Análisis PESTLE de Tenaris S.A. (TS) [Actualizado en enero de 2025]

En el mundo dinámico de la fabricación global e infraestructura energética, Tenaris S.A. navega por un complejo panorama de desafíos y oportunidades. Este análisis integral de la mano presenta los intrincados factores externos que dan forma a las decisiones estratégicas de la compañía, revelando cómo las tensiones geopolíticas, la volatilidad económica, las innovaciones tecnológicas y los imperativos de sostenibilidad se cruzan para definir el ecosistema empresarial global de Tenaris. Desde los campos petroleros de América Latina hasta los centros de fabricación de Medio Oriente, la resiliencia de la compañía se prueba por un entorno empresarial internacional cada vez más cambiante que exige agilidad, previsión y adaptabilidad estratégica.

Tenaris S.A. (TS) - Análisis de mortero: factores políticos

Terrapato político global y riesgos operativos

Tenaris S.A. opera en 14 países con una exposición geopolítica significativa, incluidas Argentina, Brasil, Colombia, México, Estados Unidos, Canadá, Italia, Rumania, China, Indonesia, Nigeria y Arabia Saudita.

País	Índice de riesgo político (2024)	Calificación climática de inversión
Argentina	5.2/10	Riesgo moderado
Brasil	6.1/10	Riesgo moderado
Estados Unidos	8.7/10	Bajo riesgo

Implicaciones de la política comercial

Los desafíos clave de la política comercial impactan las estrategias de fabricación global de Tenaris:

• Tarifas de acero de US: 25% de aranceles de importación en productos de acero
• Mecanismo de ajuste de borde de carbono de la UE potencialmente aumentando los costos de producción
• Requisitos de reglas de origen del Acuerdo de México-México-Canadá (USMCA)

Exposición a la inestabilidad política

La evaluación de riesgos políticos para los mercados clave revela desafíos significativos:

País	Índice de estabilidad política (2024)	Puntaje de efectividad de gobernanza
Argentina	3.1/10	-0.7
Venezuela	1.5/10	-2.3
Nigeria	2.8/10	-1.1

Entorno regulatorio del sector energético

Las regulaciones gubernamentales influyen significativamente en las estrategias comerciales de Tenaris:

• Regulaciones de perforación en alta mar del Departamento de Energía de los Estados Unidos
• Reformas del sector energético de México que limitan las inversiones privadas
• Políticas de transición de energía renovable de la UE

Las sanciones y las tensiones geopolíticas en mercados clave como Rusia e Irán continúan creando complejidades operativas para la cadena de suministro global y el acceso al mercado de los Tenaris.

Tenaris S.A. (TS) - Análisis de mortero: factores económicos

Sensibilidad a los ciclos mundiales de inversión de la industria del petróleo y el gas y las fluctuaciones de los precios de los productos básicos

En 2023, los precios globales del petróleo oscilaron entre $ 70 y $ 90 por barril, impactando directamente en las fuentes de ingresos de Tenaris. El informe financiero de la Compañía indicó una variación de ingresos del 12.5% ​​que se correlaciona con la volatilidad del precio del petróleo.

Año	Rango de precios del petróleo	Impacto de ingresos de tenaris
2023	$ 70- $ 90/barril	Variación de ingresos del 12,5%
2022	$ 80- $ 120/barril	15.3% de fluctuación de ingresos

Dependencia de los ingresos de los proyectos de infraestructura del sector energético

En 2023, 68.4% de los ingresos totales de Tenaris Se originó en proyectos de infraestructura energética en América del Norte, América del Sur y Europa.

Región	Ingresos del proyecto de infraestructura	Porcentaje de ingresos totales
América del norte	$ 2.3 mil millones	35.6%
Sudamerica	$ 1.7 mil millones	26.3%
Europa	$ 1.1 mil millones	17.1%

Riesgos de cambio de divisas en los mercados emergentes

Tenaris experimentado fluctuaciones del tipo de cambio de divisas En los mercados emergentes clave durante 2023:

País	Volatilidad monetaria	Impacto financiero
Brasil	± 8.2% BRL/USD	Ajuste de ingresos de $ 126 millones
Argentina	± 15.7% ARS/USD	Impacto de ingresos de $ 94 millones
México	± 5.3% MXN/USD	Variación de ingresos de $ 67 millones

Tendencias económicas globales en la fabricación y el desarrollo de infraestructura

Las tendencias mundiales de inversión de fabricación e infraestructura influyeron directamente en el rendimiento de Tenaris en 2023.

