Tenaris collapses by 5,14% to 15,51 euros after being suspended with a theoretical drop of 7,65%. The group suffers from the disappointing figures of its French competitor Vallourec, which closed the second quarter with a profit down by 11%, to 112 million euros, due to the growth in raw material costs.
However, for Morningstar analyst Elizabeth Collins, Tenaris enjoys an undoubted competitive advantage over other players and is characterized by the offer of products with high added value. The results of the second quarter of the Dalmine group will be released on August 4th and then we will see if it will have the same problems as the French competitor.
But there is also the Argentine front, which after months of tension has just ended with a 1-0 for Christina Kirchner, president of the South American country. Siderar, connected to Tenaris through Techint, has in fact had to make room on the board of directors under pressure from the government for 3 executive representatives.
Kirchner's men represent Anses, the national insurance institution which owns 25,9% of Siderar. Despite the strong shareholding presence, Anses had until then been able to place only one representative on the board by virtue of a law which prohibited political entities from exercising voting rights for more than 5% of the capital. The law was then eliminated by decree but Siderar engaged in a tug of war, triggering the descent into the field of the Argentine Consob. It is the other side of internationalisation.
