After reducing production in 2020, Tenaris benefited from excess demand in 2021
In 2020, Tenaris SA significantly reduced production in response to falling oil and gas prices resulting from the COVID-19 (coronavirus) pandemic. Actual production as a percentage of possible production for seamless tubes fell from 61.1% in 2019 to 40.9% in 2020. That year, the company suspended operations at several facilities in the United States. In 2021, demand recovered faster than production, leading to large price increases. As a result, net sales increased by 27.0% in 2021. Despite high excess demand, oil and gas companies will limit capital spending and increase shareholder returns in 2022, according to Tenaris.
COVID|New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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