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ASBESTOS LITIGATION: 55 Cases Pending v. Tenaris Unit at Dec. 31
Tenaris, S.A.'s subsidiary, Dalmine S.p.A., as of Dec. 31, 2008, faced 55 pending asbestos claims, of which none are covered by insurance, according to a Company report, on Form 6-K, filed with the Securities and Exchange Commission.
Total asbestos claims pending against Dalmine were 61 claims (of which one was covered by insurance), as of Sept. 30, 2008. (Class Action Reporter, Dec. 5, 2008)
Dalmine is currently subject to 16 civil proceedings for work- related injuries arising from the use of asbestos in its manufacturing processes during the period from 1960 to 1980. In addition, another 39 asbestos related out-of-court claims have been forwarded to Dalmine.
During 2008, nine new claims were filed, four claims were adjudicated, out of which four were paid, no claim was dismissed and six claims were settled. Aggregate settlement costs to date for the Company are EUR6.9 million (US$9.6 million).
Dalmine estimates that its potential liability in connection with the claims not yet settled is about EUR17 million (US$23.7 million).
Headquartered in Luxembourg, Tenaris, S.A. was incorporated on Dec. 17, 2001, as a holding company in steel pipe manufacturing and distributing operations. The Company holds, either directly or indirectly, controlling interests in various subsidiaries.
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