The US International Trade Commission (ITC) has decided to proceed with the investigation into the import of OCTG tubes from Mexico, Argentina, Russia and South Korea. Preliminary duties are scheduled for mid-March 2022. Tenaris imports tubes into the US from its facilities in Mexico and Argentina and according to Equita, if the investigation limits Tenaris’s ability to import from those markets there could be a negative impact. However, analysts continue, we believe that impact would be largely offset by the company’s significant manufacturing capacity in the US and higher prices. “We therefore believe that Tenaris has local production capacity in the US to compensate for any adverse outcomes, reducing imports from Argentina and Mexico with an increase in production from its US plants, but in this case there could be extraordinary ramp-up costs. for the increase in production “. “In our 2022 estimates, says Equita, we are already conservatively assuming an EBITDA margin of 19% against 21% in the first quarter of 2022” and they remain positive on the stock given the favorable momentum for the OCTG sector in the US (both in terms of prices and volumes) and an attractive rating.