Tenaris says Benteler N.America halts sale of steel pipe business

Tenaris SA TEN said on Sunday that Benteler North America Corp has called off a previously announced agreement to sell 100% of its shares in its steel pipe business to the Luxembourg-based company.

Tenaris, which produces pipes for oil and gas exploration, announced last year that it would acquire U.S.- based Steel & Tube Manufacturing Corp for $460 million as it seeks to expand its manufacturing capabilities in the United States.

The company said it would acquire 100% of Benteler Steel on a cash-free, debt-free basis, which includes $52 million in working capital.

The deal had been expected to close in the fourth quarter of 2022.