This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bay City, Matagorda County, Texas Chosen As Location For Tenaris's U.S. Seamless Pipe Mill

HOUSTON, Feb. 15, 2013 /PRNewswire/ -- Tenaris announced today that it will build its first U.S. seamless pipe mill in Bay City, Matagorda County, Texas. With an estimated investment of $1.5 billion (USD), the new facility will have an annual production capacity of 600,000 tons of high quality seamless pipe.

With its proximity to Houston, the world's energy capital, and to Tenaris's North American headquarters, the location offers a combination of favorable geography, operational logistics and availability of a skilled workforce. "Our new facility will complement our integrated global manufacturing network and work closely with our existing North American operations to further strengthen domestic production," Paolo Rocca, Chairman and CEO, said.

"This announcement is only possible thanks to the hard work of state and local officials, as well as, the area business community, which always plays a major role in decisions like this," Texas Governor Rick Perry said. "The most profound statement about our favorable economic climate comes when companies like Tenaris make an investment of this size in our state. That says that not only is Texas the best place to grow your business now, but they're confident that we'll remain that way moving forward."

"With this investment, we will strengthen our local production and service capabilities to address the growing demands of the energy industry," German Cura, President, North America, said. "We are grateful for the support we have had from The State of Texas, Matagorda County and Bay City."

An analysis conducted on the economic impact of Tenaris in Matagorda County states the company will have a large direct and indirect influence on the area.  The new plant will generate 600 direct manufacturing jobs and offer substantial economic impact in Matagorda County as well as in the surrounding areas.

"The company's commitment to the environment and safety is a top priority," Cura said. "The facility is being designed according to the most stringent environmental and safety standards, with the implementation of control technologies that will reduce our emissions footprint and exceed state and federal regulations." The new facility is expected to begin operations in 2016.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,630.27 +189.68 1.09%
S&P 500 2,093.25 +25.61 1.24%
NASDAQ 5,089.2060 +49.43 0.98%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs