Yakavambwa muna 1993 nehama Tom naDavid Gardner, Iyo Motley Fool yakabatsira mamirioni avanhu kuwana rusununguko rwemari kuburikidza newebhusaiti yedu, mapodcasts, mabhuku, makolamu emapepanhau, maredhiyo uye anocheka-kumucheto ekudyara masevhisi.
Yakavambwa muna 1993 nehama Tom naDavid Gardner, Iyo Motley Fool yakabatsira mamirioni avanhu kuwana rusununguko rwemari kuburikidza newebhusaiti yedu, mapodcasts, mabhuku, makolamu emapepanhau, maredhiyo uye anocheka-kumucheto ekudyara masevhisi.
Iwe uri kuverenga chinyorwa chemahara chine maonero anogona kusiyana kubva kune eiyo premium yekudyara sevhisi Iyo Motley Fool.Iva nhengo yeMotley Fool nhasi uye uwane ruzivo rwekukurumidza kune mazano emuongorori wepamusoro, tsvakiridzo yakadzama, zviwanikwa zvekudyara uye nezvimwe.verenga zvakawanda
Masikati akanaka uye ndinokutendai nerutsigiro rwenyu.Kugamuchirwa kuTenaris SA's Q3 2021 musangano wekufona.[Mirairo]
Ini zvino ndinoda kupa musangano kune mukurukuri wanhasi, Giovanni Sardagna.enderera mberi.
10 Mastock Isu Tinoda Zvirinani Kupfuura Tenaris Pay kuti titeerere kana timu yedu inohwina mibairo inoongorora ichipa stock zano.Mushure mezvose, iyo Motley Fool Stock Advisor newsletter yavanga vachimhanya kweanopfuura makore gumi yakawedzera musika katatu.*
Vachangoburitsa masheya gumi avanofunga kuti ndiwo akanakisa kutenga kune vanoisa mari izvozvi… uye Tenaris haasi mumwe wavo!Ndizvozvo - vanofunga kuti masheya gumi aya kutenga zviri nani.
Ndatenda Gigi uye tinogamuchirwa kumusangano weTenaris Q3 2021.Tisati tatanga, ndinoda kukuyeuchidzai kuti tichange tichikurukura nezveruzivo rwemberi panguva yekufona, uye mibairo chaiyo inogona kusiyana neiyo yakataurwa kana kutaurwa mukufona uku.Kubatana neni nhasi ndiPaolo Rocca, Sachigaro wedu uye CEO;Alicia Mondolo, CFO wedu;Guillermo Vogel, Mutevedzeri weSachigaro uye Nhengo yeBhodi reVatungamiriri;Herman Kura, Mutevedzeri waSachigaro uye Nhengo dzeBhodi;Gabriel Podskubka, Mutungamiriri weEastern Hemisphere mashandiro uye Luca Zanotti, Mutungamiriri wemabasa edu eUS.Ndisati ndapa Paolo chirevo chekuvhura, ndinoda kutaura muchidimbu nezvemhedzisiro yedu yekota.Yedu yechitatu-kota yekutengesa yaive $1.8 bhiriyoni, ichikwira 73% gore-pamusoro-gore uye 15% sequentially, kunyanya nekuti kutengeswa kwepamusoro muAmerica kwakakura pane izvo zviri kuMiddle East nekuda kwekudonha kuri kuramba kuchiitika uye kuderera kwekutengesa.Kuderera kwekutengesa kwakakonzerwa nemwaka muEurope.Yedu EBITDA yekota yakawedzera zvakatevedzana ne26% kusvika $379 miriyoni, ichiratidza mavhoriyamu akakwira, mitengo iri nani uye kushanda kwakasimba kwekushanda.
Yedu EBITDA muganho wakakwira kusvika pamusoro pe20% nekuda kweakakwira maASPs, nepo kukura kwemutengo kwaifambiswa nepent-up kunatsiridza mukushanda kwekushanda uye yakakwirira yakagadziriswa mutengo wekuvhara.Avhareji yemutengo wekutengesa muchubhu yedu yakawedzera negumi muzana gore-pa-gore uye 6% kota-pa-kota.Mukati mekota, kuyerera kwemari yaive 53 miriyoni uye mari yekushandisa yaive 74 miriyoni.Mari yedu yemahara yaive isina kunaka zvishoma.Mari kubva kumabasa ekushanda yakawedzera nemadhora mazana maviri nemakumi manomwe nematanhatu emamiriyoni mukota, zvakanyanya nekuda kwekuenderera mberi kwekukura uye mazinga epamusoro ebhizinesi muUS.Yedu mambure emari pakupera kwekota yakadzikira kusvika pamadhora mazana masere nemakumi matatu emamiriyoni kubva pamadhora mazana masere nemakumi mashanu nemana muchikamu chapfuura.Bhodhi reVatungamiriri rakatendera kubhadharwa kwechikamu chechikamu cheUS$0.13 pagove kana $0.26 paADR musi wa24 Mbudzi.
