Hoʻokumu ʻia ma 1993 e nā kaikunāne ʻo Tom lāua ʻo David Gardner, ua kōkua ʻo The Motley Fool i nā miliona o ka poʻe.

Hoʻokumu ʻia i ka makahiki 1993 e nā kaikunāne ʻo Tom lāua ʻo David Gardner, ua kōkua ʻo The Motley Fool i nā miliona o ka poʻe e hoʻokō i ke kūʻokoʻa kālā ma o kā mākou pūnaewele, podcasts, puke, kolamu nūpepa, hōʻike lekiō a me nā lawelawe hoʻopukapuka ʻoki.
Hoʻokumu ʻia i ka makahiki 1993 e nā kaikunāne ʻo Tom lāua ʻo David Gardner, ua kōkua ʻo The Motley Fool i nā miliona o ka poʻe e hoʻokō i ke kūʻokoʻa kālā ma o kā mākou pūnaewele, podcasts, puke, kolamu nūpepa, hōʻike lekiō a me nā lawelawe hoʻopukapuka ʻoki.
Ke heluhelu nei ʻoe i kahi ʻatikala manuahi e ʻokoʻa paha nā manaʻo mai ka lawelawe ʻoihana waiwai ʻo The Motley Fool.E lilo i lālā Motley Fool i kēia lā a loaʻa koke i ka ʻōlelo aʻoaʻo loiloi kiʻekiʻe, ka noiʻi hohonu, nā kumu waiwai waiwai a me nā mea hou aku.
Aloha ahiahi a mahalo no kou kākoʻo.Welina mai i ke kelepona hālāwai kūkā Q3 2021 o Tenaris SA.[Nā kuhikuhi]
Makemake au e hāʻawi i ka ʻaha kūkā i ka mea haʻiʻōlelo o kēia lā, ʻo Giovanni Sardagna.e ʻoluʻolu e hoʻomau.
10 Stocks We Like Better Than Tenaris Pay e hoʻolohe i ka wā e hāʻawi ai kā mākou hui loiloi lanakila i nā ʻōlelo aʻo waiwai.Ma hope o nā mea a pau, ʻo ka Motley Fool Stock Advisor newsletter a lākou e holo nei no nā makahiki he ʻumi i hoʻopākolu i ka mākeke.*
Ua wehe wale lākou i ʻumi mau kumukūʻai a lākou e manaʻo nei he kūʻai maikaʻi loa no nā mea hoʻopukapuka i kēia manawa… a ʻaʻole ʻo Tenaris kekahi o lākou!Pololei - manaʻo lākou he ʻoi aku ka maikaʻi o ke kūʻai ʻana i kēia mau waihona.
Mahalo iā Gigi a hoʻokipa i ka Tenaris Q3 2021 kelepona kūkā.Ma mua o ka hoʻomaka ʻana, makemake wau e hoʻomanaʻo iā ʻoe e kūkākūkā ana mākou i ka ʻike i mua i ka wā o ke kelepona ʻana, a ʻokoʻa paha nā hopena maoli mai nā mea i ʻōlelo ʻia a i ʻole i loko o kēia kelepona.ʻO Paolo Rocca ke hui pū me aʻu i kēia lā, ko mākou Luna Hoʻomalu a Luna Nui;ʻO Alicia Mondolo, ko mākou CFO;ʻO Guillermo Vogel, Hope Luna Hoʻokele a me lālā o ka Papa Hoʻokele;Herman Kura, Hope Lunahoomalu a me na Lala o ka Papa;ʻO Gabriel Podskubka, ka Pelekikena o kā mākou mau hana o ka Hikina Hikina a me Luca Zanotti, ka Pelekikena o kā mākou hana US.Ma mua o ka hāʻawi ʻana iā Paolo i kahi ʻōlelo hoʻomaka, makemake wau e ʻōlelo pōkole i kā mākou hopena hapaha.ʻO kā mākou kūʻai ʻekolu hapaha he $ 1.8 biliona, ʻoi aku ka 73% o ka makahiki ma mua o ka makahiki a me ka 15% ma ke ʻano he nui, no ka mea ʻoi aku ka nui o nā kūʻai kiʻekiʻe ma ʻAmelika ma mua o nā mea ma ka Hikina Hikina ma muli o ka hoʻomau mau ʻana a me ka emi ʻana o nā kūʻai.ʻO ka emi ʻana o ke kūʻai ʻana i hoʻopili ʻia e nā kumu kau ma ʻEulopa.ʻO kā mākou EBITDA no ka hapaha i hoʻonui nui ʻia e 26% i $ 379 miliona, e hōʻike ana i nā kiʻekiʻe kiʻekiʻe, nā kumukūʻai ʻoi aku ka maikaʻi a me ka hana hana ikaika.
Ua piʻi aʻe kā mākou palena EBITDA ma luna o 20% mahalo i nā ASP kiʻekiʻe, aʻo ka ulu ʻana o ke kumukūʻai i alakaʻi ʻia e ka hoʻomaikaʻi pent-up i ka hana hana a me ka uhi kumukūʻai kiʻekiʻe.Ua hoʻonui ʻia ke kumukūʻai kūʻai maʻamau i kā mākou paipu ma 10% makahiki-ma-makahiki a me 6% hapaha-ha-ha-ha.I loko o ka hapaha, he $53 miliona ke kahe kālā a he $74 miliona ka hoʻolilo kālā.ʻAʻole iki kā mākou kahe kālā manuahi.ʻO nā kālā mai nā hana hana i hoʻonui ʻia e $ 276 miliona i ka hapaha, ma muli o ka ulu mau ʻana a me nā pae kiʻekiʻe o ka ʻoihana ʻoihana ma US.ʻO kā mākou kūlana kālā ma ka hopena o ka hapaha ua emi iho i $ 830 miliona mai $ 854 miliona i ka hapaha mua.Ua ʻae ka Papa Hoʻokele i ka uku ʻana i ka puʻunaue kuʻuna o $0.13 no ka pāʻani a i ʻole $0.26 no ka ADR ma Nowemapa 24.
