Tenaris, a manufacturer of pipes and related services for the energy industry, has entered into a definitive agreement to acquire 100 per cent of the share capital of Artrom Steel Tubes from GLGH Steel, a US based company. 

The transaction is for an aggregate purchase price of EUR86 million ($100 million), on a cash free and debt free basis.

The agreement also includes a normalised level of working capital.

The transaction is subject to customary regulatory conditions, including clearance from the European Union competition authorities and Romanian government approvals. 

Closing is expected to occur during the fourth quarter of 2026.

Artrom Steel Tubes is a Romanian manufacturer of steel and seamless steel pipes, with annual steelmaking capacity of approximately 450,000 metric tonnes at its facility in Reșița, and pipe rolling capacity of up to 200,000 metric tonnes at its Slatina facility.