TPT July 2007

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24 July /August 2007
Industry News
ITALY–Tel: +39(0) 536 851616 – e-mail:
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United States Steel Corp has announced
it is to acquire Lone Star Technologies Inc,
USA, a leading manufacturer of welded
oilfield tubular goods. The agreement was
unanimously approved by the boards of
directors of both US Steel and Lone Star.
US Steel expects that the acquisition of
Lone Star will strengthen its position as a
premier producer of tubular products for
the energy sector and will create North
America’s largest tubular producer.
The transaction is designed to broaden
US Steel’s energy product offerings by
combining its predominantly seamless
tubular business with Lone Star’s
complementary welded tubular business.
Following the transaction, US Steel will
have an annual North American tubular
capability of approximately 2.8 million tons.
US Steel expects this acquisition to lead to
an annual pre-tax operating yield in excess
of US$100mn by the end of 2008.
Mr John P Surma, chairman and CEO of
US Steel, commented, “This transaction
represents a compelling strategic
opportunity for US Steel to strengthen our
position as a supplier to the robust oil and
natural gas sector.”
Mr Rhys Best, chairman and CEO of Lone
Star stated, “Our complementary strengths
will better position Lone Star to pursue
significant new growth opportunities for the
benefit of our customers, distributors and
end users.”
United States Steel Corp – USA
Fax: +1 412 433 5016
Website:
A conference dedicated to the
Middle East’s steel industry
took place from 12-14 May
2007, at Dubai’s Fairmont
Hotel, UAE. Titled ‘Steel
Wonder of the World’ .
com), the conference was organised by
Our Metals and Russian partners, Rusmet.
The conference welcomed producers and
traders of steel, stainless steel, and tube
and pipe, with a platform for Russian and
Middle East companies.
The 2 nd Iranian international
tube & profile exhibition
(email: .
com) will be staged from 25-27
July 2007 in Tehran, Iran. Last
year’s show met with notable interest from
companies wishing to make inroads into
the Iranian market. Products on display will
include tube, pipe and profiles (stainless
steel, steel, aluminium, PVC and UPVC),
and a host of machinery such as cutting,
bending, forming and welding equipment.
US Steel to acquire Lone Star Technologies
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