Mahalo iā ʻoe Giovanni kakahiaka maikaʻi a pau.I kēia mau mahina i hala iho nei, ua ʻike mākou i ka hopena o nā mākeke ikaika e like me ka piʻi ʻana o ka noi honua i ka emi ʻana o ka ʻoihana ma muli o ka maʻi maʻi i ka makahiki i hala.Ua piʻi aʻe nā kumukūʻai aila ma luna o nā pae pre-pandemic no ka mea ma lalo o nā mea maʻamau a mālama nā ʻāina ʻo OPEC+ a me nā mea hana shale mokuʻāina ʻo US i ka hoʻopaʻa ʻana.ʻO nā kumukūʻai kinoea kūlohelohe, ʻoi aku ka LNG ma ka mākeke wahi, ke pane aku nei i ka hoʻolako ʻana i nā mea paʻa, e waiho ana i kahi o nā waihona mālama ʻEulopa ma mua o ka hoʻoilo.Eia ka mea e hana ai ke nānā ʻia kahi ʻoihana ma ke ʻano he hālāwai o nā alakaʻi o ka honua e alakaʻi i ka noʻonoʻo ʻana pehea e hoʻoikaika ai a hoʻolōʻihi i ka hoʻololi ʻana i ka ikehu.ʻOiai maopopo ka pahu hopu, ʻaʻole maopopo ka wikiwiki a me ke kuhikuhi o ka neʻe ʻana, me ka nui o nā ʻōpala e neʻe ana a puni.ʻO kēia mau hoʻoulu ʻana o ka ikehu, i hui pū ʻia me ka hoʻopau ʻana i ke kaulahao lako a me nā hopena mau o ka maʻi maʻi maʻi, hana i nā pilikia a me nā manawa kūpono no Tenaris.Ma ka ʻaoʻao hoʻokahi, ua alo mākou i ka piʻi ʻana o nā kumukūʻai no nā lako maka, ka ikehu a me ka logistic, a me kekahi mau pilikia i ka hoʻolālā hana a me nā papahana wili mea kūʻai aku.Ma ka ʻaoʻao ʻē aʻe, ke ulu nei ka noi i ka ulu ʻana o ka hana i ke kākoʻo ʻana i nā lako aila a me nā lako.
Ma lalo o kēia mau kūlana, ke hoʻomau nei kā mākou hopena e hōʻike i kahi manawa hoʻōla ikaika, me ka piʻi ʻana o ke kūʻai ʻana i ka hapaha ma ka hapahā a me nā margin rebounding.ʻO kā mākou EBITDA margin i kēia manawa ma luna o 20% mahalo i nā kiʻekiʻe kiʻekiʻe, nā kumukūʻai kiʻekiʻe a me ka hoʻokele kumukūʻai.I ka wā e hiki mai ana, manaʻo mākou e hoʻomau kēia ʻano.ʻO kā mākou kūʻai ʻana ma ʻAmelika ʻAmelika i ke kolu o ka hapaha ua piʻi hou aʻe he 28% ma ke ʻano he 155% makahiki ma luna o ka makahiki.Manaʻo mākou i ka ulu ikaika hou ʻana i ka hapaha e hiki mai ana i ka wā e hālāwai ai mākou i ka ulu ʻana o ka koi o nā mea kūʻai aku a pale i ka piʻi ʻana o ka mākeke.E like me kā mākou i ʻōlelo ai i nā kelepona ma mua, ke hoʻonui nei mākou i ka hana ma US a ʻōwili i ka lawelawe Rig Direct e hoʻokō i ka ulu nui o ka noi a me nā pono o kā mākou mea kūʻai.I ʻAukake, ua wehe hou mākou i kā mākou hale hana paipu liʻiliʻi ma Ambridge, Pennsylvania.I ʻOkakopa, ua wehe hou mākou i kā mākou hale mālama wela a hoʻomaʻamaʻa ma Baytown, Texas.Ke hoʻomau nei ka ulu ʻana o ka hana ma kā mākou hale ʻo Bay City.Ke hana nei mākou i kēia hoʻonui i ka mākeke hana paʻakikī a mākou i hoʻokumu ai i kā mākou hui - mai ʻOkakopa i ka makahiki i hala ua hoʻolimalima mākou i 1,000 mau limahana hou a manaʻo mākou e lawe i ka huina i 1,000 ma Iune 2022, 1,600 poʻe.Ua waiho aku ʻo US Steel a me nā hui paipu hoʻokūkū hoʻokūkū ʻē aʻe i nā noiʻi anti-dumping i ka lawe ʻia ʻana o ka paipu aila mai Mexico, Argentina a me Rūsia, a me nā noiʻi anti-subsidy i Rusia a me South Korea.Ua ʻae ke Keʻena Kālepa o ʻAmelika i kahi noi e wehe i kahi hoʻokolokolo, a ʻo ka US International Trade Commission e hoʻopuka i kahi hoʻoholo hoʻoholo poino ma Nowemapa 19.