Ndatenda Giovanni mangwanani mese.Mumwedzi mishoma yadarika, takaona kusimba kwemisika yemagetsi sezvo kudiwa kwepasi rose kwakawedzera sezvo hupfumi hwakadzikira nekuda kwedenda gore rapfuura.Mitengo yemafuta yakakwira pamusoro pe pre-denda mazinga sezvo matura ari pazasi akajairwa uye OPEC + nyika uye US-yehurumende shale vanoshanda vanochengeta chirango chekupa.Mitengo yegasi yechisikigo, kunyanya LNG pamusika wepanzvimbo, iri kuita zvekupa zvipingaidzo, zvichisiya imwe nzvimbo yekuEurope yekuchengetera isina chinhu pamberi pechando.Hezvino izvo zvinoitika kana indasitiri ikauya pasi pekuongororwa semusangano wevatungamiriri venyika uchitungamira mukufunga nezvekusimbaradza nekumhanyisa shanduko yesimba.Kunyange zvazvo chinangwa chacho chakajeka, nhanho uye nzira yekufamba inoramba isina chokwadi, nemarara akawanda ekufambisa kumativi ose.Aya masimba masimba, akasanganiswa nekukanganiswa kweketani uye nekuenderera mberi kwedenda, zvinogadzira zvese njodzi nemikana yeTenaris.Kune rimwe divi, takatarisana nekukwira kwemitengo yezvinhu, simba uye zvinhu, pamwe nekukanganisika mukuronga kugadzira uye zvirongwa zvekuchera vatengi.Nekune rimwe divi, kudiwa kuri kukura sezvo basa rinokura mukutsigira mafuta uye gasi.
Pasi pemamiriro ezvinhu aya, zvigumisiro zvedu zvinoramba zvichiratidza simba rakasimba rekudzoreredza, nekutengesa kuchikwira kota-on-quarter uye miganho ichikwira.Yedu EBITDA margin parizvino iri pamusoro pe20% nekuda kwemavhoriyamu akakwira, mitengo yakakwira uye kudzora mutengo.Mune ramangwana, tinotarisira kuti maitiro aya achaenderera mberi.Kutengeswa kwedu kuNorth America muchikamu chechitatu kwakakwira imwe 28% zvakateerana uye kumusoro 155% gore-pamusoro-gore.Isu tinotarisira kumwe kukura kwakasimba muchikamu chinotevera sezvo isu tichisangana nekukura kuri kuda kwevatengi uye kuderedza kukwira kwemutengo wemusika.Sezvatakataura mukufona kwapfuura, tiri kukwidza kugadzirwa muUS uye kuburitsa Rig Direct sevhisi kuzadzisa kudiwa kuri kukura uye zvinodiwa nevatengi vedu.Muna Nyamavhuvhu, takavhurazve nzvimbo yedu yekugadzira pombi isina musono muAmbridge, Pennsylvania.Muna Gumiguru, takavhurazve nzvimbo yedu yekurapa kupisa uye yekudzidzira muBaytown, Texas.Kugadzirwa panzvimbo yedu yeBay City kuri kuramba kuchikura.Tiri kuita kuwedzera uku mumusika wevashandi unonetsa watakamisa kambani yedu - kubva muna Gumiguru gore rapfuura takahaya vashandi vatsva chiuru uye tinotarisira kuunza huwandu ku1,000 kusvika Chikumi 2022, 1,600 vanhu.US Steel nemamwe makambani akati wandei ari kukwikwidza akaiswa pombi dzakamhan'ara kuferefetwa kwepombi dzemafuta kubva kuMexico, Argentina neRussia, pamwe nekuferefeta kwerubatsiro kuRussia neSouth Korea.Dhipatimendi reUS reCommerce ratambira danho rekuvhura ongororo, uye US International Trade Commission inofanirwa kuburitsa danho rekutanga rekukuvadza musi wa19 Mbudzi.
Tinotenda kuti chichemo ichi hachina musoro uye tichava nechokwadi chekuti zvinhu zvatiri kupinza zviri kuraswa kana kukuvadza kana kutyisidzira indasitiri yemuno - ndine hurombo nekukuvadza vagadziri vepano.Kwemakore gumi nemashanu apfuura, Tenaris akaisa mari yakawanda kupfuura chero imwe kambani mukutora nekuwedzera kuvaka inokwikwidza OCTG yekugadzira system muUnited States.Kunyange isu tisingakwanise kufanotaura kukanganisa kweongororo iyi, tine chivimbo chekuti tinogona kuenderera mberi nekushandira vatengi vedu zvisinei nemugumisiro unobvira.Mangwanani ano takazivisa kuvashandi vedu vekuJapan kuti tine urombo kuti isu nemumwe wedu JFE tafunga kumisa kudyidzana kwedu kwakabudirira neNKKTubes uye kuvhara pombi yedu isina musono panosvika June 2022. Izvi zvinotevera chiziviso cheJFE chekare muna Chikumi 2020 kuvhara Keihin. chigayo chesimbi, pane chirimwa chedu, chinopa simbi uye masevhisi ekutanga [asinganzwike].NKKTubes yanga iri mupiro mukuru kuTenaris uye kunyange JFE mumakore makumi maviri apfuura, asi kuvharwa kwayo kwave pedyo.Kana chirimwa ichi chavharwa, tichange tichigadzira yakakwira chromium alloy zvigadzirwa izvo NKKTubes inopa kune vatengi pasi rese panzvimbo yedu yemaindasitiri.JFE ichatitsigira mushanduko iyi nemweya wemushandirapamwe unogara wakafanana nemabatiro akabatana.Vashandi vedu muJapan vakaratidza kutsungirira kukuru patakaita chiziviso mangwanani ano uye tichavatsigira mumwedzi inotevera.
