<SEC-DOCUMENT>0001140361-19-016439.txt : 20191113
<SEC-HEADER>0001140361-19-016439.hdr.sgml : 20191113
<ACCEPTANCE-DATETIME>20190910125327
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-19-016439
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190910

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
		BUSINESS PHONE:		212-376-6500

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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            <div style="color: rgb(153, 153, 153); font-size: 8pt;">Tenaris S.A.</div>
            <font style="font-size: 8pt;"> </font>
            <div style="color: rgb(153, 153, 153); font-size: 8pt;">29, Avenue de la</div>
            <font style="font-size: 8pt;"> </font>
            <div style="color: rgb(153, 153, 153); font-size: 8pt;">Porte-Neuve</div>
            <font style="font-size: 8pt;"> </font>
            <div style="color: rgb(153, 153, 153); font-size: 8pt;">L &#8212; 2227</div>
            <font style="font-size: 8pt;"> </font>
            <div style="text-align: justify; color: rgb(153, 153, 153); font-size: 8pt;">LUXEMBOURG</div>
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    <div style="text-align: right;">September 9, 2019</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div>Mr. Ameen Hamady,</div>
    <div>Division of Corporation Finance,</div>
    <div>Office of Manufacturing and Construction</div>
    <div>Securities and Exchange Commission,</div>
    <div>100 F Street, N.E.,</div>
    <div>Washington, D.C. 20549-4631.</div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">Re:</td>
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                <div style="font-weight: bold;">Tenaris S.A.</div>
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    <div style="margin-left: 108pt; font-weight: bold;">Form 20-F for the Fiscal Year Ended December 31, 2018</div>
    <div style="margin-left: 108pt; font-weight: bold;">Filed April 3, 2019</div>
    <div style="margin-left: 108pt; font-weight: bold;">File No. 1-31518</div>
    <div><br>
    </div>
    <div>Dear Mr. Hamady:</div>
    <div>&#160;</div>
    <div style="text-indent: 28.35pt;">Set out below is the response of Tenaris S.A. (&#8220;<u>Tenaris</u>&#8221; or the &#8220;<u>Company</u>&#8221;), to the comment of the Staff of the United States Securities and Exchange Commission (the &#8220;<u>Staff</u>&#8221;) set forth in its
      letter (the &#8220;<u>Comment Letter</u>&#8221;) dated August 27, 2019, to the Company&#8217;s former Chief Financial Officer, Mr. Edgardo Carlos. As reported on our press release dated July 31, 2019, submitted to the SEC under Form 6-K on August 1, 2019, effective
      August 5, 2019, Mr. Carlos was replaced by Ms. Alicia Mondolo. The response below is keyed to the heading indicated in the Staff&#8217;s comment and is designated with the letter &#8220;R&#8221; below the comment number. The comment is set forth in boldface type.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">II Accounting Policies</div>
    <div style="font-weight: bold;">R Revenue Recognition, page F-20.</div>
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              <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
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                <div style="font-weight: bold;">We note your disclosure that revenue is recognized at a point in time or over time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the
                  acceptance of the product by the customer. Please address the following:</div>
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              <td style="width: 14.2pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Describe the nature of the goods or services that you promised to transfer and the performance obligations you have determined from your contracts with customers. For each performance obligation, describe
                  when you typically satisfy your performance obligation (i.e. shipment, delivery as services are provided etc.) and tell us how you considered the disclosure requirements of IFRS 15.119;</div>
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              <td style="width: 14.2pt; vertical-align: top; align: right;">&#9679;</td>
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                <div style="font-weight: bold;">Describe which performance obligations you are recognizing revenue at a point in time versus over time. Describe the significant judgments you make in evaluating when your customer obtains control of the
                  promised goods or services and tell us how you considered the disclosure requirements of IFRS 15.123;</div>
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    <div>&#160;</div>
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              <td style="width: 14.2pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">For performance obligations you satisfy over time, tell us the method used to recognize revenue and why you believe such method provides a faithful depiction of the transfer of goods or services. Tell us how
                  you considered the disclosure requirements of IFRS 15.124.</div>
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    </div>
    <div>&#160;</div>
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              <td style="width: 21.3pt; vertical-align: top; align: right;">R:</td>
              <td style="width: auto; vertical-align: top;">
                <div>In response to the Staff&#8217;s comment, the Company informs the Staff that Tenaris&#8217;s principal source of revenue is the sale of goods for the world&#8217;s energy industry and for other industrial applications. Goods sold mainly consist of:</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">Casing: </font>steel casing is used to sustain the walls of oil and gas wells during and after drilling.</div>
              </td>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">Tubing</font>: steel tubing is used to conduct crude oil and natural gas to the surface after drilling has been completed.</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">Line pipe:</font> steel line pipe is used to transport crude oil and natural gas from wells to refineries, storage tanks and loading and distribution centers.</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">Other goods:</font> these include mechanical and structural pipes, cold-drawn pipes, premium joints and couplings, coiled tubing, and sucker rods. In addition, Tenaris sells energy and raw materials
                  that exceed its internal requirements.</div>
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      </div>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">Tenaris also provides services related to the steel pipe products sold, which represent a non-material portion of sales revenue and include:</div>
    <div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">Pipe management services: </font>mainly storage services, preparation of the pipes ready to be run and customer delivery, and rig return.</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">Field</font>&#160;<font style="font-style: italic;">services</font>: comprises field technical support and running assistance.</div>
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    </div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">The main performance obligation that we have determined to arise from sales contracts with customers is the delivery of goods. However, there might be other performance obligations in the same contracts related to the
