The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Tenaris S.A. and PAO Severstal. The joint venture will build and operate a plant in the Russian Federation for the manufacturing and supply of certain types of tubular products for the oil and gas industry in the Russian Federation and in the Commonwealth of Independent States. Tenaris is active in the manufacturing and supply of seamless and welded tubular products and related services for the oil and gas industry.

Severstal is active in mining and in the manufacturing and supply of steel products.