Tenaris leads European share pullback after U.S. trade ruling

miércoles 19 de febrero de 2014 07:27 GYT
 

* FTSEurofirst 300 down 0.3 pct, Euro STOXX 50 down 0.4 pct

* Tenaris, Vallourec pummelled by U.S. import tariff ruling

* Carlsberg, Lafarge shrug off EM hit with strong updates

By Joshua Franklin

LONDON, Feb 19 (Reuters) - European shares edged lower on Wednesday, led by Italy's Tenaris as a U.S. tariff ruling hurt the region's steel pipe industry, although buoyant updates from Carlsberg and Lafarge helped limit market losses.

Seamless steel tube maker Tenaris fell 5.5 percent to the bottom of the pan-European FTSEurofirst 300 index after U.S. trade authorities decided not to impose tariffs on South Korean imports of oil and gas pipe. French peer Vallourec fell 5 percent.

Tenaris and Vallourec, which respectively generate 49 percent and 29 percent of their sales in North America, had signed a petition complaining that manufacturers in South Korea and other countries were selling pipe in the United States at unfairly low prices.

"Many people in the market were thinking that the key for improving the pricing power would be some reduction in the imports coming from South Korea," said Julien Laurent, energy equity analyst at Natixis.

"I assume that the consensus will have to downgrade its estimates (of future earnings per share) a bit. I would say for Tenaris it would be more than 5 percent."   Continuación...