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Mick Pickup

Senior Analyst at Barclays

Mick Pickup is a Senior Analyst at Barclays, specializing in equity research for the oil, gas, and energy infrastructure sectors. He covers major companies such as Maire S.p.A. and Subsea 7, providing in-depth analysis and investment recommendations with a history of clear, actionable calls. Pickup joined Barclays in the early 2000s after holding roles in investment research elsewhere, building a track record for insightful coverage and sector expertise. He holds regulated analyst credentials and is recognized for his strong professional standing, evidenced by ongoing inclusion in leading analyst panels and consensus groups.

Mick Pickup's questions to TENARIS (TS) leadership

Mick Pickup's questions to TENARIS (TS) leadership • Q4 2024

Question

Mick Pickup asked for a breakdown of the U.S. market between seamless and welded pipe, noting that Tenaris imports some seamless tubes. He questioned the company's ability to ramp up its U.S. welded production capacity if the market dynamics required it.

Answer

Luca Zanotti, President of U.S. Operations, explained that the great majority of Tenaris's U.S. sales are seamless, but the company is very well positioned to ramp up welded capacity at its plants if needed. Chairman and CEO Paolo Rocca added that this would depend on the relative pricing of welded products and the cost of hot-rolled coils, for which they rely on domestic U.S. suppliers.

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