Manaʻo mākou he kumu ʻole ka palapala noi a e nīnau nui mākou i nā manaʻo e hoʻolei ʻia ana kā mākou mea lawe mai a hōʻino a hoʻoweliweli paha i ka ʻoihana kūloko - kala mai no ka hōʻeha ʻana i nā mea hana kūloko.I nā makahiki he 15 i hala iho nei, ua hoʻolilo ʻo Tenaris ma mua o nā ʻoihana ʻē aʻe i ka loaʻa ʻana a me ka hoʻonui ʻana e kūkulu i kahi ʻōnaehana hana hoʻokūkū OCTG ma United States.ʻOiai ʻaʻole hiki iā mākou ke wānana i ka hopena o kēia noiʻi, ke hilinaʻi nei mākou e hiki iā mākou ke hoʻomau i ka lawelawe ʻana i kā mākou mea kūʻai aku me ka nānā ʻole i ka hopena.I kēia kakahiaka ua hoʻolaha aku mākou i kā mākou limahana Iapana me ka minamina ua hoʻoholo mākou a me kā mākou hoa JFE e hoʻopau i kā mākou hui kūleʻa me NKKTubes a pani i kā mākou mea kanu paipu ʻole ma Iune 2022. wili kila, kahi e kū ai kā mākou mea kanu, e hāʻawi ana i ke kila a me nā lawelawe kumu [inaudible].He mea kōkua nui ʻo NKKTubes iā Tenaris a ʻo JFE i nā makahiki he 20 i hala iho nei, akā ua kokoke mai kona pani ʻana.Ma hope o ka pani ʻana o ka mea kanu, e hana mākou i nā huahana chromium alloy kiʻekiʻe i hāʻawi ʻia e NKKTubes i nā mea kūʻai aku a puni ka honua ma kā mākou hale hana.E kākoʻo ʻo JFE iā mākou i kēia hoʻololi ʻana me ke ʻano hiʻohiʻona o ka launa pū ʻana i maʻamau i nā ʻoihana hui.Ua hōʻike ko mākou limahana ma Iapana i ka hoʻomanawanui nui i ka wā i hoʻolaha ai mākou i kēia kakahiaka a kākoʻo mākou iā lākou i nā mahina e hiki mai ana.
I ʻOkakopa, ua hoʻonui mākou i kā mākou pilina lōʻihi me Sandvik e hoʻolako i ka CRA a i ʻole nā ​​paipu kila kila no nā makahiki ʻelima.Ma ʻaneʻi, hoʻohui mākou i ka ʻenehana waiwai Sandvik me kā mākou loea pili pili a me ka ʻenehana Dopeless e hoʻokomo i kēia mau paipu kūikawā kiʻekiʻe i kā mākou [kaʻina hana noiʻi].ʻO kēia kahi māhele mākeke e ulu nei.Ma Qatar, ua loaʻa iā mākou kahi ʻaelike $330 miliona no ka hoʻolako ʻana i nā paipu welded a me ka ʻole no nā lako kinoea ma lalo o nā ʻaelike LNG.Hoʻomaka ka hoʻouna ʻana i ka hapa ʻelua o 2020. Hoʻopiha kēia i kā mākou mau ʻaelike i kēia manawa no ka hoʻolako ʻana i nā paipu OCTG ma ka ʻāina.Hoʻonui kēia i kā mākou puke kauoha ma ka Hikina Hikina, e ʻike ʻia ka hopena i kā mākou hopena e hoʻomaka ana i ka lua o ka hapaha o 2022. Ma Argentina, ua ʻae mākou me YPF e hoʻolōʻihi i kā mākou ʻaelike lōʻihi e hoʻoikaika i kā mākou rigs no kekahi 5. makahiki o ka lawelawe pololei ana mai 22 Aperila.Ke hoʻomau nei mākou i ka holomua i kā mākou mau hoʻolālā e hōʻemi i ka ikaika kalapona o kā mākou hana.Ke hoʻopau nei mākou i kahi hoʻopukapuka e hoʻonui i ka nui o kā mākou mīkini anawaena waena ma Dalmina e hoʻokomo i nā paipu a hiki i ka 18″ anawaena, e hopena i ka ikehu nui a me ka mālama kalapona no kēia huahana anawaena nui aʻe.Ke nānā ikaika nei mākou e hoʻokomo a loaʻa paha ka ikehu hou no ka nui o kā mākou mea kanu a puni ka honua, me Italia, Argentina, Romania a me US.I ka manawa like, ke hoʻonui nei mākou i nā kūʻai aku o nā pahu mālama hydrogen no ka hoʻopiha piha ʻana i ʻEulopa a me Kaleponi, a ua lanakila mākou i kahi ʻaelike me Air Products e hoʻomohala i kahi pipeline e hoʻolako i ka hydrogen i Saudi Arabia.I loko o kahi kaiapuni paʻakikī a wikiwiki hoʻi, hoʻokō ʻo Tenaris i kāna mau kuleana ma ka hoʻomaikaʻi ʻana i kāna hana kālā a mālama i kahi kūlana ikaika e kākoʻo i kāna mau mea kūʻai aku a puni ka honua.
[Nā kuhikuhi a ka mea hoʻohana] ʻO kā mākou nīnau mua mai Ian McPherson o Piper Sandler.Ke hana nei kāu laina.
Aloha.Mahalo iā ʻoe.ʻO Paolo, manaʻo wau iā ʻoe - ua kūkākūkā mākou i ka hapaha hope e hiki iā ʻoe ke manaʻo i ka ulu ʻana o ka loaʻa kālā pālua i ka hapakolu a me ka ʻehā.Ua uhaʻi ʻoe i ke kolu o ka hapaha e 15%.ʻO ia - ua lawe mai ʻoe i kekahi kālā?A i ʻole ke kali nei ʻoe i ka ulu ʻana o ka loaʻa kālā pālua i ka hapahā ʻehā?
Mahalo Jan. Manaʻo wau e hoʻonui hou i kā mākou loaʻa kālā ma kēia pae, i ka pae ʻōpio.ʻO kaʻu manaʻo, ke ulu nei ka mākeke ma nā wahi like ʻole, ʻoi aku ma ʻAmelika ʻAmelika.No laila ke manaʻo nei mākou hiki iā mākou ke hana.A manaʻo wau e hoʻomau paha kēia ʻano i ka hapaha e hiki mai ana.
Maikaʻi No laila, ua like kēia me ASP e ulu ana i ka 6% a i ʻole 7% i ke kolu o ka hapaha, a ʻo ke koena ma muli o ka nui?ʻO ka hopena, ʻoi aku ka maikaʻi o ka ulu ʻana o ka nui a me nā kumukūʻai.
ʻO ka mea maʻamau, ʻoi aku - ʻoi aku paha nā ʻokoʻa.Akā e like me kāu e ʻike ai, he mea nui ka ulu ʻana o Pipe Logix i kēia mahina.E like me kāu i ʻōlelo ai, e kākoʻo mālie kēia i ka ulu ʻana o ka loaʻa kālā ma ka hapahā ʻehā a me ka hapaha mua o ka makahiki e hiki mai ana.