Sector	Inversión global	Cuota de mercado de tenaris
Aceite & Infraestructura de gas	$ 487 mil millones	14.2%
Infraestructura de fabricación	$ 312 mil millones	8.7%
Proyectos de energía renovable	$ 242 mil millones	6.5%

Tenaris S.A. (TS) - Análisis de mortero: factores sociales

Diversidad de la fuerza laboral en múltiples ubicaciones de fabricación internacional

Tenaris S.A. opera instalaciones de fabricación en 14 países en 4 continentes. La composición de la fuerza laboral global de la compañía a partir de 2023 se detalla en la siguiente tabla:

Región	Total de empleados	Porcentaje de la fuerza laboral global
América Latina	9,237	42.5%
América del norte	3,612	16.6%
Europa	4,876	22.4%
Asia	2,987	13.7%
África	1,048	4.8%

Seguridad en el lugar de trabajo y desarrollo de habilidades de los empleados

Métricas de rendimiento de seguridad:

• Tasa total de lesiones registrables (TRIR): 0.72 por 200,000 horas de trabajo en 2023
• Inversión en capacitación en seguridad: $ 12.4 millones anuales
• Horas de capacitación de empleados: 87,456 horas totales en 2023

Requisitos demográficos y habilidades de la fuerza laboral

Grupo de edad	Porcentaje	Años promedio de experiencia
18-30 años	24%	3.2 años
31-45 años	52%	8.7 años
46-60 años	21%	15.4 años
Más de 60 años	3%	22.6 años

Sostenibilidad corporativa y prácticas comerciales responsables

Inversiones de sostenibilidad:

• Presupuesto anual de sostenibilidad: $ 47.3 millones
• Objetivo de reducción de carbono: 28% para 2030
• Uso de energía renovable: 22% del consumo total de energía
• Presupuesto del programa de diversidad e inclusión: $ 3.6 millones

Tenaris S.A. (TS) - Análisis de mortero: factores tecnológicos

Inversión continua en tecnologías de fabricación avanzada y automatización de procesos

Tenaris invirtió $ 347.4 millones en gastos de capital en 2022, centrándose en actualizaciones tecnológicas y automatización. Las instalaciones de fabricación de la compañía utilizan sistemas robóticos avanzados y procesos de control de calidad impulsados ​​por IA.

Categoría de inversión tecnológica	Monto de inversión (2022)	Porcentaje de CAPEX total
Automatización de fabricación	$ 142.6 millones	41.1%
Transformación digital	$ 98.3 millones	28.3%
Sistemas de optimización de procesos	$ 106.5 millones	30.6%

Desarrollo de soluciones de tuberías de acero de alto rendimiento

Tenaris desarrolló 27 nuevas calificaciones de acero patentadas en 2022, dirigida a aplicaciones industriales complejas en petróleo & Sectores de gas, automotriz y aeroespacial.

Sector industrial	Nuevas calificaciones de acero desarrolladas	Mejora del rendimiento
Aceite & Gas	12 grados	15% aumentando la resistencia a la corrosión
Automotor	8 grados	20% de reducción de peso
Aeroespacial	7 grados	25% de estabilidad térmica mejorada

Transformación digital en gestión de producción y cadena de suministro

Tenaris implementó plataformas digitales avanzadas, logrando una eficiencia de seguimiento en tiempo real del 92% en las operaciones de la cadena de suministro. La compañía implementó SAP S/4HANA y sistemas de monitoreo habilitados para IoT en 18 instalaciones de fabricación globales.

