More bad news for Tenaris. By mid-morning, the stock of the seamless pipe company was down 0,75% in Piazza Affari (below 16 euros), after the heavy -5,5% recorded on Wednesday due to the lack of US sanctions on imports from South Korea .
The latest share sell-off comes on the heels of 2013 accounts the company announced yesterday after markets closed. The group closed the year with a 2% decrease in Net revenues (at $10,59 billion) and a operating profit dropped by 7%, to 2,185 billion. The Net income it was positive for 1,574 billion (-7% on an annual basis).
Tenerais has declared its intention to propose to the shareholders the distribution of a dividend total of $0,43 per share, which includes the 13 cents down payment in November and a 30 cents coupon to be distributed on May 22nd.
For 2014 the group expects overall results "in line with those of 2013" with a negative impact deriving on the American market from the preliminary decision of the US Department of Commerce not to impose anti-dumping duties on Korea (one of the main players in the US pipe market ) and on the Brazilian market by the "continuous delays in projects".
However, Tenaris points out that – in the Korea case – the US Commerce Department has stated that it wants to take into consideration further elements relating to the import of Korean companies in view of the final ruling which will take place on 7 July 2014.
