March 15, 2021
With reference to their joint venture announced in February 2019, Tenaris
and Severstal inform that, although they continue to have a strong interest in
the venture, they have agreed to put on hold the construction activities on
their welded pipe plant in Surgut, West Siberia, while they assess the impact
of the changes in the relevant markets and competitive environment and
determine whether any adjustments or changes to the project could be
necessary.