Muna Gumiguru, takawedzera hukama hwedu hwenguva refu naSandvik kuti tipe CRA kana pombi dzesimbi dzisina simbi kwemamwe makore mashanu.Pano tinosanganisa tekinoroji yeSandvik nehunyanzvi hwedu hwekubatanidza hunyanzvi uye tekinoroji yeDopeless kusanganisa mapombi emhando yepamusoro mu[proposal process] yedu.Ichi chikamu chemusika chiri kukura.MuQatar, takagamuchira kondirakiti yemamiriyoni mazana matatu nemakumi matatu emadhora ekugovera mapaipi akakandwa uye asina musono ekupa gasi pasi pezvibvumirano zveLNG.Kuendeswa kwakarongwa kutanga muhafu yechipiri ye2020. Izvi zvinozadzisa zvibvumirano zvedu zviripo zvekupa OCTG mapaipi munharaunda.Izvi zvinowedzera bhuku redu rekuodha kuMiddle East, mhedzisiro yacho ichaonekwa mumhedzisiro yedu kutanga muchikamu chechipiri che2022. MuArgentina, takabvumirana neYPF kuti tiwedzere chibvumirano chedu chenguva refu kuti tisimbise zvigadziriso zvedu kune imwe 5. makore ebasa rakananga kubva ku22 Kubvumbi.Isu tinoenderera mberi nekufambisira mberi zvirongwa zvedu zvekudzikisa kusimba kwekabhoni yemabasa edu.Tiri kupedzisa mari yekuwedzera saizi yechigayo chedu chepakati nepakati paDalmina kuti tibatanidze mapaipi anosvika 18 ″ dhayamita, zvichikonzera simba rakakosha uye kuchengetedza kabhoni pachigadzirwa chikuru ichi chedhayamita.Isu tiri zvakare kushingairira kutsvaga kuisa mari mukati kana kuwana simba rinogoneka kune mazhinji ezvirimwa zvedu pasi rose, kusanganisira Italy, Argentina, Romania neUS.Panguva imwecheteyo, tiri kuwedzera kutengesa kwematangi ekuchengetedza hydrogen kuti awedzere mafuta muEurope neCalifornia, uye takunda chibvumirano neAir Products kugadzira pombi yekupa hydrogen kuSaudi Arabia.Munzvimbo yakaoma uye inokurumidza kuchinja, Tenaris inozadzisa zvisungo zvayo nekuvandudza kuita kwayo kwemari uye kuchengetedza chinzvimbo chakasimba chekutsigira vatengi vayo pasirese.
[Mirairo yeOperator] Mubvunzo wedu wekutanga unobva kuna Ian McPherson wePiper Sandler.Mutsetse wako wava kushanda.
Mhoro.Ndatenda.Paolo, ndinofunga iwe - takakurukura kota yapfuura kuti iwe unogona kutarisira kuwirirana-madhijiti ekuwedzera kwemari muchikamu chechitatu nechina.Iwe wakaityora muchikamu chechitatu ne15%.Ndizvo here - wakaunza chero mari here?Kana kuti iwe uchiri kutarisira kaviri-madhijitari kukura kwemari mukota yechina?
Ndinotenda Jan. Ndinofunga kuti tinofanira kuwedzera mari yedu zvakare mumhando iyi, muhutano hwevechiri kuyaruka.Ndinoreva, musika uri kukura munzvimbo dzakasiyana, kunyanya muNorth America.Saka tinofunga kuti tinogona kuzviita.Uye ndinofunga maitiro aya anogona kuenderera mberi muchikamu chinotevera.
ZVAKANAKA Saka, izvi zvakafanana neASP inokura 6% kana 7% muchikamu chechitatu, uye zvimwe zvichave nekuda kwehuwandu?Nekuda kweizvozvo, kukura kwemavhoriyamu nemitengo kwaive kwakaringana.
Chaizvoizvo, zvichave - pamwe misiyano yakawanda.Asi sezvauri kuona, kukura kwePipe Logix mwedzi uno kwakakosha.Sezvawakataura, izvi zvichatsigirawo zvishoma nezvishoma kukura kwemari mukota yechina uye yekutanga kota yegore rinouya.