MAKAI He kōkua nui kēia.A laila makemake wau e nīnau e pili ana i ka hopena o ka NCC.Hiki iā ʻoe ke kamaʻilio liʻiliʻi e pili ana i ke koʻikoʻi o ka hui hui ʻana o Iapana i hoʻohālikelike ʻia i nā helu 2021 a he aha kā mākou e noʻonoʻo ai e pili ana i ka spin-off ma hope o ka waena o ka makahiki aʻe?
ʻAe, ua hana nui ka ʻoihana hui i ka wā o kona hoʻokumu ʻana i ka makahiki 2000. I kēlā manawa, ua kōkua nui ia iā mākou e hoʻopau i kā mākou kikowaena a komo i ka mākeke Iapana.Akā i ka makahiki i hala iho nei, ua hāʻule nui ka huina hana.ʻO ka nui o ka pae hana i ka makahiki i hala ma kahi o 50,000 tons i kēlā me kēia makahiki.I ka manaʻo, ua kaupalena ʻia ka hopena o kēia manawa, no ka mea i ka makahiki 2020 ua hoʻoholo ʻo JFE e pani i ka pūnaewele kahi i loaʻa ai kā mākou hale, a ʻaʻole ia e kūʻai koke ʻia, akā ma 2023, ka hoʻolako ʻana i nā pā no ka hale, ke alo nei mākou me ka hiki ʻole - Ua koi ʻia mākou e hana i kēia hoʻoholo.ʻAʻole wau e ʻōlelo he hopena koʻikoʻi ia i kā mākou waihona koena no ka mea aia nō hoʻi kā mākou mau mea e pili ana ka hapa nui o ke kumukūʻai i kēia pani.ʻO ka pilikia, ua mākaukau mākou e hoʻohuli hou i ka hana, ʻoi aku ka maikaʻi o nā lako maka, no ke koena o kā mākou ʻōnaehana ʻoihana.
ʻAe.mahalo nui loa iā ʻoe.ʻO ka hoihoi, ʻaʻole maopopo iaʻu i kāu mea e ʻōlelo ai ma kēia wahi ʻē aʻe ma mua o ka ʻōlelo ʻana e pili ana i kahi kālepa kālepa.ʻOiaʻiʻo, ua hoʻoikaika ʻoe i ka mea āu e manaʻo ai he pono.Aia kekahi ʻikepili e kuhikuhi ai, a i ʻole kekahi ʻikepili ʻoihana e hōʻike a kākoʻo paha i kou kūlana?
ʻAe.ʻO ka mea nui, aia kekahi ʻikepili i kāu mau hana ponoʻī a i ʻole ma ka mākeke e kākoʻo ana i kou manaʻo he kumu ʻole ka ʻōlelo.Ke noʻonoʻo wale nei inā hiki iā ʻoe ke hoʻonui i kou hiki ke kākoʻo i kou kūlana.
ʻAe.Mahalo iā Connor Well, ma ka laulā, i nā makahiki he 15 i hala iho nei, ua hoʻolilo mākou i ke kālā he nui i ka US ma ka loaʻa ʻana a me ka ulu ʻole-organic.Ma waho aʻe o ka loaʻa ʻana, ua hoʻokomo mākou i kahi mokuʻāina hou o ka hale hana ma Texas.ʻOi aku ka nui o kā mākou kālā i $ 1.8 biliona.Ua komo mākou e hoʻonui i ka mana o nā mea kanu Maverick a me Hydril mua, a me nā mea i loaʻa iā IPSCO.No laila, loaʻa iā mākou kahi mana hana ikaika loa i ka US a hoʻohui mākou i kā mākou hana kūloko me ka lawe ʻana mai a i ʻole nā ​​​​huahana a i kekahi mau manawa e hoʻopau ai i ka hemahema a i ʻole nā ​​​​wahi hāʻawi o kā mākou mākeke kahi ʻaʻohe hana kūloko, ʻaʻohe hana kūloko, ʻaʻole lawa, ʻaʻole lawa ka hana home.ʻO ia ko mākou kūlana i kēia kūlana, ʻeha, ʻaʻole mākou i hōʻeha i ka mea o loko [INAUDIBLE] ma lalo o ka ʻaelike.He ʻāpana koʻikoʻi mākou o loko [inaudible].
ʻO mākou ko mākou mau manaʻo a me ko mākou makemake - ʻo nā hoʻopaʻapaʻa a mākou e hana ai no ka pale ʻana i kā mākou kumu ʻo ka DOC ma kekahi ʻaoʻao a me ka pōʻino o ka ITC ma kekahi.He hihia ikaika loa kā mākou.I ka manawa like, ua mākaukau mākou e hoʻonui i ka hana kūloko e like me ka mea e pono ai - ʻoiai ke hoʻomau nei ka mākeke ulu e koi - ma ka hoʻonui ʻana i ka noi mākeke.E like me kaʻu i ʻōlelo ai ma kaʻu ʻōlelo hoʻomaka, ua hoʻohui mākou mai ʻOkakopa i ka makahiki i hala - e hoʻohui mākou ma luna o 1,600 mau limahana e kākoʻo i ka hoʻonui ʻana i ka hana ma kā mākou mau hale hana.He kūʻokoʻa kēia hoʻonā i nā pilikia a i ʻole ka hihia kālepa a e hoʻomaikaʻi ʻia e hāʻawi i kā mākou mea kūʻai aku me ka palekana o ka lako ma kā mākou ʻaoʻao no nā ʻaelike āpau i loaʻa iā mākou.ʻO nā pūnaewele ʻewalu a mākou e hana nei i kēia manawa, ʻoiaʻiʻo, ʻewalu mau pūnaewele ma ʻAmelika Hui Pū ʻIa.ʻO kēia nā mea hana kila o Bay City, Hickman a me McCarthy, Baytown, Conroe, Koppel, a me ka paipu aila Blytheville paha.ʻO koʻu manaʻo, ʻo ia ka ʻōnaehana hana ʻole a welded pono loa ma ʻAmelika Hui Pū ʻIa.No laila inā manaʻo mākou he kumu ʻole kahi hihia kālepa, e pale ikaika mākou iā ia.Ma ke ʻano o ke kumukūʻai, ʻike ʻoe ua piʻi ka Pipe Logix i 98% i hoʻohālikelike ʻia i ka makahiki i hala.No laila, i kēia hihia, he paʻakikī ka piʻi ʻana o ke kumukūʻai he 100 pakeneka.Eia kekahi, e like me kāu e ʻike ai, ke hōʻike nei nā hui kila ʻAmelika i nā helu helu.No laila e pale aku mākou iā mākou iho me ka 'Oihana Hoʻokolokolo ma kahi hihia hōʻeha pilikino.