      provision of services, such as the transportation of goods to the location indicated by the customer, or the storage of goods available for use when requested by the customer.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">With respect to the sales of goods, revenue is recognized at the point in time when goods are delivered to the customer (i.e., when control has been transferred) and no performance obligation is pending that could
      result in customer&#8217;s refusal of the goods. Delivery occurs when (i) goods have been shipped to a specific location, (ii) obsolescence and loss risks have been transferred to a third party, and (iii) either the customer has accepted the goods pursuant
      to the sales contract, or acceptance of the goods is implied, or the Company has objective evidence that all criteria for acceptance of the goods (including performance of all obligations) have been satisfied. These factors are analyzed and
      determined on a contract-by-contract basis to ensure that all performance obligations are fulfilled; in particular, Tenaris verifies customer&#8217;s acceptance of the goods, delivery terms and satisfaction of all conditions.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">In bill-and-hold transactions, revenue is recognized only if the following conditions are satisfied: (a) there is a substantive reason for a bill and hold arrangement (for example, the customer has requested the
      arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company does not have the ability to use the product or to deliver it to another customer; and (d) the usual payment terms apply to such arrangement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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    <div style="margin-left: 49.6pt;">For services provided by Tenaris, revenue is recognized over the time the service is rendered.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">For purposes of recognizing over time revenue from services, the following input and output methods are applied:</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
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                <div><font style="font-style: italic;">storage services: </font>time elapsed is considered taking into account the number of goods stored, average cost and time of storage;</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">freights: </font>units delivered and time elapsed are considered; and</div>
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              <td style="width: 18pt; vertical-align: top; align: right;">&#9679;</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-style: italic;">field</font>&#160;<font style="font-style: italic;">services</font>: output methods are considered, in particular surveys of service completion provided by the customer, as this method is a reasonable proxy
                  for measuring the satisfaction of performance obligations.</div>
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    </div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">These methods are selected based on the nature of the services provided and the information available to determine the amounts of revenue and cost of services rendered.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a result, considering that the
      contracts do not include any significant financing component, the Company does not adjust any of the transaction prices for the time value of money.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">The Company&#8217;s contracts with its customers do not provide for any material variable consideration, other than discounts, rebates and rights of return. Discounts and rebates are recognized based on the most likely value
      and rights of return are based on expected value considering past experience.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">The amount of revenue to be recognized is based on the consideration that Tenaris expects to receive in exchange for the goods sold and services rendered. If a contract includes more than one performance obligation,
      the consideration is allocated based on the standalone selling price of each performance obligation; where these are not directly observable, they are estimated based on the expected cost-plus margin.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt; color: #000000;">There are no judgements applied by management that significantly affect the determination of the timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to the
      different performance obligations.</div>
    <div>&#160;</div>
    <div style="margin-left: 49.6pt;">We note that Tenaris gives only standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose (with no incremental service to the customer being provided).
      Accordingly, warranties do not constitute a separate performance obligation.</div>
    <div><br>
    </div>
    <div style="text-align: center;">* * * * *</div>
    <div><br>
    </div>
    <div style="text-indent: 31.5pt;">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure in its filings. In addition, the Company acknowledges that the Staff&#8217;s comments or changes to the Company&#8217;s disclosure in
      response to the Staff&#8217;s comments do not foreclose the Commission from taking any action with respect to the Company&#8217;s filings and that the Company may not assert the Staff&#8217;s comments as a defense in any proceeding initiated by the Commission or any
      person under the federal securities laws of the United States.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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    <div style="text-indent: 31.5pt;">If you have any questions relating to this letter, please feel free to call Robert S. Risoleo of Sullivan &amp; Cromwell LLP at (202) 956-7510. He may also be reached by facsimile at (202) 956-6974 and by e&#8209;mail at
      risoleor@sullcrom.com.</div>
    <div><br>
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          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Very truly yours,</div>
          </td>
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        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div><u>/s/ Alicia Mondolo</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Alicia Mondolo</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Chief Financial Officer</div>
          </td>
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    <div> <br>
    </div>
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              <td style="width: 27pt; vertical-align: top;">cc:</td>
              <td style="width: auto; vertical-align: top;">
                <div>Jeanne Baker</div>
              </td>
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    </div>
    <div style="margin-left: 27pt;">(Securities and Exchange Commission)</div>
    <div><br>
    </div>
    <div style="margin-left: 27pt;">Fabrice Goffin</div>
    <div style="margin-left: 27pt;">(PricewaterhouseCoopers)</div>
    <div><br>
    </div>
    <div style="margin-left: 27pt;">Cristian J. P. Mitrani</div>
    <div style="margin-left: 27pt;">(Mitrani, Caballero &amp; Ruiz Moreno)</div>
    <div><br>
    </div>
    <div style="margin-left: 27pt;">Robert S. Risoleo</div>
    <div style="margin-left: 27pt;">(Sullivan &amp; Cromwell LLP)</div>
  </div>
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  <div> </div>
  <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font>
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