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Tenaris (TS) reported 4Q EBITDA of $709.6m, ahead of the Street’s $690.3m and 3Q’s $620.3m, and up 38% from year-ago.  EBITDA margins improved in 4Q as higher volumes led to greater fixed-cost absorption.

Guidance for 1Q was for lower sales and operating income due to seasonal maintenance outages and lower shipments in the Projects segment, although management expects both sales and operating income for full-year 2012 to rise versus 2012 due to in part to an improved product mix.  The company expects 2012 sales of tubular products for demanding applications to grow faster than for standard products as customers undertake investments in more difficult operating conditions.

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