Mahalo nui kēia mahalo i ke kala ma laila.No laila, e pili ana i ka mākeke US, ʻo kekahi o nā nīnau a mākou e loaʻa pinepine ai pehea ka HRC, nā kumukūʻai haʻahaʻa a i ʻole nā ​​kumukūʻai wili kiʻekiʻe e lilo i mea hoʻoikaika e hoʻomaka hou i nā hale hana ma laila.Hāʻawi wale ʻia kāu mau mākau kuʻi kiʻekiʻe, he aha kāu e ʻike ai ma ka mākeke e hōʻoia maoli i ka hoʻāla hou ʻana i kekahi o kēia mau mea hiki?
ʻAe, ua ʻike ʻoe i ka piʻi ikaika ʻana o ke kumukūʻai e hoʻoulu ai i ka hoʻomaka ʻana o nā mea kanu paipu welded, ʻaʻohe kānalua no kēlā.E hele ana mākou… e hana mākou ma Hickman.Ua hiki aku ka HRC i kahi kiko, he palena paha, a hiki iā mākou ke noʻonoʻo inā e nānā ʻoe i ka wā e hiki mai ana, e emi iki ke kumukūʻai o HRC i ka manawa ma 2022. Akā, i koʻu manaʻo, ʻoi aku ka kiʻekiʻe o nā kumukūʻai o ka ʻāina ʻaila tubular waiwai e paipai i ka hoʻolana i nā mana.Eia naʻe, inā manaʻo mākou e piʻi ana ka koi - e like me kā mākou manaʻo e hoʻomau ka nui o nā rigs i ka hapaha e hiki mai ana, manaʻo mākou i ka helu o nā rigs, a ke manaʻo nei mākou i ka helu o nā rigs, a ua hōʻoia kā mākou mea kūʻai aku i kēia manaʻo o nā mea ʻē aʻe. nā kānaka kālailai.mai kēia manawa, e hoʻohui i nā rigs 100 i ka hapa ʻelua o 2022. No laila, me ka ulu ʻana o ka mākeke no OCTG, e emi mālie ke kumukūʻai o ka ʻōwili wela i ka wā e hiki mai ana, a ʻike mākou e komo nā ʻano welded i ka mākeke.Eia naʻe, e hoʻomau ka noi i ka hoʻopili ʻana i ka lako.I koʻu manaʻo, e hoʻomau ke kumukūʻai i kāna mau dynamics maikaʻi.
Aloha kakahiaka.No laila no ka manawa mua i loko o ka manawa lōʻihi, hoʻomanaʻo wau i kāu hoʻokuʻu paʻi ʻana i ka hoʻomaikaʻi ʻana i waho ma nā wahi he nui.Inā wau e hoʻomanaʻo pololei, ʻo kahi ʻoihana ikaika ma waho he kumu nui i ka hoʻokau ʻana i nā palena EBITDA ma luna o 25% i ka pōʻai hope loa a ʻaʻole mākou i ʻike i kēlā mai ka makahiki 2014. No laila, pehea ka nui o kā ʻoukou manaʻo e hoʻihoʻi hou i waho i 2022?Inā ʻoe e koho, pehea e ʻike koke ai mākou i nā palena ma luna o 25%?
ʻAe, ʻae mākou ke ʻike nei mākou i ka ʻoihana o waho e hoʻomaka ana e hoʻōla.Mai ka hapaha mua o ka makahiki aʻe, ʻike paha mākou i ka hoʻomaka hou ʻana o kēia hoʻōla.He pōʻai mua kēia, akā e hoʻomau ke kaʻina hana.Manaʻo mākou i kekahi mau papahana nui e hoʻoholo i nā hoʻoholo hoʻopukapuka hope loa ma 2022 a pili mālie i ko mākou kūlana a me ke kūʻai ʻana a i ʻole koi i ka hapa lua o 2022 a me 2023. Pono ka manawa.I kēia lā ke ʻike nei mākou i ka hoihoi hou aʻe.Ke puka mai nei ka ʻoihana ma waho, ʻoi aku ma Latin America, Mexico, Brazil a me Guyana.Ma kēia mau wahi, no ka laʻana, e hoʻomaka ana nā hōʻailona o ka ho'ōla.Akā ke manaʻo nei au ma 2023 mau wahi ʻē aʻe e hui pū kekahi - aia nā mega-projects hou ma ka Hikina Hikina, ʻApelika, e hele mai ana no nā hoʻoholo hoʻopukapuka kālā a me ka hoʻokō.ʻOiaʻiʻo, ʻoi aku ka maikaʻi…
nui.Ma ke ʻano he ʻaoʻao i ka nīnau a Connor e pili ana i ka ʻoihana kālepa, hiki iā ʻoe ke wehewehe iki i ka nui o kāu mau kūʻai ʻana ma US i kēia manawa?Ke manaʻo nei e hoʻomaka ana kāu mau hale hana US i ka hana piha, he aha ka koi i ka US - ke koi ʻana o US no kāu mea e kūʻai aku ai, he aha kāu e hana ai ma ka ʻāina?Aia kekahi ʻano paipu i hiki ʻole ke hana ʻia ma ʻaneʻi a pono e lawe ʻia mai?
