Tenaris completes $300 million share buyback tranche

LUXEMBOURG – Tenaris S.A. (NYSE:TS, Mexico:TS, EXM Italy:TEN), a global manufacturer of steel pipes, has completed the first segment of its share buyback program as of Friday, with the acquisition of 17,779,302 ordinary shares at a total cost of approximately €276.2 million, or $300 million. This tranche of the buyback program began on November 6, 2023, and concluded today, January 12, 2024.

The company detailed that the final week of purchases, from Monday to today, involved multiple trading venues including MTA, CEUX, TQEX, and AQXE. During this period, the shares were acquired at weighted average prices ranging from €14.85 to €15.35, with the exchange rate for purchases in U.S. dollars averaging around 1.0979.

As a result of these transactions, Tenaris now holds 1.51% of its total issued share capital in treasury. The company has announced its intention to cancel all shares bought under this program in due course, which is a common practice to reduce the number of shares in circulation and potentially increase the value of remaining shares.

Tenaris also indicated that the second tranche of its share buyback program is slated to commence no earlier than February 26, 2024, following the end of its blackout period.

The completion of this phase of the buyback program is part of Tenaris’s capital allocation strategy and reflects its ongoing efforts to manage its financial resources effectively. The company has cautioned that some statements in the press release are forward-looking and subject to various risks, including fluctuations in oil and gas prices which could impact the investment programs of companies in these sectors.

Tenaris is recognized as a leading supplier of steel tubes and related services to the energy industry and other industrial sectors worldwide. This information is based on a press release statement by Tenaris.

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