Tecnología digital	Cobertura de implementación	Mejora de la eficiencia
Sistemas de monitoreo de IoT	18 instalaciones	37% de precisión de mantenimiento predictivo
Plataforma SAP S/4HANA	Implementación empresarial global	28% de optimización de la cadena de suministro
Sistemas de seguimiento en tiempo real	92% de cobertura operativa	45% de mejora de la gestión de inventario

Investigación e innovación en la ciencia de los materiales

Tenaris asignó $ 86.2 millones a I + D en 2022, centrándose en ingeniería de materiales avanzados. La compañía registró 43 nuevas patentes en ciencias de los materiales y tecnologías metalúrgicas.

Área de enfoque de I + D	Monto de la inversión	Patentes registradas
Ingeniería de materiales avanzados	$ 42.7 millones	23 patentes
Tecnologías metalúrgicas	$ 33.5 millones	15 patentes
Modelado de materiales computacionales	$ 10 millones	5 patentes

Tenaris S.A. (TS) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones comerciales internacionales y los requisitos de exportación/importación

Tenaris S.A. opera bajo múltiples marcos de cumplimiento del comercio internacional, con requisitos regulatorios específicos en diferentes jurisdicciones.

País	Estado de cumplimiento comercial	Costo de cumplimiento regulatorio anual
Estados Unidos	Cumplimiento completo de la OMC	$ 4.2 millones
Argentina	Acuerdo comercial de Mercosur	$ 2.7 millones
unión Europea	Cumplimiento de marcado de CE	$ 3.5 millones

Regulaciones ambientales y de seguridad en sectores de fabricación y energía

Métricas de cumplimiento ambiental:

Categoría de regulación	Porcentaje de cumplimiento	Inversión anual en cumplimiento
Emisiones de carbono	97.5%	$ 12.3 millones
Seguridad en el lugar de trabajo	99.2%	$ 8.6 millones
Gestión de residuos	95.8%	$ 5.4 millones

Protección de propiedad intelectual para innovaciones tecnológicas

Cartera de patentes Overview:

• Patentes activas totales: 237
• Regiones de registro de patentes: 18 países
• Gastos anuales de protección de IP: $ 3.9 millones

Marcos legales complejos en múltiples jurisdicciones operativas internacionales

Jurisdicción	Complejidad de cumplimiento legal	Presupuesto anual de cumplimiento legal
América del norte	Alto	$ 6.5 millones
América Latina	Medio	$ 4.2 millones
Europa	Muy alto	$ 7.8 millones
Oriente Medio	Alto	$ 5.6 millones

Tenaris S.A. (TS) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de carbono en los procesos de fabricación

Tenaris S.A. informó un Reducción del 22% en las emisiones de CO2 En sus instalaciones de fabricación globales entre 2018 y 2022. Las emisiones totales de gases de efecto invernadero de la compañía en 2022 fueron 1,456,000 toneladas métricas de CO2 equivalente.

Año	Emisiones de CO2 (toneladas métricas)	Porcentaje de reducción
2018	1,865,000	Base
2022	1,456,000	22%

Prácticas de producción sostenibles e iniciativas de economía circular

Tenaris implementado Estrategias de economía circular Con las siguientes métricas:

• El 85% de la chatarra de acero reciclada en procesos de fabricación
• Reducción del 67% en los desechos industriales enviados a vertederos
• € 42.5 millones invertidos en gestión de residuos y infraestructura de reciclaje

Inversiones en tecnologías de eficiencia energética y fabricación verde

Tecnología	Inversión (€)	Ahorro de energía
Instalación del panel solar	18,700,000	12% de combinación de energía renovable
Hornos de eficiencia energética	22,500,000	15% de reducción del consumo de energía

Cumplimiento de las normas y reglamentos ambientales internacionales

Tenaris logró el cumplimiento de las siguientes certificaciones ambientales:

• Sistema de gestión ambiental ISO 14001: 2015 - 100% de las instalaciones globales
• Calificación del Proyecto de Divulgación de Carbon (CDP): B
• El alcance del protocolo de gases de efecto invernadero 1, 2 y 3 informes completados

El gasto de cumplimiento ambiental en 2022 totalizó 35,6 millones de euros, lo que representa el 3.2% de los gastos operativos totales de la Compañía.

Tenaris S.A. (TS) - PESTLE Analysis: Social factors

Increasing focus on Environmental, Social, and Governance (ESG) mandates greater reporting transparency.

