(Reuters) -Italian steel pipe maker Tenaris said on Wednesday that its first-quarter net sales dropped 15% to $2.92 billion.
Sales in the reported quarter were buoyed by seasonal volumes in Canada and higher onshore sales in the United States, while their average selling price declined, the company said in a statement.
The Luxembourg-based company reported a 29% fall in earnings before interest, taxes, depreciation and amortisation (EBITDA) to $696 million, for the first three months of 2025.
The company stated that reference prices of U.S. Oil Country Tubular Goods rose since tariffs by the Trump administration were extended to all steel product imports, offsetting much of the impact of tariffs.
For the second quarter, Tenaris anticipates a slight sales increase brought by recovery in average selling prices and said EBITDA margin is expected to be in line with the first quarter.
Tenaris in February warned that a tariff hike by the U.S. on steel and aluminum would create a “high level of uncertainty” for costs and prices in the second half of the year.
U.S. tariffs on steel and aluminum imports are poised to escalate costs for the oilfield service companies behind North America’s vast energy industry, as their operations rely heavily on these metals.
President Donald Trump stunned markets by announcing tariffs of 25% on all steel and aluminum imported into the U.S., leaving industries that rely on such supplies scrambling to offset an expected jump in costs.
(Reporting by Enrico Sciacovelli and Gnaneshwar Rajan; Editing by Shailesh Kuber)
