"I was reading your analysis about steel companies. Why do you sort Tenaris within that group? I think it is more like an oil services company's that sells seamless tubes for the oil industry. Its price is very oil sensitive. There is a company owned by the same group (Techint) that engages in the steel manufacturing: Ternium, that trades in NY : TX"

Eoin Treacy's view Thank you for this informative email. Tenaris is classed in Bloomberg as a steel company which is why it showed up in my search. However, I take your point that most of its business is focused on providing pipes to the oil sector, which helps to explain its outperformance compared to other companies such as ArcelorMittal. Ternium has a relatively similar pattern to Tenaris and has been ranging above $30 for most of the year. It continues to sustain a progression of higher major reaction lows and these would need to be taken out with a sustained move below $30 to question scope for continued higher to lateral ranging. I also included ThyssenKrupp in yesterday's review, even though it does far more than simply produce steel.