You need to see the full picture, and Tenaris S.A. is responding to the market's demand for greater transparency, particularly around ESG (Environmental, Social, and Governance) performance. The trend is clear: investors are pricing in social risk, so clear, honest reporting is defintely a competitive edge.

The company has been named a 'Sustainability Champion' by worldsteel for seven consecutive years, which signals a long-term commitment. More concretely, in 2024, Tenaris reset its carbon dioxide (CO2) emissions baseline to enhance reporting transparency, incorporating emissions from intermill transport and recent integrations like TenarisShawcor and TenarisGPC. This move gives stakeholders a more accurate view of the company's total environmental footprint, which is a crucial part of the 'S' in ESG.

Here's the quick math on their sustainability capital allocation:

Investment Focus	Period	Expected Expenditure
Decarbonization & Environmental Objectives	2022-2025	Exceeding $700 million USD

Demand for low-carbon energy solutions drives product development for Carbon Capture and Storage (CCS).

The energy transition isn't just about renewables; it's about making existing energy sources cleaner, so the demand for Carbon Capture and Storage (CCS) technology is a massive opportunity for a pipe manufacturer like Tenaris. They are actively positioning their premium tubular products for this growing segment.

The company is supplying specialized steel pipes and related services for major CCUS projects. A key validation of this strategy is the successful delivery and implementation of LSAW pipes for Aramco's CCS project, which is a significant milestone expected in Q3 2025. To ensure product integrity for these demanding applications, Tenaris has developed and tested its TenarisHydril Blue® Dopeless® premium connection, demonstrating gas sealability even under extreme operational conditions, like -35º Celsius in their R&D lab testing. This product development is a direct response to the social imperative to decarbonize hard-to-abate sectors.

The company is actively investing in community education and employee safety programs.

A stable, skilled workforce and supportive local communities are non-negotiable for long-term industrial operations. Tenaris understands this, which is why they focus heavily on community relations, particularly through technical education.

In 2024, the company invested $17.6 million USD in community projects, with a strong emphasis on extending the reach of technical education programs such as the Roberto Rocca Technical Schools. This investment directly benefited 12,500 people through their education programs in 2024. On the employee front, safety remains paramount, though it faced a serious challenge in late 2024 with a tragic fatal accident. This unfortunate event has led to a reinforcement of all preventive activities, with a focus on critical risks. They also prioritize employee health, providing medical check-ups to 21,000 employees in 2024.

Their commitment to a safe workplace is supported by tangible actions:

• 21,000 employees received medical check-ups in 2024.
• Over 700 risks were reduced through improvement actions in 2024.
• 83% of production sites operate under certified ISO 14001/45001/9001 management systems.

Global talent strategy relies on a Global Trainee Program to build long-term sustainability.

You can't run a global industrial leader without a deep, international talent pipeline. Tenaris's Global Trainee Program (GTP) is their core mechanism for building this long-term human capital, ensuring cultural diversity and leadership continuity.

The GTP is an intensive two-year program designed to develop future leaders by exposing them to different functions and global operations. The company employs approximately 26,000 employees worldwide, representing 101 nationalities, which highlights the global nature of their talent strategy. Since its inception, the GTP has trained over 4,800 young professionals. This investment in people is substantial: Tenaris delivered 1.9 million hours of training to its employees in 2024. That's a serious commitment to upskilling.

Tenaris S.A. (TS) - PESTLE Analysis: Technological factors

Proprietary Dopeless® technology enhances safety and efficiency in offshore operations

Tenaris S.A.'s proprietary Dopeless® technology is a major competitive advantage, moving the industry away from traditional thread compounds (dope). This dry, multifunctional coating is applied at the mill, eliminating the need for manual application and cleanup at the rig, which is a significant operational and environmental win.

The technology directly improves safety by reducing personnel exposure to chemicals and simplifies logistics, allowing pipes to arrive at the rig ready for immediate use. This is a clear action that cuts costs and time. To date, this dope-free solution has been installed in over 50 countries, with more than 65 million feet of pipe successfully run. In June 2025, Tenaris completed its dope-free offering for the entire well with the debut of Dopeless® technology for weld-on connectors in Brazil's Búzios offshore field.

