MILAN, March 28 Tenaris has
lifted its estimate for global OCGT tubes demand in 2017 to 12.1
million tonnes from 10.4 million previously, a spokeswoman said
confirming remarks made by CEO Paolo Rocca at an industry
conference in New Orleans.
Shares in Tenaris, the world's largest maker of
seamless-steel pipes for the energy industry, rose 7.7 percent
on Tuesday with investors citing the new forecast as a reason
behind the move.
According to one trader the new guidance could result in a
double-digit upgrade to analysts' earnings estimates for
In 2016, global OCGT demand was 8.8 million tonnes. OCGT
stands for Oil Country Tubular Goods, which are tubes that are
used in oil and gas production.
For this year Tenaris expects demand in the United States
and Canada to reach 5.2 million tonnes, up from 2.2 million in
2016, while demand from China and Russia should also rise to 3.7
million from 3.5 million. Demand in other areas is seen stable
(Reporting by Danilo Masoni; editing by Agnieszka Flak)