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Tenaris' CEO Discusses Q1 2012 Results - Earnings Call Transcript

The increase in our North American sales also reflect product mix improvement. With the recovery in the Gulf of Mexico and the expansion of shale activity we are selling more premium product and most our welded OCTG product today are heat treated.

Our new (inaudible) 625 premium connection design specifically for complex sales application has had further success Eagle Ford. In Canada also we have expansion of thermal project sales of premium product has increased. This year the spring break up was earlier than last year. But our sales during this quarter were significantly higher than the corresponding quarter of last year.

In South America our sales were affected by the temporary renegotiation of rig construct by eco patrolling Colombia, demand in Colombia is grown rapidly in the – and we are confident that we favorable condition for investment and more than 80 company involve in operation activity, in production activity, the market we continue to grow.

In (inaudible) we announced a 200 million investment program to expand the capacity of our mill, to produce higher value product and better serve the Colombia market for welded and seamless product, and our sales this quarter were affected by a low level of shipment of line pipe for offshore and HPI project.

In addition, sales of ore strategy to Saudi Arabia were lower following (inaudible) stocking of premium product last year. However, in the coming quarter we are seeing a good level of activity in this time of year and we expect higher sale during the year.

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