first nine months of 2013, compared with an increase of $56 million in the first nine months of 2012.

Capital expenditures amounted to $570 million in the first nine months of 2013, compared with $588 million in the same period of 2012.

Our financial position changed from net debt of $271 million at the beginning of the year to net cash of $785 million at September 30, 2013.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on November 7, 2013, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 866 515.2908 within North America or +1 617 399.5122 Internationally. The access number is "98924335". Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at www.tenaris.com/investors.

A replay of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 01:00 pm on November 7 through 12:00 am on November 14. To access the replay by phone, please dial +1 888 286.8010 or +1 617 801.6888 and enter passcode "48749346" when prompted.

Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Press releases and financial statements can be downloaded from Tenaris's website at www.tenaris.com/investors.



Consolidated Condensed Interim Income Statement

(all amounts in thousands of   Three-month period       Nine-month period
 U.S. dollars)                 ended September 30,     ended September 30,
                             ----------------------  ----------------------
                                2013        2012        2013        2012
                             ----------  ----------  ----------  ----------
Continuing operations               Unaudited               Unaudited
Net sales                     2,415,061   2,657,069   7,922,636   8,075,910
Cost of sales                (1,507,706) (1,658,967) (4,867,581) (4,964,776)
                             ----------  ----------  ----------  ----------
Gross profit                    907,355     998,102   3,055,055   3,111,134
Selling, general and
 administrative expenses       (439,191)   (458,716) (1,444,085) (1,389,514)
Other operating income
 (expense) net                   (4,484)     44,174     (15,509)     49,027
                             ----------  ----------  ----------  ----------
Operating income                463,680     583,560   1,595,461   1,770,647
Interest income                   9,188       9,413      22,139      24,702
Interest expense                (18,845)    (18,247)    (49,374)    (40,860)
Other financial results          (7,215)    (15,154)     (9,551)    (18,549)
                             ----------  ----------  ----------  ----------
Income before equity in
 earnings of associated
 companies and income tax       446,808     559,572   1,558,675   1,735,940
Equity in earnings of
 associated companies             9,884      11,012      33,950      31,143
                             ----------  ----------  ----------  ----------
Income before income tax        456,692     570,584   1,592,625   1,767,083
Income tax                     (142,404)   (136,491)   (426,055)   (429,490)
                             ----------  ----------  ----------  ----------
Income for the period           314,288     434,093   1,166,570   1,337,593
                             ==========  ==========  ==========  ==========


Attributable to:
Owners of the parent            300,159     433,037   1,142,764   1,327,879
Non-controlling interests        14,129       1,056      23,806       9,714
                             ----------  ----------  ----------  ----------
                                314,288     434,093   1,166,570   1,337,593
                             ==========  ==========  ==========  ==========



Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of
 U.S. dollars)                At September 30, 2013    At December 31, 2012
                             ----------------------- -----------------------
                                    Unaudited
ASSETS
Non-current assets
  Property, plant and
   equipment, net              4,631,933               4,434,970
  Intangible assets, net       3,095,411               3,199,916
  Investments in associated
   companies                     931,012                 977,011
  Other investments                2,477                   2,603
  Deferred tax assets            212,787                 215,867
  Receivables                    120,639   8,994,259     142,060   8,972,427
                             -----------             -----------

Current assets
  Inventories                  2,674,532               2,985,805
  Receivables and
   prepayments                   230,239                 260,532
  Current tax assets             149,798                 175,562
  Trade receivables            1,926,419               2,070,778
  Available for sale assets       21,572                  21,572
  Other investments            1,439,417                 644,409
  Cash and cash equivalents      603,141   7,045,118     828,458   6,987,116
                             ----------- ----------- ----------- -----------
Total assets                              16,039,377              15,959,543
                                         ===========             ===========

EQUITY
Capital and reserves
 attributable to owners of
 the parent                               12,048,287              11,328,031
Non-controlling interests                    179,666                 171,561
                                         -----------             -----------
Total equity                              12,227,953              11,499,592
                                         ===========             ===========

LIABILITIES
Non-current liabilities
  Borrowings                     319,501                 532,407
  Deferred tax liabilities       717,706                 728,541
  Other liabilities              307,392                 302,444
  Provisions                      72,028   1,416,627      67,185   1,630,577

