For the quarter ending 30 June, the company sold 529,000 tons of seamless tube and 96,000 tons of welded tube. In the same quarter last year, it sold 395,000 tons of seamless tube and 80,000 tons of welded tube. 

“The recovery in shale drilling in the U.S. and Canada continued at a rapid pace in the first half of the year but is now slowing down as some operators revise their drilling plans for the second half following a dip in oil prices below $50 per barrel in June,” the company said in a statement. 

“In the rest of the world, recovery remains more elusive, as oil and gas companies continue to focus on strengthening cash flow and their financial position. In Latin America, however, drilling activity in Argentina is starting to pick up with various operators moving forward with investments in the Vaca Muerta shale play, and recent offshore discoveries in Mexico will provide further impetus to the energy reform program.” 

The company recorded a net income of US$73 million on sales of US$1.2 billion during the quarter, compared to a loss of US$9 million on sales of US$1.06 billion last year.