KUNAKA Izvi zvinobatsira zvikuru.Ndokumbirawo kubvunza nezve kupera kweNCC.Unogona here kutaura zvishoma nezvekukosha kwemubatanidzwa weJapan uchienzaniswa nenhamba dze2021 uye zvatinofanira kunge tichifunga nezve spin-off mushure mepakati pegore rinouya?
Zvakanaka, mubatanidzwa wakaita mupiro unokosha panguva yekuumbwa kwayo muna 2000. Panguva iyoyo, zvakatibatsira zvakanyanya kupedzisa mararamiro edu uye kupinda mumusika weJapan.Asi mugore rapfuura, kugadzirwa kwese kwakaderera zvakanyanya.Huwandu hwekugadzirwa kwegore rapfuura hwaive hwematani 50,000 pagore.Neimwe nzira, mhinduro yazvino ishoma, sekuti muna 2020 JFE yakafunga kuvhara saiti iyo nzvimbo yedu iripo, uye hazvizodhura nekukurumidza, asi muna 2023, kupihwa kwezvivharo zvenzvimbo iyi, takatarisana ne zvisingadzivisiki - Isu tinomanikidzwa kuita sarudzo iyi.Handingati zvine chekuita nebalance sheet yedu nekuti isu tinewo zvinhu izvo chikamu chakakosha chemutengo chingangove chine chekuita nekuvharwa uku.Dambudziko richave nderekuti isu takagadzirira kudzoreredza kugadzirwa, kunyanya zvigadzirwa zvepamberi, kune yedu yese maindasitiri system.
Ehe.ndokutenda zvikuru.Sezvineiwo, handina chokwadi chezvaunofanirwa kutaura panguva ino kunze kwekungotaura pane inogona kutengeserana dhiri.Zviri pachena kuti wakasimbisa zvaunofunga kuti zvakakodzera.Pane chero data rekunongedza, kana imwe indasitiri data inoratidza kana inotsigira chinzvimbo chako?
Ehe.Chaizvoizvo, pane chero data mune yako mashandiro kana mumusika inotsigira maonero ako kuti kudai hakuna hwaro.Chaizvoizvo kungofunga kana iwe uchikwanisa kuwedzera kusvika paunogona kutsigira chinzvimbo chako.
Hongu.Tinotenda Connor Zvakanaka, kazhinji, mumakore gumi nemashanu apfuura takadyara mari yakawanda muUS mune zvese kutora uye zvisiri-organic kukura.Pamusoro pekutora, isu takaisa nyika nyowani yehunyanzvi nzvimbo muTexas.Mari yedu inodarika $ 1.8 bhiriyoni.Takapinda mukati kuti tiwedzere huwandu hweiyo yaimbova Maverick neHydril zvidyarwa, pamwe neiyo yakatorwa neIPSCO.Saka isu tine simba rakasimba rekugadzira muUS uye isu tinowedzera kugadzirwa kwedu kwemuno nekunze kana zvigadzirwa izvo mune dzimwe nguva zvinoumba kushomeka kana kupa zvikamu zvemusika wedu uko pasina kugadzirwa kwemuno, pasina kugadzirwa kwemuno, kugadzirwa kwemumba ndiko. zvakadaro hazvina kukwana, kugadzirwa kwemumba hakuna kukwana.Ndiyo nzvimbo yedu mumamiriro ezvinhu aya, zvinorwadza, hatina kukuvadza zvemukati [INAUDIBLE] pasi pechibvumirano.Isu tiri chikamu chakakosha chemukati [chisinganzwiki].
Isu tiri pfungwa dzedu uye kuda kwedu - nharo dzatichaita mukudzivirira chikonzero chedu ndeyeDOC kune rumwe rutivi uye kukuvadza kweITC kune rumwe rutivi.Tine nyaya yakasimba kwazvo.Panguva imwecheteyo, takagadzirira kuwedzera kugadzirwa kwenzvimbo sezvinodiwa - sezvo misika inokura inoramba ichida - nekuwedzera kudiwa kwemusika.Sezvandakataura mumashoko angu ekuvhura, tanga tichibatanidza kubva muna Gumiguru gore rapfuura - tichange tichibatanidza vashandi vanopfuura chiuru nemazana matanhatu kuti vatsigire kuwedzera kwekugadzirwa kwezvinhu munzvimbo dzedu.Mhinduro iyi yakazvimiririra kune chero nyaya kana kutengeserana kesi uye ichavandudzwa kuti ipe vatengi vedu chengetedzo yekugovera kudivi redu kune zvese zvibvumirano zvatinazvo.Nzvimbo sere dzatiri kushanda parizvino, idzo nzvimbo sere muUnited States.Aya ndiwo maBay City steelworks, Hickman naMcCarthy, Baytown, Conroe, Koppel, uye pamwe pombi yemafuta yeBlytheville.Ndinoreva, ndiyo yakavimbika isina musono uye yakashongedzwa yekugadzira system muUnited States.Saka kana tikafunga kuti nyaya yekutengeserana haina hwaro, tichaidzivirira nesimba.Zvakare maererano nemutengo, wakaona kuti Pipe Logix iri kumusoro 98% kana ichienzaniswa negore rapfuura.Saka munyaya iyi, kuwedzera kwe100 muzana kwemutengo kwakaoma kugadzirisa kukanganisa.Mukuwedzera, sezvamunoziva, makambani esimbi eAmerica ari kuratidza nhamba dzerekodhi.Saka tichazvidzivirira neDhipatimendi reJustice mune imwe nyaya yekukuvara.