Aloha Igor.ʻAʻole paha e holo ana ka laina ma Buenos Aires, ʻaʻole au i ʻike, e pane paha ʻo Luca a me Herman i kēia nīnau.
Aia pū mākou a pau i kēia.ʻAe, mahalo iā ʻoe, e Igor, a aia mākou ma Kelemania.Ke wehe hou mākou i ka laina mai Buenos Aires, e ʻōlelo wau, ʻo ka mea mua, ke manaʻo nei mākou e koi aku e hiki iā mākou ke lawelawe i kā mākou mea kūʻai aku e ulu nei.E like me kā mākou i hoʻolaha ai i nā pule i hala iho nei, aia mākou i kēia manawa kahi hale US kahi e hoʻolālā ai mākou e hoʻolimalima i 1,000 poʻe.Loaʻa iā mākou ka nui like e hoʻonui i kā mākou hiki i loko.ʻO Igor, ʻaʻole mākou e hōʻike maʻamau i nā kumu a me nā mea ʻē aʻe akā pono ʻoe e noʻonoʻo iā Tenaris ma ke ʻano he ʻōnaehana ʻoihana honua i kūkulu maoli i nā mana hana hale koʻikoʻi e like me kā mākou i hoʻolaha ai ma o kahi hoʻopukapuka ʻoi aku ma mua o $10 biliona.Hoʻopiha pū ia i ka hana mai nā wahi ʻē aʻe o ka ʻōnaehana ʻoihana honua, a ke manaʻo nei mākou e hana pēlā.Manaʻolana e hoʻoponopono kēia i kou pilikia.
Mahalo iā ʻoe.ʻO kā mākou nīnau aʻe mai Alessandro Pozzi o Mediobanca.Ke hana nei kāu laina.
Aloha, mahalo no ka ʻae ʻana i kaʻu nīnau.Ua ʻōlelo ʻoe ma ka hapahā ʻehā hiki iā ʻoe ke ʻike - ka ulu ʻana a puni ka wā ʻōpio.Ke noʻonoʻo nei au i kēia manawa ua ʻoi aku ka maikaʻi o kou hoʻomaopopo ʻana i ka nui o ka ulu ʻana i ka hapaha mua, a ke noʻonoʻo nei au inā hiki ke hoʻonui ʻia ka ulu ʻana i ka hapaha mua.Ma muli paha o ka hahai ʻana, ke manaʻoʻiʻo nei au ua ʻōlelo ʻoe e hoʻomaka ana i ka lua o ka hapaha o ka makahiki e hiki mai ana, e ʻike ʻoe i ka hopena maikaʻi o ka hoʻonui ʻana i ke kūʻai aku ma ka Middle East.Ke noʻonoʻo nei au inā hiki iā ʻoe ke haʻi hou aku iā mākou e pili ana i ka hoʻōla ʻana āu e ʻike nei ma ka Hikina Waena a me ka makahiki aʻe.
ʻoiaʻiʻo.ʻoiaʻiʻo.ʻOiai mākou e kali nei iā Paolo, e pane wau i ka nīnau ʻelua e pili ana i ka Hikina Waena, kahi e ʻike nei mākou i ka hoʻopau ʻana i ka wili ʻana.I kēia manawa, ua ʻike mākou i kahi hoʻōla haʻahaʻa.Ke hoʻohālikelike ʻia i ka hoʻomaka ʻana o ka makahiki, ua hoʻonui ʻia ka nui o nā rigs drilling ma ka Middle East e 5% wale nō.Aia mākou ma kahi o 35% ma lalo o nā pae pre-pandemic, akā ke ʻike nei mākou i kēia loli.Ke ʻike nei mākou i ka emi ʻana o ka nui o nā rigs a ke manaʻo nei mākou e piʻi ka wikiwiki i ka hopena o kēia makahiki a hiki i 2022 e like me nā hoʻolālā hoʻolālā hana e hoʻonui a hoʻonui i ka hana.ʻO kekahi ʻāpana koʻikoʻi e kaupalena ana i kā mākou loaʻa kālā ma ka Hikina Hikina ke hoʻololi nei i ka ʻōnaehana lako ma UAE.Maopopo iā ʻoe ke neʻe nei mākou i Rig Direct, no laila ke emi nei ka waihona.Eia kekahi, aia kahi āpau ma waena o nā ʻaelike kahiko a me nā ʻaelike hou o Kuwait.No laila ua hoʻopili pū ʻia i ka koi ʻike ʻia i nā hapaha hope loa a me nā hapaha ʻelua e hiki mai ana.Ma kēia ʻatikala, e like me kāu i ʻōlelo ai, manaʻo mākou e kū like kā mākou kūʻai aku ma ka Hikina Waena ma mua o nā hapaha ʻelua e hiki mai ana i hoʻohālikelike ʻia i nā hapaha mua.
