Tenaris shares down after it flags margin impact due to tariffs

** Shares in Tenaris TEN fall 4.5% after the Italian steel pipe maker said on Wednesday its margins in H2 will be impacted by steel tariffs in the U.S.

** The group expects a moderate decline in sales in H2 2025 compared to the first half, and margins to be affected by the recent increase in tariff costs

**J.P.Morgan says it forecasts a 6% EBITDA slip in H2 compared to H1, expecting revenues to moderate by mid-single-digit in 2H25

** Tenaris posted a 7% drop in net sales for the second quarter of 2025, but Equita analysts say the group's Q2 results were slightly above estimates