Tenaris (TS), a Luxembourg-based steel and iron company, is seeing relative strength and bullish order flow. Shares are up 44 cents to $18.53, even as steel stocks (X, AKS, STLD, MT) fall on Friday. In the options market, TS options volume is running at 2X the average daily levels. 4000 calls and only 74 puts traded on the day. Investors are showing interest in March 17.5 and 20 call options ahead of an investor meeting on Mar 19, the day before the March options come off the board.