Izvi ndinokutendai zvikuru kwazvo ruvara ipapo.Saka, kunamatira kumusika weUS, imwe yemibvunzo yatinowanzo kuwana ndeyekuti HRC, mitengo yakaderera kana mitengo yakakwira yewelding ichave kukurudzira kutanga mafekitori ipapo.Uchangopihwa hunyanzvi hwako hwekusimudzira welding, chii chaunoda kuona mumusika kuti unyatso ruramisa kumisazve chero kweaya magonero?
Zvakanaka, iwe wakaona kusimba kwemutengo kunowedzera izvo zvinokurudzira kutangwa kwe welded pombi zvirimwa, hapana kupokana nezvazvo.Ticha… tichazviita muHickman.HRC yasvika pane imwe nguva, zvichida muganhu, uye tinogona kufungidzira kuti kana iwe ukatarisa kune ramangwana, mutengo weHRC unogona kuderera zvishoma nekufamba kwenguva munguva ye 2022. Asi, mukuona kwangu, mitengo yakakwirira yemafuta nyika tubular goods ichakurudzira kutanga kwezvikwanisiro.Nekudaro, kana isu tichifunga kuti kudiwa kunowedzera - sezvatinotarisira kuti huwandu hwema rigs hucharamba huchikura muchikamu chinotevera, isu tinotarisira huwandu hwema rigs, uye isu tinotarisira huwandu hwema rigs, uye vatengi vedu vanosimbisa iyi maonero evamwe. vaongorori.kubva zvino zvichienda mberi, wedzera 100 rigs muhafu yechipiri ye2022. Nokudaro, nemusika uri kukura weOCTG, mutengo wekupisa unopisa coil uchaderera zvishoma nezvishoma mune ramangwana, uye tinoona kuti welded marudzi achapinda mumusika.Nekudaro, kudiwa kucharamba kuchidzvanya kupihwa.Mune maonero angu, mutengo uchaenderera mberi maitiro ayo akanaka.
Mangwanani akanaka.Saka kekutanga munguva refu, ndinorangarira kuburitswa kwako kwenhau pamusoro pekuvandudzwa kwemahombekombe mumatunhu mazhinji.Kana ndikarangarira nemazvo, bhizinesi rakasimba rekumahombekombe raive chinhu chakakosha mukusundidzira EBITDA miganho pamusoro pe25% muchikamu chekupedzisira uye isu hatisati taona izvozvo kubvira 2014. Saka, iwe varume unotarisira zvakadii kupora kwemahombekombe muna 2022?Kana iwe waifanira kufungidzira, tichaona mapeji pamusoro pe25% nekukurumidza sei?
Zvakanaka, tinobvuma kuti tiri kuona bhizinesi rekumahombekombe richitanga kupora.Kubva muchikamu chekutanga chegore rinouya, tinogona kuona kuwedzera kwekupora uku kuchitanga.Iyi ichave yekutanga bounce, asi ipapo maitiro achaenderera mberi.Tinotarisira mamwe mapurojekiti makuru kuita sarudzo dzekupedzisira dzekudyara muna 2022 uye zvishoma nezvishoma zvinokanganisa chinzvimbo chedu uye kutengesa kana kudiwa muhafu yechipiri ye2022 uye 2023. Zvinotora nguva.Nhasi tiri kuona kufarira kwakawanda.Bhizinesi rekunze riri kubuda, kunyanya muLatin America, Mexico, Brazil neGuyana.Munzvimbo idzi, semuenzaniso, zviratidzo zvekupora zviri kutanga kuratidza.Asi ini ndinofunga kuti muna 2023 mamwe matunhu achabatanawo - pachave neatsva mega-mapurojekiti muEastern Hemisphere, Africa, iyo ichauya kusarudzo dzekudyara uye kuuraya.Ndizvozvo, ari kuita zviri nani…
hukuru.Sechinyorwa chepadivi kumubvunzo waConnor nezve bhizinesi rekutengesa, ungatsanangure zvishoma kuti ingani yekutengesa kwako kweUS yave kuitwa muUS?Tichifunga kuti mafekitori ako eUS anotanga kushanda akazara, chii chichave chiri kudiwa muUS - kudiwa kweUS kune zvaunotengesa, izvo zvaunogona kugadzira munharaunda?Pane mhando dzipi nedzipi dzepombi dzisingakwanisi kugadzirwa pano uye dzinofanira kutengwa kunze kwenyika?
