You are here: Home > Steel News > Latest Steel News > Correction:...

Correction: Europe notifies Tenaris of executive's transaction under "market abuse" law

Friday, 02 December 2022 22:23:23 (GMT+3)   |   San Diego

Global steel giant Tenaris was notified of the "securities transaction from a person discharging managerial responsibilities," according to the European Union's Regulation No. 596/2014 on market abuse, the company reported in a filing to financial markets in New York, Mexico and Italy.

Although SteelOrbis reported this week there was an open investigation against the company, Tenaris clarified that the Commission of Surveillance Du Secteur Financier (CSSF), the regulatory entity of the financial sector for Europe and the world, specified the action as an "initial notification." In the initial report, the name of the person involved was not revealed, but later information from the CSSF disclosed the named executive as Carlos Condorelli, member of the Tenaris Board of Directors.

The regulation sanctions operations with the use of privileged information, although the transaction was conducted and reported under the law, according to a statement from the company. Sanctions may include the restitution of benefits obtained or the losses avoided due to the infraction.

 


Similar articles

US issues preliminary AD of 30.3 percent on OCTG imports from Mexico’s Tenaris-TAMSA

06 Dec | Steel News

Tenaris upgrades Veracruz plant in Mexico

20 Jul | Steel News

Tenaris reports net income surge of 139 percent in Q4

16 Feb | Steel News

Benteler Group cancels $460 million tube mill sale to Tenaris

06 Feb | Steel News

Union plans strike at Mexican pipe manufacturer Tenaris Tamsa

10 Jan | Steel News

Strike continues at Tenaris Tamsa in Mexico

23 May | Steel News

Danieli to supply new roller hearth furnace to Tenaris Tamsa

17 Oct | Steel News

Mexico’s Tenaris Tamsa to increase workforce by 25 percent by 2016

20 Nov | Steel News

Techint sees promising prospects for Mexican industrial segment; avoids job cuts

28 Jul | Steel News

Mexican steelmakers join to build power plant

08 Apr | Steel News