Global steel-pipe major Tenaris’ proposed acquisition of Ipsco Tubulars, from PAO TMK, a Russian steel manufacturing company, received clearance from the US department of justice on Tuesday. 

 

The company has tabled an all-stock agreement valued at US$1,209mn, which included US$270mn of working capital.

 

Ipsco Tubulars, a producer of seamless and welded OCTG and line pipe products, has an annual production capacity of 450,000mt of steel bars, 400,000mt of seamless pipe and 1,000,000mt of welded pipe. 

 

The acquisition of Ipsco’s billet and pipemaking facility in Koppel, Pennsylvania, will be Tenaris’ first production plant in the US. This plant has a capacity of 600,000mt annually.

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