Mhoro Igor.Zvichida mutsara muBuenos Aires hausi kushanda, handizivi, zvichida Luca kana Herman achapindura mubvunzo uyu.
Tese tiri mune izvi pamwe chete.Zvakanaka, ndinokutendai, Igor, uye tiri muGermany.Patinovhurazve mutsara kubva kuBuenos Aires, ndaizotaura, chekutanga, kuti tinoronga kuda kuti tigone kushandira vatengi vedu varipo uye vari kukura.Sezvatakazivisa mumavhiki mashoma apfuura, parizvino tine nzvimbo yekuUS kwatinoronga kuendesa vanhu chiuru.Tine mari yakaenzana yekuwedzera masimba edu emukati.Igor, isu hatiwanzo kuburitsa mabviro nezvimwe asi iwe unofanirwa kufunga nezve Tenaris seyepasi rose maindasitiri sisitimu iyo yakangovaka yakakosha kwazvo yekugadzira mudzimba kugona sezvatakazivisa kuburikidza nekudyara kweanopfuura mabhiriyoni gumi emadhora.Inozadzisawo kugadzirwa kubva kune dzimwe nzvimbo dzepasi rose maindasitiri system, uye isu tinoda kuzviita nenzira iyi.Ndinovimba izvi zvinogadzirisa dambudziko rako.
Ndatenda.Mubvunzo wedu unotevera unobva kuna Alessandro Pozzi weMediobanca.Mutsetse wako wava kushanda.
Hi, maita basa nekugamuchira mubvunzo wangu.Iwe wakataura kuti muchikamu chechina iwe waigona kuona - kukura kwakapoteredza kuyaruka.Ndiri kushamisika pamwe panguva ino iwe zvakare une kunzwisisa kuri nani kweyero yekukura mukota yekutanga, uye ndiri kushamisika kana zvichikwanisika kuwedzera mwero wekukura mukota yekutanga.Zvichida sekutevera, ndinotenda iwe wakataura kuti kutanga muchikamu chechipiri chegore rinouya, iwe uchakwanisa kuona kunaka kwekuwedzera kwekutengesa kuMiddle East.Ndiri kufunga kuti mungatiudze zvimwe nezve kupora kwamuri kuona kuMiddle East uye gore rinouya.
zvirokwazvo.zvirokwazvo.Tichiri kumirira Paolo, ini ndichapindura mubvunzo wechipiri nezve Middle East, uko isu tiri kuona kuenderera mberi kwekuchera kudzvinyirirwa.Kusvika pari zvino, taona kupora zvine mwero.Zvichienzaniswa nekutanga kwegore, nhamba yezvicherwa zvekuchera muMiddle East yakawedzera ne5%.Tichiri 35% pazasi pre-denda mazinga, asi isu tiri kuona izvi zvichichinja.Tiri kuona kudzikira kwehuwandu hwema rigs uye tinotarisira kuti kuchera kuchakwira mukupera kwegore rino kusvika muna 2022 zvichifambirana nehurongwa hwekushandisa mari yekushandisa kukwidza nekuwedzera kugadzirwa.Imwe nharaunda yakakosha inodzikamisa mari yedu kuMiddle East ndiyo inochinja dhizaini muUAE.Iwe unoziva isu tiri kutamira kuRig Direct, saka pane kudzikiswa kwechiverengero.Pamusoro pezvo, pane mukaha pakati pezvibvumirano zvekare uye zvitsva zveKuwait.Saka izvo zvakakanganisawo kudiwa kuri pachena pamusoro pemakota mashoma ekupedzisira uye maviri anotevera.Muchirevo chechinyorwa chino, sezvawataura, isu tinotarisira kuti kutengesa kwedu kuMiddle East kurambe kwakangofanana muzvikamu zviviri zvinotevera zvichienzaniswa nekota yapfuura.
Asi, sezvakataurwa panguva yekufona kwekupedzisira, isu tinotarisira kuti kusvetuka kunoenderana kunotanga muQ2 22 uye kupfuura sezvo isu tine nhamba yakakosha yemakondirakiti akamirira mudunhu.Kuti uwedzere ruvara kwauri, muSaudi Arabia, takapa kuvandudzwa kusingawanzoitiki kweJafura deposit.Isu taona kuti Saudi Aramco yakatanga sei akati wandei mapurojekiti ekuwedzera ekunze.KuKuwait, takagamuchira odha yedu yekutanga yekukanzura, izvo zvinotisiya tisina chokwadi nezve kutakura muchikamu chechipiri chegore rinouya nekuda kwekukurudzira kwemakore mazhinji kwatakataura pamusoro pezvikamu zvishoma zvapfuura.Pamusoro pezvo, basa muUAE rave richivimbisa, neRig Direct kuendesa kuADNOC kwakaronga kuwedzera mukati megore ra2022. Takaonawo kuongorora kunonakidza kwegasi muUAE, kwete muAbu Dhabi chete asiwo muRas Al Khaimah neSharjah, yakaoma zvikuru. matsime anoda misanganiswa yakapfuma.Chekupedzisira asi chisiri chidiki, mukutaura kwake kwekuvhura, Paolo akataura Qatar, iyo ichangobva kuhwina kondirakiti huru yepombi yeQatari uye yakawedzera OCTG kune yedu kontrakiti portfolio.Tichiri pano uye musika uyu ucharamba wakasimba kwatiri mune ramangwana.Naizvozvo, ndinotenda kuti kubva muchikamu chechipiri cha2022 pachave nekusvetuka kumberi uye bhenji nyowani kuMiddle East.
