Luxembourg's Tenaris SA announced March 22 it will acquire PAO TMK's Texas-based IPSCO Tubulars Inc. for $1.2 billion.

In separate statements, the two firms said the transaction is still subject to conditions of the stock purchase agreement and approvals from U.S. antitrust authorities.

Tenaris said the deal covers a U.S. steel bar production facility in Koppel, Pa., a seamless production facility in Ambridge, Pa., and other welded, heat treatment and finishing facilities.

IPSCO Tubulars is a U.S. producer of seamless and welded oil country tubular goods and line products, with an annual production of 450,000 metric tons of steel bars, 400,000 metric tons of seamless pipe and 1 million metric tons of welded pipe and production facilities.