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US antitrust regulators clear $1.2B Tenaris deal for IPSCO Tubulars

The U.S. Department of Justice approved Tenaris SA's $1.2 billion acquisition of PAO TMK subsidiary IPSCO Tubulars Inc., according to a securities filing.

The deal, which was disclosed in March but needed approval from U.S. antitrust authorities, includes a steel bar production facility in Koppel, Pa., a seamless production facility in Ambridge, Pa., and other welded, heat treatment and finishing facilities.

The Luxembourg-based steel pipes manufacturer said it expects to complete the transaction shortly.

IPSCO Tubulars is a Houston-based manufacturer of seamless and welded oil country tubular goods and line products.