Tenaris S.A. reports control of Matesi assumed by Venezuela

Posted on: Thu, 20 Aug 2009 05:26:00 EDT


Symbols: TS
Aug 20, 2009 (M2 EQUITYBITES via COMTEX) --
TS | Quote | Chart | News | PowerRating -- Steel tubes supplier Tenaris S.A. (NYSE:TS) (Buenos Aires:TS)
(Mexico:TS) (Milan:TEN) reported on Wednesday that a transition
committee in Venezuela has unilaterally assumed exclusive operational
control over the assets of Matesi Materiales Siderurgicos S.A.

The transition committee was appointed by the Venezuelan Ministry of
Basic Industries and Mining.

Tenaris said that it is prepared to engage in discussions with the
Venezuelan government regarding the fair and adequate terms and
conditions for the transfer of Matesi to Venezuela, while continuing to
reserve all of its rights under investment treaties and Venezuelan and
international law.

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For full details on Tenaris Sa (TS) TS. Tenaris Sa (TS) has Short Term PowerRatings at TradingMarkets. Details on Tenaris Sa (TS) Short Term PowerRatings is available at This Link.

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