Benteler said it will not proceed with the previously announced sale of its seamless steel pipe manufacturing facility in Shreveport, Louisiana to Tenaris due to renewed demand in the oil and gas markets.

Benteler Steel & Tube Manufacturing in Louisiana produces seamless tubes with a rolling capacity of up to 400,000 tons/per year.

Benteler and Tenaris first announced a potential deal in July for an initial sale price of US$460 million. Due to stronger market conditions, the Shreveport mill was assessed at a significantly higher price than the purchase price agreed with Tenaris in July 2022 and then decided to exercise its contractual right to terminate the sale after the expiry of the deadline, as initially agreed.