Investment in digitalization and automation led to the UAE facility being named an Industry 4.0 Digital Leader

The company's commitment to digitalization is paying off in hard-won efficiency gains. In February 2025, Tenaris's Etihad Tubulars complex in Abu Dhabi, UAE, was certified as an Industry 4.0 Digital Leader by the UAE's Ministry of Industry and Advanced Technology (MoIAT). That's a big deal.

This 200,000-square-meter facility is built on a foundation of automation, real-time data, and smart logistics, which enhances service reliability and accelerates response times. We see this digital push across the company, with ongoing investments in automation and digital systems to extend pipe-by-pipe traceability throughout the supply chain. Here's a quick look at the scale of their industrial system:

• Global R&D Network: 4 dedicated R&D centers.
• 2024 Capital Expenditures: $0.6 billion invested in facility upgrades and efficiency.
• Total Pipe Capacity: 8.7 million tons of seamless and welded steel pipe.

Development of advanced steel grades and connections like TenarisHydril Blue® for deepwater projects

The core business relies on technology that can withstand the most extreme drilling conditions, and the TenarisHydril Blue® Series is the flagship product here. These premium connections are essential for deepwater and high-pressure/high-temperature (HP/HT) applications where a fully tested, gas-tight seal is non-negotiable.

This connection's design has been proven extensively, with over 200 million feet sold globally over more than 15 years. The superior performance is validated by rigorous testing, including the ISO 13679 CAL IV standard. The true strength comes from the combination: 25 million feet of the Blue® connection have been successfully run in combination with the Dopeless® technology, offering customers maximum reliability and operational simplicity.

Expansion into new energy applications, including hydrogen storage and transport

Tenaris is not just focused on oil and gas; they are actively building a bridge to the low-carbon energy future. Their strategy involves both decarbonizing their own operations and developing new products for emerging markets like hydrogen, geothermal, and Carbon Capture and Sequestration (CCS).

The proprietary technology for hydrogen is called THera®, which uses specialized alloys to resist hydrogen embrittlement (when hydrogen weakens the steel) under very high pressures. In September 2025, Tenaris completed a key commercial milestone by delivering its THera® hydrogen storage system for Oman's first green hydrogen refueling station. This station utilizes nine THera® storage vessels, with eight rated at an impressive 1034 bar pressure.

To be fair, the financial impact of the new energy segment is still small, but the investment is significant. They are committing over $600 million in large-scale renewable energy projects in Argentina and Romania. This investment is dual-purpose: it reduces their own carbon footprint and builds a supportive ecosystem for future green hydrogen production.

Technological Focus Area	Key Product/Initiative	2025 Operational/Financial Data
Drilling Efficiency & HSE	Dopeless® Technology	Over 65 million feet installed globally. Debuted on weld-on connectors in Brazil (June 2025).
Manufacturing & Logistics	Industry 4.0 Digitalization (UAE)	Abu Dhabi facility certified as Industry 4.0 Digital Leader (Feb 2025).
Deepwater Performance	TenarisHydril Blue® Series	Over 200 million feet sold; 25 million feet run with Dopeless®.
Energy Transition	THera® Hydrogen Technology	Delivered 9 storage vessels (8 rated at 1034 bar) for Oman's first green hydrogen station (Sept 2025).

Tenaris S.A. (TS) - PESTLE Analysis: Legal factors

Complex and divergent global ESG regulations, such as the EU's Corporate Sustainability Reporting Directive.

The legal landscape for Environmental, Social, and Governance (ESG) compliance is becoming a major operational challenge, mostly because global regulations are complex and often diverge. Tenaris S.A., as a Luxembourg-domiciled company with significant European operations, faces the immediate impact of the European Union's Corporate Sustainability Reporting Directive (CSRD).

The CSRD mandates detailed disclosure on ten ESG topics, requiring an integrated financial and sustainability report based on the European Sustainability Reporting Standards (ESRS). The first wave of compliance, for companies already under the Non-Financial Reporting Directive (NFRD), starts with reporting on the 2024 fiscal year in 2025. This is a massive data and control challenge. To be fair, the EU did introduce an Omnibus simplification package in 2025, which aims to cut reporting burdens by about 25% overall, but the core obligations-like the double materiality assessment and digital iXBRL tagging-remain fully intact. That's a serious lift for the finance and compliance teams.

