“Over the past 15 years, we have been expanding our manufacturing presence and positioning in the U.S. market. This acquisition would mark a further step in our journey as a domestic producer and supplier to the U.S. oil and gas industry,” said Tenaris chairman and chief executive Paolo Rocca.

IPSCO Tubulars produces both seamless and welded oil country tubular goods and line pipe. It is capable of producing 450,000 metric tons of steel bar, 400,000 metric tons of seamless pipe and 1 million metric tons of welded pipe.

TMK chairman Dmitry Pumpyanskiy said the deal is in keeping with its strategy to monetize international assets.

“The terms of this transaction would represent a significant enhancement of the value for all TMK shareholders,” he said.