Tenaris buys steel pipe producer Benteler in $460M deal

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Tenaris (NYSE:TS) said late Thursday it agreed to acquire Louisiana-based Benteler Steel & Tube Manufacturing Corp. for $460M, a deal it said will further expand its production range and manufacturing presence in the U.S. market.

Benteler produces of seamless steel pipe, with an annual pipe rolling capacity of up to 400K metric tons.

Jefferies analysts upgraded Tenaris (TS) shares to Buy on Thursday, saying they prefer Oil Country Tubular Goods exposure in the steel sector and raising OCTG steel price forecasts, while cutting stainless and carbon prices.

The stock jumped 8.8% in Thursday's trading, rising with other steel producers in a broad rally among names related to metals and natural resources.