Tenaris sees revenues decline in 2020 for its South America tubing division

Tenaris sees revenues decline in 2020 for its South America tubing division

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Steel tube maker Tenaris said net revenues for its South American tubing business in 2020 declined 47 percent, year-over-year. The company said revenues for South America in full-year 2020 was $660 million, down from $1.24 billion in full-year 2019.

The company attributed the weaker revenues to lower steel tube sales volumes and diminished prices in the region, except for Brazil, due to Covid-19. In Brazil, offshore drilling activity continued.

Tenaris said revenues in South America at its tubing business in Q4 2020 was $160 million, down from $265 million in Q4 2019.

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