                             -----------             -----------

Current liabilities
  Borrowings                     937,575               1,211,785
  Current tax liabilities        240,168                 254,603
  Other liabilities              366,067                 318,828
  Provisions                      19,878                  26,958
  Customer advances               26,837                 134,010
  Trade payables                 804,272   2,394,797     883,190   2,829,374
                             ----------- ----------- ----------- -----------
Total liabilities                          3,811,424               4,459,951
                                         ===========             ===========
Total equity and liabilities              16,039,377              15,959,543
                                         ===========             ===========



Consolidated Condensed Interim Statement of Cash Flow

                               Three-month period       Nine-month period
                                      ended                   ended
                                  September 30,           September 30,
                             ----------------------  ----------------------
(all amounts in thousands of
 U.S. dollars)                  2013        2012        2013        2012
                             ----------  ----------  ----------  ----------
                                    Unaudited               Unaudited
Cash flows from operating
 activities
Income for the period           314,288     434,093   1,166,570   1,337,593
Adjustments for:
Depreciation and
 amortization                   157,931     144,713     454,903     420,597
Income tax accruals less
 payments                        39,591     (20,417)     64,612    (126,196)
Equity in earnings of
 associated companies            (9,884)    (11,012)    (33,950)    (31,143)
Interest accruals less
 payments, net                    5,119      (6,126)    (29,902)    (24,382)
Changes in provisions            (1,487)     (1,625)     (2,404)    (18,182)
Changes in working capital      239,248    (107,051)    311,705     (55,708)
Other, including currency
 translation adjustment           8,363      58,804      (3,900)     11,237
                             ----------  ----------  ----------  ----------
Net cash provided by
 operating activities           753,169     491,379   1,927,634   1,513,816
                             ==========  ==========  ==========  ==========

Cash flows from investing
 activities
Capital expenditures           (206,282)   (186,964)   (569,841)   (587,890)
Acquisition of subsidiaries
 and associated companies             -      (6,228)          -    (510,825)
Proceeds from disposal of
 property, plant and
 equipment and intangible
 assets                          12,637         883      19,383       3,798
Dividends received from
 associated companies                 -           6      16,127      18,708
Changes in investments in
 short terms securities        (326,352)   (469,351)   (795,008)   (457,984)
                             ----------  ----------  ----------  ----------
Net cash used in investing
 activities                    (519,997)   (661,654) (1,329,339) (1,534,193)
                             ==========  ==========  ==========  ==========

Cash flows from financing
 activities
Dividends paid                        -           -    (354,161)   (295,134)
Dividends paid to non-
 controlling interest in
 subsidiaries                      (113)          -     (18,642)       (905)
Acquisitions of non-
 controlling interests                -         (38)     (7,768)   (758,577)
Proceeds from borrowings        537,301     491,143   1,757,691   1,705,377
Repayments of borrowings       (787,227)   (243,114) (2,141,999)   (682,230)
                             ----------  ----------  ----------  ----------
Net cash (used in)
 providedby financing
 activities                    (250,039)    247,991    (764,879)    (31,469)
                             ==========  ==========  ==========  ==========

                             ==========  ==========  ==========  ==========
(Decrease) Increase in cash
 andcash equivalents            (16,867)     77,716    (166,584)    (51,846)
                             ==========  ==========  ==========  ==========

Movement in cash and cash
 equivalents
At the beginning of the
 period                         606,026     693,712     772,656     815,032
Effect of exchange rate
 changes                         (3,006)      3,567     (19,919)     11,809

(Decrease) Increase in cash
 and cash equivalents           (16,867)     77,716    (166,584)    (51,846)
                             ----------  ----------  ----------  ----------
At September 30,                586,153     774,995     586,153     774,995
                             ==========  ==========  ==========  ==========

                                At September 30,        At September 30,
                             ----------------------  ----------------------
                                2013        2012        2013        2012
                             ----------  ----------  ----------  ----------
Cash and cash equivalents
Cash and bank deposits          603,141     787,540     603,141     787,540
Bank overdrafts                 (16,988)    (12,545)    (16,988)    (12,545)
                             ----------  ----------  ----------  ----------
                                586,153     774,995     586,153     774,995
                             ==========  ==========  ==========  ==========

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

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Morningstar - 2013/11/6 - Tenaris Announces 2013 Third Quarter Results
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