Tinotarisira rini kuti Middle East ingangodzokera kune pre-COVID-19 mazinga?Ndi 2022 kana chimwe chinhu gore rinouya?
Ehe.Pakazosvika 2022, kusvetuka uku kunofanirwa kutidzosera kumutsara wemari ya2020 uye ndinovimba kunyangwe 2019, asi kumatanho aya.
ZVAKANAKA Kudzokera kumubvunzo wekutanga nezve inogona kuwedzera mari yekuwedzera mukota yekutanga, isu tinofanira kutarisira kaviri-madhijitari kukura kwemari mukutanga kwa2022?
ZVAKANAKA Aiwa, ndiwo mazwi akafanana andambotaura, tinofungidzira kuti kukura kwedu kwemari muchikamu chekutanga cha2022 kuchave pakati pevechidiki.
Ndatenda.Mubvunzo wedu unotevera unobva kuna Frank McGann kuBank of America.Mutsetse wako wava kushanda.
OK, ndatenda zvikuru.Mibvunzo miviri chete, kana ndikagona.Kutanga, maererano nezvawaona.Sezvawakataura munguva yakapfuura, wakataura mukuburitswa kwako kwenhau kuti vagadziri vega ndivo vatyairi vekukura.Ndiri kunetseka kuti zviri kufamba sei – unozviona sei zvichienda mberi?Izvi zviri kutanga kuchinja here?Uri kuona makambani eruzhinji akawanda achitanga kuvhura mari yavo zvishoma?Uye zvadaro, maererano nekumanikidzwa kwemutengo wauri kuona, mitengo sezviri pachena yakakwira nekukurumidza zvekuti inoita senge yakawandisa pane inogadzirisa, zvichikonzera kuwedzera kwakasimba kwevhoriyamu.Asi - unoona mutsauko wemutengo unotanga kuve dambudziko mushure mezvikamu zviviri kana zvitatu?
Thanks Frank.Zvakanaka, chekutanga, ndinoda kubvunza Luca Zanotti kuti ataure pamusoro pekuti makambani ega ega uye ehurumende ari kuisa mari zvakasiyana sei mazuva ano.
Ehe.Ndinokutendai Pauro ndinoreva, tarisai, kufanotaura kuri kuitwa nevatengi vedu kuchiri kuenderana nemitengo yezvinhu, izvo zvino zvave kupesvedzera zvizere nharaunda inovaka yatiri kuona iko zvino.Saka izvi zvinogona kuchinja.Mumamiriro ezvinhu aripo iye zvino, tinoona kuti hurumende inoramba ichiita basa guru mukukura uku mukukwanisa.Asi zvakare, ukaverenga vakuru vakazvimiririra, veruzhinji vakazvimiririra, unoona kuti vanoreva kuti ramangwana rinogona kushanduka zvichienderana nenharaunda.Sezvandakataura, mhoteredzo inoratidzika kuva inovaka zvikuru kupfuura kare.Pamusoro pezvo, pane chimwe chinhu chekufunga nezvacho, chinova chekuti M&A ichiri kuitika, iyo inogona zvakare kuchinja zvishoma maonero emangwana.Ndinovimba izvi zvinoshanda kwauri.Ehe.Ndatenda Luka.Panyaya yemitengo, iwe unonyatsoziva kuti tiri kuenda munguva yekusagadzikana kwakanyanya nekuda kwekuchinja kukuru mumutengo wesimbi uye simba, pamwe nezviri kuitika muEurope nhasi.Asi, semuenzaniso, maererano nesimbi, mutengo wesimbi wakakwira nekukurumidza, uye ipapo China yakasarudza kucheka kugadzirwa kwesimbi kamwe kamwe uye nehuwandu hukuru zvekuti vakacheka mutengo wesimbi yakawanda.Iye zvino marasha ari kuwedzera kudhura, achiwedzera kudhura nekuda kwezvirambidzo uye mabhodhoro muchikamu chemagetsi.Muchato wakawedzera, asi munguva pfupi yapfuura kukosha kwakaderera.Saka pane kumwe kubatanidza pakati pezvakasiyana zvatakashandisa pamwechete kare, saka hazvisi nyore kufanotaura.Asi parizvino, mutengo - kururamisa mutengo wezvigadzirwa, simba, uye zvinhu - uri pane yedu runyorwa.Pakazosvika chikamu chechina, ndinofunga kuti kukanganisa kwakazara kucharatidzwa mumutengo wedu wekutengesa.Inobhadharwa, sezvawakataura, nekugadzirwa kushoma uye kuenzanisa kuri nani.Kana ndikatarisa mune ramangwana, ndinofunga kuti zvimwe zvezvipembenene izvi zvichava zvakajairika, semuenzaniso, tinotarisira kuderera zvishoma nezvishoma mumutengo wesimba, zvichida mushure mechirimo - European spring, mushure mechando.Saka kunyangwe mutengo uchave - iyo cheni yekugovera ichapindura uye isu tinogona kukwanisa kuve nekadiki kekuvhiringika kwakanyanya uye kusagadzikana kwatakaona mumwedzi wapfuura.Mukutaura kwedu, ndinofunga izvi zvicharatidzwa zvizere mukota yechina uye kota yekutanga ya2022.