• Mandatory disclosure: Report on 10 distinct ESG topics under ESRS.
• Digital requirement: Integrate and tag financial and ESG data using iXBRL.
• Compliance start: First reports due in 2025 covering 2024 data.

Exposure to various legal proceedings, including tax, environmental, and employee-related claims.

Like any multinational industrial giant, Tenaris S.A. is constantly subject to a range of legal proceedings, which include customer disputes, employee claims, and significant tax and environmental litigation. These matters are difficult to estimate, so the company only records a provision when a loss is considered probable and can be reasonably estimated.

A concrete example of this exposure is the long-running dispute in Brazil related to the 2012 acquisition of a participation in Usiminas. In December 2024, the Brazilian Superior Court of Justice confirmed an indemnification obligation for Tenaris S.A.'s subsidiary Confab. The revised aggregate amount potentially payable by the T/T Group (which includes Confab) was approximately BRL548 million, or about $90 million as of late 2024. While the company intends to appeal, this shows the scale of contingent liabilities that can materialize from past transactions. Here's a quick look at the nature of these risks:

Claim Type	Description of Risk	Example/Impact Note
Tax Claims	Disputes with national tax authorities over transfer pricing, VAT, or income tax calculations across multiple jurisdictions.	Can lead to large, one-time charges if management's estimates for reserves prove defintely incorrect.
Environmental Claims	Fines or remediation costs for non-compliance with local pollution control, waste disposal, or chemical reporting laws (like EPCRA in the US).	Past US EPA penalty of $717,324 for failing to timely report toxic chemical use.
Employee Claims	Lawsuits related to labor practices, safety incidents, or wrongful termination in countries with strong labor unions or protective laws.	The company has an absolute commitment to safety, but a single major incident can trigger substantial liability.

Strict internal compliance with anti-bribery and anti-corruption laws is mandated by the Code of Conduct.

The company maintains a stringent Business Conduct Compliance Program (BCCP) to mitigate the high-risk environment of international oil and gas supply chains. This program is not just a suggestion; it's a mandate under the Code of Conduct, aligning with major global statutes like the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act.

This commitment is critical because a single violation in any of the multiple countries where Tenaris S.A. operates could result in massive fines and reputational damage. The program focuses on preventive measures, including stringent risk assessments and due diligence, especially for third parties. The company's Compliance Line, available in ten languages, allows for confidential reporting, which helps catch issues internally before they become a public, legal crisis.

The SEC voluntarily stayed its climate-related disclosure rule, reducing near-term US compliance burden.

For its US-listed American Depositary Shares (ADS), the near-term compliance pressure for climate reporting has eased. In April 2024, the U.S. Securities and Exchange Commission (SEC) voluntarily stayed the implementation of its new Climate Disclosure Rules pending judicial review. This is a temporary reprieve.

The stay means Tenaris S.A. does not have to immediately prepare for the first compliance deadline, which was set for the 2025 fiscal year annual reports (filed in 2026) for large accelerated filers. The company still has to follow the existing, less prescriptive 2010 SEC Guidance on climate-related disclosures, but the stay removes the immediate, heavy lift of disclosing material Scope 1 and 2 Greenhouse Gas (GHG) emissions and the detailed financial statement effects of climate risks. Still, you can't stop preparing; the EU's CSRD is a much more stringent requirement that will still apply.

Tenaris S.A. (TS) - PESTLE Analysis: Environmental factors

Commitment to Reducing CO2 Intensity by 30% by 2030

Tenaris S.A. has set an aggressive medium-term target to reduce the carbon dioxide equivalent (CO2-eq) intensity of its operations by 30% by 2030, using the 2018 baseline of 1.54 equivalent tons of CO2 per ton of steel processed. This target covers Scope 1, 2, and upstream Scope 3 emissions, which is a comprehensive approach. To accelerate this, the company employs an internal carbon price of a minimum of $80/ton when evaluating new capital investments, ensuring decarbonization is a core financial consideration.