Akā, e like me ka mea i ʻōlelo ʻia i ka wā o ke kelepona hope, manaʻo mākou e hoʻomaka ka lele ʻana i ka Q2 22 a ma waho aʻe o ka nui o nā ʻaelike e kali nei ma ka ʻāina.E hoʻohui i ke kala iā ʻoe, ma Saudi Arabia, ua hāʻawi mākou i kahi hoʻomohala ʻole o ka waihona Jafura.Ua ʻike mākou pehea i hoʻomaka hou ai ʻo Saudi Aramco i kekahi mau papahana hoʻonui nui ma waho.Ma Kuwait, ua loaʻa iā mākou kā mākou kauoha hoʻopau mua, e waiho ana iā mākou me ka maopopo ʻole e pili ana i ka lawe ʻana i ka lua o ka makahiki e hiki mai ana ma muli o ka hoʻoulu ʻana i nā makahiki he nui a mākou i ʻōlelo ai i kekahi mau hapaha i hala.Eia kekahi, ua hoʻohiki ʻia ka hana ma ka UAE, me ka hoʻopuka ʻana o Rig Direct i ADNOC i hoʻolālā ʻia e hoʻonui i ka makahiki 2022. Ua ʻike pū mākou i nā ʻimi kinoea hoihoi ma UAE, ʻaʻole wale ma Abu Dhabi akā ma Ras Al Khaimah a me Sharjah, paʻakikī loa. nā pūnāwai e makemake ana i nā hui waiwai.ʻO ka mea hope akā ʻaʻole ka mea liʻiliʻi loa, i kāna ʻōlelo hoʻomaka, ua haʻi ʻo Paolo iā Qatar, ka mea i lanakila i kahi ʻaelike pipeline Qatari nui a hoʻohui iā OCTG i kā mākou palapala ʻaelike.Aia nō mākou ma ʻaneʻi a e ikaika nō hoʻi kēia mākeke no mākou i kēia mua aku.No laila, ke manaʻoʻiʻo nei au mai ka hapaha ʻelua o 2022 e loaʻa kahi lele kūpono i mua a me kahi hōʻailona hou i ka Middle East.
I ka manawa hea mākou e manaʻo ai e hoʻi hou ka Middle East i nā pae pre-COVID-19?ʻO 2022 a i ʻole kekahi makahiki aʻe?
ʻAe.Ma 2022, pono kēia lele e hoʻihoʻi iā mākou i ka laina loaʻa kālā 2020 a manaʻolana ʻo 2019, akā i kēia mau pae.
Maikaʻi Ke hoʻi nei i ka nīnau mua e pili ana i ka ulu ʻana o ka loaʻa kālā ma ka hapaha mua, pono anei mākou e manaʻo i ka ulu ʻana o ka loaʻa kālā pālua i ka hoʻomaka ʻana o 2022?
ʻAʻole maikaʻi, ʻo ia ka ʻōlelo like aʻu i ʻōlelo ai ma mua, manaʻo mākou e ulu ana kā mākou loaʻa kālā i ka hapaha mua o 2022 ma waena o nā ʻōpio.
Mahalo iā ʻoe.ʻO kā mākou nīnau aʻe mai Frank McGann ma Bank of America.Ke hana nei kāu laina.
OK, mahalo nui.ʻElua mau nīnau, inā hiki iaʻu.ʻO ka mea mua, e pili ana i nā mea āu i ʻike ai.E like me kāu i ʻōlelo ai i ka wā ma mua, ua ʻōlelo ʻoe i kāu hoʻolaha paʻi ʻana ʻo nā mea hana pilikino nā mea hoʻokele ulu nui.Ke noʻonoʻo nei au pehea e hele ai - pehea ʻoe e ʻike ai i ka neʻe ʻana i mua?Ke hoʻomaka nei kēia e loli?Ke ʻike nei ʻoe i nā hui lehulehu e hoʻomaka ana e wehe liʻiliʻi i kā lākou hoʻolimalima?A laila, ma ke ʻano o ke kumu kūʻai āu e ʻike nei, ua ʻike ʻia ke piʻi wikiwiki ʻana o nā kumukūʻai me he mea lā ua ʻoi aku ia ma mua o ka hoʻoponopono ʻana iā ia, e hopena i ka piʻi ikaika loa o ka leo.Akā - ʻike ʻoe i kahi ʻokoʻa kumukūʻai e hoʻomaka ana e lilo i pilikia ma hope o ʻelua a ʻekolu paha hapaha?
Mahalo iā Frank.ʻAe, ʻo ka mea mua, makemake wau e nīnau iā Luca Zanotti e ʻōlelo i ke ʻano o ka hoʻopukapuka ʻana o nā hui pilikino a me nā lehulehu i kēia mau lā.
ʻAe.Mahalo iā ʻoe Paul ʻO wau ke ʻōlelo nei, e nānā, ʻo nā wānana a kā mākou mea kūʻai e hana nei e pili ana i nā kumukūʻai kūʻai, i kēia manawa ke hoʻoikaika piha nei i ka ʻoihana maikaʻi a mākou e ʻike nei i kēia manawa.No laila e loli paha kēia.Ma ke kūlana o kēia manawa, ʻike mākou e hoʻomau ka ʻoihana pilikino i ka hana nui loa i kēia ulu ʻana i ka hiki.Eia hou, inā heluhelu ʻoe i nā mea kūʻokoʻa nui, nā mea kūʻokoʻa nui o ka lehulehu, e ʻike ʻoe i ko lākou manaʻo e loli paha ka wā e hiki mai ana ma muli o ke kaiapuni.E like me kaʻu i ʻōlelo ai, ʻoi aku ka maikaʻi o ke kaiapuni ma mua o ka wā ma mua.Eia kekahi, aia kekahi mea e noʻonoʻo ai, ʻo ia ka M&A e hoʻomau nei, hiki ke hoʻololi iki i ka manaʻo no ka wā e hiki mai ana.Manaʻo wau e hana kēia iā ʻoe.ʻAe.Mahalo iā Luka.Ma keʻano o nā kumukūʻai, ua maopopo iāʻoe ke hele nei mākou i kahi manawa o ka volatility nui ma muli o nā loli nui i ke kumukūʻai o nā metala a me ka ikehu, a me nā mea e hana nei ma'Europa i kēia mau lā.Akā, no ka laʻana, ma ke ʻano o nā metala, ua piʻi koke ke kumukūʻai o ka hao hao, a laila ua hoʻoholo ʻo Kina e ʻoki i ka hana kila me ka hikiwawe loa a me ka nui o ka nui e ʻoki nui ai lākou i ke kumukūʻai o ka hao hao.I kēia manawa ke piʻi nui nei ka lanahu, ʻoi aku ka nui o ke kumukūʻai ma muli o nā kapu a me nā bottlenecks i ka māhele ikehu.Ua piʻi ka male, akā i kēia manawa ua emi ka waiwai o ka ʻupena.No laila aia kekahi decoupling ma waena o nā ʻano like ʻole a mākou i hoʻohana pū ai ma mua, no laila ʻaʻole maʻalahi ke wānana.Akā i kēia manawa, ʻo ke kumukūʻai - e hōʻoiaʻiʻo ana i ke kumukūʻai o nā mea maka, ka ikehu, a me ka logistic - aia ma kā mākou papa inoa.Ma ka hapaha ʻehā, manaʻo wau e ʻike ʻia ka hopena piha i kā mākou kumukūʻai kūʻai.Ua uku ʻia, e like me kāu i ʻōlelo ai, ma ka liʻiliʻi o ka hana a me ka assimilation maikaʻi.Inā wau e nānā i ka wā e hiki mai ana, manaʻo wau e lilo kekahi o kēia mau ʻano i mea maʻamau, no ka laʻana, ke manaʻo nei mākou i ka emi ʻana o ke kumukūʻai o ka ikehu, ma hope paha o ka pūnāwai - ʻEulopa, ma hope o ka hoʻoilo.No laila ʻo ke kumukūʻai - e pane mai ke kaulahao lako a hiki iā mākou ke loaʻa i kahi liʻiliʻi o kēia mau pilikia a me ka paʻa ʻole a mākou i ʻike ai i ka mahina i hala.I kā mākou hōʻike, manaʻo wau e ʻike piha ʻia kēia i ka hapahā ʻehā a me ka hapaha mua o 2022.
