Abstract: Analyzed in the paper are the 2014 production and operation situations of Tenaris and Vallourec，the world’s two steel tube-making giants in terms of sales volume， profitability， market distribution， assets and liabilities， and debt-paying ability， etc.As a result， it is identified that the operation performances of the two groups more or less declined in the year，whereas the Northern America region has now become the potential market for possible fast growth thereof.The two steel tube groups both had got well ready for the foreseeable consequences of the coming great global oil price fell.