Mensajepor El rosarino » Dom May 03, 2015 11:57 pm
Algunos parrafos interesantes de los estados financieros de Tenaris:
Our main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is
sensitive to international oil and gas prices and their impact on drilling activities.
Competition in markets worldwide has been increasing,
particularly for products used in standard applications, as producers in countries like China and Russia increase
production capacity and enter export markets.
In addition, there is an increased risk of unfairly-traded steel pipe imports in markets in which we produce and sell our
products. In August 2014, the U.S. imposed anti-dumping duties on OCTG imports from various countries, including
Korea. However, despite the trade case ruling, imports from Korea continue at a very high level.
Our production costs are sensitive to prices of steelmaking raw materials and other steel products.
We purchase substantial quantities of steelmaking raw materials, including ferrous steel scrap, direct reduced iron
(DRI), pig iron, iron ore and ferroalloys, for use in the production of our seamless pipe products. In addition, we
purchase substantial quantities of steel coils and plate for use in the production of our welded pipe products. Our
production costs, therefore, are sensitive to prices of steelmaking raw materials and certain steel products, which reflect
supply and demand factors in the global steel industry and in the countries where we have our manufacturing facilities.
The costs of steelmaking raw materials and of steel coils and plates declined during 2014, particularly at the end of the
year.
Most of our revenues are determined or influenced by the U.S. dollar. In addition, most of our costs correspond to
steelmaking raw materials and steel coils and plates, also determined or influenced by the U.S. dollar. However, outside
the United States, a portion of our expenses is incurred in foreign currencies (e.g. labor costs). Therefore, when the U.S.
dollar weakens in relation to the foreign currencies of the countries where we manufacture our products, the U.S.
dollar-reported expenses increase. In 2014, a 5% weakening of the U.S. dollar average exchange rate against the
currencies of the countries where we have labor costs would have decreased operating income by approximately 4%.