Mahalo iā ʻoe.ʻO kā mākou nīnau hou mai Stephen Gengaro o Stifel.Ke hana nei kāu laina.
Mahalo iā.Aloha awakea, Aloha Auinalā.Aloha kakahiaka e na keonimana.Ua pane nui mai oe.ʻIke wale au pehea e pili ai kēia i kahi hihia kālepa ke noʻonoʻo ʻoe i kāu hana home a i ʻole US e kūʻē i nā huahana mai nā mākeke ʻē aʻe.ʻIke wau ʻaʻole ʻoe makemake e hōʻike i nā kikoʻī o kēia mau puke.Akā ke noʻonoʻo ʻoe e pili ana i ke kumukūʻai kūpono, ʻike wau i nā makahiki i hala iho nei, inā e hoʻokō kēia mau hihia, piʻi aʻe nā kumukūʻai ma ka mākeke US.He aha ka hopena ʻupena i kāu loaʻa kālā.Aia kahi ala e wehewehe ai i ka pilina ma waena o nā pono o ka hana ʻana o US a me nā kumukūʻai hoʻemi e kahe ana i ka ʻāina?
ʻAe, pololei ʻoe, e like me ka wā ma mua, hiki ke hoʻopili kēia i ke kumukūʻai.Akā, e like me kāu e ʻike ai, ke piʻi nei nā kumukūʻai US no nā mahina he 13 i hala.ʻO nā mahina a me nā mahina, ke piʻi aʻe nei nā kumukūʻai e like me ka piʻi ʻana o nā kumukūʻai Pipe Logix i 12% i ka mahina i hala.No laila, aia ka piʻi ʻana o nā kumukūʻai.I kēia manawa - me kēia ʻano, hiki i nā palena ʻaoʻao a i ʻole ka hōʻemi ʻana i ka lawe ʻana mai, ʻoi aku hoʻi no nā huahana niche, hiki ke alakaʻi i kahi spike.Hiki nō hoʻi kēia.Akā i koʻu manaʻo ua paʻa nā lako.Ma ke ʻano o ka hopena o nā waihona waiwai, aia nā mea waiwai ma kahi kiʻekiʻe ma mua o kēia makahiki, ʻo ia ka mea i hoʻohaumia i ka piʻi ʻana o ke kumukūʻai i ka neʻe ʻana o nā waihona mai ka noi a i ka ʻai.I kēia manawa ua hoʻemi ʻia nā waihona i ʻehā mahina, 4.5 mahina.No laila, he mea maʻamau a haʻahaʻa paha ka pae o nā waihona i ka pae i manaʻo ʻia o ka hoʻohana.No laila he mea maikaʻi kēia i ke kumukūʻai.No laila, i koʻu manaʻo, ʻoiai me ka nānā ʻole i ka hihia kālepa, e ʻike mākou i ke kaomi kumukūʻai.A laila, hiki paha i kahi hihia kālepa ke hōʻoia i ka piʻi hou ʻana i kekahi mau wahi o ka ʻai.
Mahalo iā ʻoe.ʻO kā mākou nīnau hou mai ka moʻokūʻauhau ʻo Vaibhava Vaishnava mai Cocker Palmer.Ke hana nei kāu laina.
Aloha kakahiaka a pau a mahalo no ka pane ʻana mai i kaʻu nīnau.ʻO ka mea mua, he mea wehewehe wale nō.Manaʻo wau ke huli nei ʻoukou i ka ulu kālā maʻamau Q4, akā ke kamaʻilio pū nei ʻoe e pili ana i ka ulu kālā maʻamau Q1 22?
ʻOiai he palahalaha ka Middle East.He aha ka mea e hoʻokele iā lākou?He nui anei o lakou ma Amerika Akau?A i ʻole he aha ka mea e hoʻokele ai iā lākou?
ʻAe, he kuleana ko ʻAmelika ʻĀkau.A ke ʻōlelo nei au ma Latin America ke piʻi nei ka hana wili ʻana.He mea koʻikoʻi nā kumukūʻai aila ma kahi o $80 i ko mākou wahi i ka makahiki i hala.ʻO nā kumukūʻai kinoea US ma kahi o $ 5 a ke kākoʻo pū nei ʻo LNG i kahi kiʻekiʻe o ka hana.No laila ke hoʻokele nei - ʻo Kanada kahi kumu.Ke haʻi wau i ka loaʻa kālā, hoʻokomo wau i ke kumukūʻai.No laila inā he nui, aia ke kumu kūʻai.ʻO ka hui pū ʻana o ka nui a me ke kumukūʻai, ka koi a me ka nui, e hoʻoulu i ka ulu kālā.