Tenaris shares heavily lost in Piazza Affari (at the end of the morning, more than 2% at 17,34 euros per share) after the announcement of the new plant in Mexico for a total cost of one billion euros.
Tenaris, Ternium and Tecpetrol International, companies controlled by San Faustin Sa, the Luxembourg holding company of the Rocca family, have in fact announced an agreement to build and operate a combined cycle plant in Mexico that will feed Tenaris and Ternium's activities in the country.
This was communicated by Tenaris itself in a note, explaining that the planned investment is around one billion dollars. The plant will have a capacity of between 850 and 900 megawatts and will be built by the Techgen joint venture in which the oil group Tecpetrol participates with a 30% stake, the pipe producer for the energy sector Tenaris with 22% and the giant South American steelmaker Ternium with 48%.
