US steel pipe maker Tenaris plans to invest CAD81mn ($63mn) in its pipe manufacturing operations in Canada with a hub it Sault Saint Marie, Ontario. The company looks to cater to the domestic energy industry, said a company release. The investment is an addition to the CAD36mn invested in July 2019 for the company’s Algoma Tubes plant and the installation of new premium connections line in 2019.
With this investment, the company aims to increase efficiency in production, utilisation, costs, integrate new and upgraded equipment to increase quality and reliability. The plan would also streamline the supply chain through shorter-material-product-yard logistics.
Tenaris is also targeting Canadian oil and gas customers to increase it longer welded pipes sales.