LUXEMBOURG -- (Marketwired) -- 08/31/17 --
Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) announced today that all its facilities in Houston, Freeport and Bay City are gradually resuming operations from today following the passage of Hurricane Harvey and subsequent extensive flooding in the area. The facilities, including Bay City, suffered no major flooding or damage. The construction work on the Bay City mill is also resuming and, in accordance with our preliminary assessment, the rolling of the first pipe will be delayed until October.
The impact on our people has been severe. Out of our 1,320 employees in the Houston area 36% have been displaced. We are in constant contact with them and are providing time and financial assistance at this difficult time.
During this week, our customers' operations in Eagleford were affected by the hurricane, which may have a limited impact on our North American sales for the third quarter.
Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements.
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
Source: Tenaris S.A.
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