Tenaris is a global manufacturer and supplier of steel pipes and tubes, primarily for the oil and gas industry. Its core product is OCTG (oil country tubular goods) — casing and tubing used in drilling and production — along with line pipe for transporting oil and gas. Customers include major international oil companies (ExxonMobil, Shell, Chevron, TotalEnergies, Petrobras) and national oil companies (Saudi Aramco, ADNOC, Pemex). Geographically, North America accounts for roughly half of Tubes revenue, with the Middle East and Africa, South America, and Europe making up the balance. Tenaris sells primarily through its own direct sales force and local distribution infrastructure. A key differentiator is Rig Direct®, a supply chain model under which Tenaris manages pipe inventory, delivers directly to drilling rigs on a just-in-time basis, and bundles technical advisory services — typically under long-term agreements tied to pricing indices. Rig Direct® covers the majority of Tenaris's U.S. and Canadian OCTG customers and has expanded to other markets. Tenaris is vertically integrated, operating its own electric arc furnace steel shops in Argentina, Italy, Mexico, Romania, and the U.S., feeding seamless pipe rolling mills. The company also owns pipe coating facilities globally through TenarisShawcor, which strengthens its offshore and deepwater offering. Revenue is driven by shipment volumes (tied to global drilling activity) and average selling prices (influenced by product mix, with premium seamless products commanding higher prices than commodity welded pipe). Cost of goods is heavily influenced by steel scrap prices, energy costs, and U.S. Section 232 tariffs on imported steel bars.