‘We provide the lion’s share of pipes for the oil and gasoline trade in Canada, and we hope that Canada could be a powerhouse on power exports and with Tenaris taking part in an important function,’ stated Tenaris president Martin Castro
U.S. tariffs and a shifting international financial system have left quite a few industries bracing for change – however at Tenaris, the change all seems to be to be optimistic.
The corporate has employed 600 staff in Sault Ste. Marie over the previous three years, ballooning the native workforce to 800 after investing over $255 million in its native operations since 2020.
On Friday, the metal pipe producer celebrated its twenty fifth anniversary within the metropolis, and executives painted an optimistic image of the years to come back throughout a press convention this morning.
“We provide the lion’s share of pipes for the oil and gasoline trade in Canada, and we hope that Canada could be a powerhouse on power exports and with Tenaris taking part in an important function,” stated Martin Castro, president of Tenaris in Canada.
Whereas some industries have been despatched reeling by punishing U.S. tariffs, Castro stated there’s no concern of downsizing or layoffs within the close to future.
“We have now rather a lot much less publicity to the U.S. market as Algoma does, and that is why we aren’t seeing any changes in exercise in our facility shifting ahead,” he stated.
“We have now invested rather a lot post-Covid in several initiatives and likewise to deliver nearly 600 new staff to our facility right here in Sault Ste. Marie … so in the interim and for the foreseeable future we’re not contemplating any layoffs right here within the Sault.”
Whether or not by way of elevated curiosity in liquefied pure gasoline improvement, or rumblings in regards to the Keystone XL pipeline challenge being restarted, Tenaris sees quite a lot of alternatives proper right here in Canada within the coming years.
Tenaris is the one producer of seamless pipes for oil and gasoline within the nation.
“I believe the LNG initiatives are vital for us. I imply, they demand a variety of seamless pipes, which we’re the one producer of seamless pipes in Canada,” Castro stated.
“We’re seeing increasingly more curiosity from our Canadian clients to extend drilling exercise to satisfy these LNG initiatives.”
The altering international financial system was touched on by not solely Castro, however CEO Paolo Rocca and native politicians alike.
“The world is altering, and we predict that that is additionally essential to know for us as an organization, but additionally for the federal government and the authorities all world wide,” Rocco stated.
He stated trade, authorities, and neighborhood might want to work hand in hand within the years forward.
“The world that began, starting within the 90s with the dissolution of the Soviet Union, and the change within the equilibrium is attending to a restrict. Issues won’t be the identical any further.”
That stated, with the multinational firm promoting $12.5 billion USD yearly, it has not needed to depend on any authorities help so far.
“We’re capable of self keep, and we’re not receiving any sort of assist from the federal government,” Castro stated.
However investments in native industries, like renewed curiosity in home initiatives or the $500 million mortgage lately inked for Algoma Metal, will assist Tenaris over the long run.
“The assist that we’re seeing from the federal government and the actions they’re taking to guard the home trade, the metal trade particularly, on growing increasingly more initiatives on the power facet, these are the suitable measures which are serving to firms like Tenaris.”
It’s a imaginative and prescient that was shared by Sault Ste. Marie–Algoma MP Terry Sheehan, who stated his authorities is dedicated to creating Canada a “superpower” in power.
“Prime Minister (Mark) Carney has stated that Canada can be a superpower associated to power,” Sheehan stated.
“What does that imply? Extra jobs for Sault Ste. Marie, extra jobs for Canada.”