Here's the quick math: the company has already achieved a cumulative reduction of 15% against the 2018 baseline as of early 2025. This progress is driven by a strategy that prioritizes the use of recycled steel scrap and significant capital expenditure (CapEx) on environmental projects. In 2024, approximately 30% of total CapEx was allocated to projects contributing to their decarbonization strategy and environmental goals, a trend forecast to continue through 2025. What this estimate hides is the complexity of integrating new acquisitions, which led to a restatement of the 2018 baseline to ensure transparent reporting.

Investing in Renewable Energy

The transition to clean electricity is a major pillar of Tenaris's environmental strategy. The company's consumption of renewable electricity, including both its own generation and purchases, reached 20% of its total electric power consumption in 2024, a substantial increase from 12% in 2023. This push involves major investments in owned generation assets, particularly in Argentina and Europe.

The total investment in renewable energy development in Argentina alone is set to exceed $400 million over a four-year period. This includes the Buena Ventura wind farm, which began operating in October 2023 with an installed capacity of 103.2 MW, supplying around 50% of the electric power to the Siderca seamless pipe mill. A second wind farm, La Rinconada, with an investment of $214 million and a capacity of 94.5 MW, is expected to be operational by the end of 2025, and together, the two facilities are projected to power nearly the entire Siderca production center with renewable energy. Plus, the company is expanding its solar footprint:

• Launched a 20 MW solar park in Călărași, Romania, in 2025, following a $21 million investment.
• Developing additional solar power generation projects in Italy and China.

Modernization Projects Improve Efficiency and Reduce Carbon Footprint

Tenaris is systematically modernizing its industrial system to embed energy efficiency and lower carbon intensity across its global network. A key project completed in August 2024 was the installation of a new Electric Arc Furnace (EAF) with Consteel® technology at the Siderca mill in Campana, Argentina. This new EAF replaces one of the two existing units and has a production capacity of 950,000 tons of liquid steel for seamless pipe manufacturing.

The Consteel® technology uses a continuous feed of raw materials, which significantly increases energy efficiency and productivity while reducing CO2 emissions, defintely a smart move. The modernization efforts are part of a broader investment strategy that includes the modernization of the Koppel steelmaking facility in the United States and a new heat treatment furnace and finishing line at the Dalmine mill in Italy, all aimed at improving operational efficiency and reducing the environmental footprint. These investments are critical for maintaining industrial leadership while advancing their decarbonization goals.

Here is a summary of key decarbonization investments and metrics:

Environmental Metric / Project	Value / Status (2024/2025)	Impact
CO2 Intensity Reduction Target	30% by 2030 (vs. 2018 baseline)	Guides all major capital allocation decisions.
Cumulative CO2 Intensity Reduction	15% (as of early 2025)	Progress toward the 2030 target.
Renewable Electricity Consumption	20% of total consumption (2024)	Significant increase in clean energy use.
Recycled Steel Content	82% (2024)	Reduces reliance on virgin materials and associated emissions.
New EAF (Argentina) Capacity	950,000 tons of liquid steel	Replaced older unit, improving energy efficiency and emissions control.
La Rinconada Wind Farm (Argentina)	94.5 MW capacity, operational end of 2025	Will cover a significant portion of Siderca's energy needs with clean power.

Supplies Products for Low-Carbon Applications

While the core business remains tied to the energy sector, Tenaris is strategically positioning its product portfolio to serve the growing low-carbon energy market. This diversification offers a clear opportunity to mitigate risk associated with the long-term decline of traditional fossil fuels and align with global energy transition trends. The company leverages its proprietary steel grades and over 30 years of experience in challenging environments to support these new applications.

The product portfolio for low-carbon energy includes specialized pipes and tubular components for:

• Geothermal wells, which require products to withstand high bottom-hole temperatures (exceeding 300°C) and corrosive steam environments.
• Waste-to-energy (bio-energy) power plants.
• Hydrogen storage and transportation, a critical area for the future hydrogen economy.
• Carbon Capture and Sequestration (CCS) projects.

For example, Tenaris is actively involved in projects like supplying casings and tubing for a geothermal heat and lithium extraction project in Alsace, France. This is a clear action that helps them capture value across the broader energy transition landscape.

Finance: draft a report detailing CapEx allocation for environmental projects in 2025 by Friday.