Ndatenda.Mubvunzo wedu unotevera unobva kuna Stephen Gengaro wekuStifel.Mutsetse wako wava kushanda.
Thanks to.Masikati akanaka.Mangwanani machinda.Wapindura zvakawanda.Ndiri kungoziva kuti izvi zvinoenderana sei nenyaya yekutengeserana kana iwe uchifunga nezve yako yekumba kana yeUS kugadzirwa maringe nechigadzirwa kubva kune mamwe misika.Ndinoziva kuti haudi kuburitsa ruzivo rwemavhoriyamu aya.Asi kana iwe uchifunga nezve mukana wemutengo unogona, ndinoziva kuti mumakore mashoma apfuura, kana nyaya idzi dzichiitika, mitengo mumusika weUS inowanzokwira.Ndeipi mambure ekuita pane yako purofiti.Pane nzira yekutsanangura chero kudyidzana pakati pezvakanakira kugadzirwa kweUS uye mitengo-yekutemesa mitengo inoyerera ichipinda munyika?
Zvakanaka, iwe wakarurama, semunguva yakapfuura, izvi zvinogona kukanganisa mutengo.Asi, sezvamunoziva, mitengo yeUS yanga ichikwira kwemwedzi gumi nematatu yapfuura.Mwedzi nemwedzi, mitengo iri kukwira uye yakasimba sezvo Pipe Logix mitengo yakakwira 12% mwedzi wapfuura.Saka pane kukwira kwemitengo.Iye zvino - nemaitiro aya, chero zvirambidzo zvepadivi kana kuderedzwa kwekunze, kunyanya kune zvigadzirwa zve niche, zvinogona kutungamira kune spike.Izvi zvinogona kuitikawo.Asi zvinoratidzika kwandiri kuti zvekushandisa zvakaoma.Panyaya yekukanganisa kwezvinyorwa, zvinyorwa zvaive padanho repamusoro pakutanga kwegore rino, izvo zvakaderedza kuwedzera kwemitengo sezvo zvigadzirwa zvakachinja kubva kudiwa kuenda kukushandisa.Iye zvino zvinyorwa zvakaderedzwa kusvika kumwedzi mina, mwedzi 4.5.Nokudaro, chiyero chematokari chakajairika kana kuti chakaderera pachiyero chinotarisirwa chekushandisa.Saka ichi zvakare chimwe chinhu chinokanganisa mutengo.Saka zvinoratidzika kwandiri kuti kunyange pasinei nekutengesa nyaya, tichaona mutengo wekutengesa.Uye ipapo, pamwe, nyaya yekutengeserana inogona kururamisa kuwedzera kwekuwedzera mune dzimwe nzvimbo dzekushandisa.
Ndatenda.Mubvunzo wedu unotevera unobva kurudzi rweVaibhava Vaishnava kubva kuCocker Palmer.Mutsetse wako wava kushanda.
Mangwanani mese uye ndatenda nekupindura mubvunzo wangu.Kutanga, ingori nyaya yekujekesa.Ini ndinofunga imi varume muri kunanga Q4 avhareji yekukura kwemari, asi wanga uchitaura nezve Q1 22 avhareji yekukura kwemari?
Kunyangwe iyo Middle East yakati sandara.Chii chinovatyaira?Kune akawanda awo muNorth America here?Kana kuti chii chinovadzinga?
Zvakanaka, North America zvechokwadi inoita basa.Uye ndinoreva muLatin America basa rekuchera riri kuwedzera.Mitengo yemafuta inosvika madhora makumi masere yakakosha zvichienzaniswa nekwataive gore rapfuura.Mitengo yegesi yeUS inenge madhora mashanu uye LNG iri kutsigirawo chikamu chepamusoro chechiitiko.Saka iri kutyaira - Canada chinhu.Pandinotaura mari, ndinosanganisira mutengo.Saka kana paine huwandu, pane mutengo.Iko kusanganiswa kwevhoriyamu uye mutengo, kudiwa uye density, inofambisa kukura kwemari.
Nguva yekutumira: Jan-23-2023