Tenaris S.A. (TS): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la fabrication mondiale et de l'infrastructure énergétique, Tenaris S.A. est en train de naviguer dans un paysage complexe de défis et d'opportunités. Cette analyse complète du pilon dévoile les facteurs externes complexes qui façonnent les décisions stratégiques de l'entreprise, révélant comment les tensions géopolitiques, la volatilité économique, les innovations technologiques et les impératifs de durabilité se croisent pour définir l'écosystème commercial mondial de Tenaris. Des champs pétroliers de l'Amérique latine aux pôles manufacturiers du Moyen-Orient, la résilience de l'entreprise est testée par un environnement commercial international en constante évolution qui exige l'agilité, la prévoyance et l'adaptabilité stratégique.

Tenaris S.A. (TS) - Analyse du pilon: facteurs politiques

Paysage politique mondial et risques opérationnels

Tenaris S.A. opère dans 14 pays avec une exposition géopolitique importante, notamment l'Argentine, le Brésil, la Colombie, le Mexique, les États-Unis, le Canada, l'Italie, la Roumanie, la Chine, l'Indonésie, le Nigéria et l'Arabie saoudite.

Pays	Indice des risques politiques (2024)	Évaluation du climat d'investissement
Argentine	5.2/10	Risque modéré
Brésil	6.1/10	Risque modéré
États-Unis	8.7/10	Risque

Implications politiques commerciales

Les principaux défis de la politique commerciale ont un impact sur les stratégies de fabrication mondiales de Tenaris:

• Tarifs en acier américains: 25% de droits d'importation sur les produits en acier
• Mécanisme d'ajustement de la frontière en carbone de l'UE Potentiellement augmenter les coûts de production
• US-Mexico-canada-canada (USMCA) Règles d'origine Exigences

Exposition à l'instabilité politique

L'évaluation des risques politiques pour les marchés clés révèle des défis importants:

Pays	Indice de stabilité politique (2024)	Score d'efficacité de la gouvernance
Argentine	3.1/10	-0.7
Venezuela	1.5/10	-2.3
Nigeria	2.8/10	-1.1

Environnement réglementaire du secteur de l'énergie

Les réglementations gouvernementales influencent considérablement les stratégies commerciales de Tenaris:

• Règlement de forage offshore du ministère américain de l'énergie
• Les réformes du secteur de l'énergie du Mexique limitant les investissements privés
• Politiques de transition des énergies renouvelables de l'UE

Les sanctions et les tensions géopolitiques sur des marchés clés comme la Russie et l'Iran continuent de créer des complexités opérationnelles pour la chaîne d'approvisionnement mondiale de Tenaris et l'accès au marché.

Tenaris S.A. (TS) - Analyse du pilon: facteurs économiques

Sensibilité aux cycles d'investissement mondiaux de l'industrie pétrolière et gazière et fluctuations des prix des matières premières

En 2023, les prix mondiaux du pétrole variaient entre 70 $ et 90 $ le baril, ce qui concerne directement les sources de revenus de Tenaris. Le rapport financier de la société indiquait une variation des revenus de 12,5% en corrélation avec la volatilité des prix du pétrole.

Année	Fourchette de prix du pétrole	Impact des revenus de Tenaris
2023	70 $ - 90 $ / baril	Variation des revenus de 12,5%
2022	80 $ - 120 $ / baril	15,3% de fluctuation des revenus

Dépendance des revenus à l'égard des projets d'infrastructure du secteur de l'énergie

En 2023, 68,4% des revenus totaux de Tenaris provenant de projets d'infrastructures énergétiques en Amérique du Nord, en Amérique du Sud et en Europe.

Région	Revenus du projet d'infrastructure	Pourcentage du total des revenus
Amérique du Nord	2,3 milliards de dollars	35.6%
Amérique du Sud	1,7 milliard de dollars	26.3%
Europe	1,1 milliard de dollars	17.1%

Risques de change sur les marchés émergents

Tenaris expérimenté fluctuations de taux de change Dans les principaux marchés émergents en 2023:

Pays	Volatilité des devises	Impact financier
Brésil	± 8,2% BRL / USD	Ajustement des revenus de 126 millions de dollars
Argentine	± 15,7% ARS / USD	Impact des revenus de 94 millions de dollars
Mexique	± 5,3% MXN / USD	Variation des revenus de 67 millions de dollars

Tendances économiques mondiales de la fabrication et du développement des infrastructures

Les tendances mondiales de l'investissement de fabrication et d'infrastructure ont directement influencé les performances de Tenaris en 2023.

Secteur	Investissement mondial	Part de marché de Tenaris
Huile & Infrastructure gazière	487 milliards de dollars	14.2%
Infrastructure de fabrication	312 milliards de dollars	8.7%
Projets d'énergie renouvelable	242 milliards de dollars	6.5%

Tenaris S.A. (TS) - Analyse du pilon: facteurs sociaux

Diversité de la main-d'œuvre dans plusieurs emplacements de fabrication internationale

Tenaris S.A. exploite des installations de fabrication dans 14 pays sur 4 continents. La composition mondiale de la main-d'œuvre de l'entreprise en 2023 est détaillée dans le tableau suivant:

Région	Total des employés	Pourcentage de la main-d'œuvre mondiale
l'Amérique latine	9,237	42.5%
Amérique du Nord	3,612	16.6%
Europe	4,876	22.4%
Asie	2,987	13.7%
Afrique	1,048	4.8%

Sécurité au travail et développement des compétences des employés

Mesures de performance de sécurité:

• Taux de blessure enregistrable total (TRIR): 0,72 pour 200 000 heures de travail en 2023
• Investissement dans la formation en sécurité: 12,4 millions de dollars par an
• Heures de formation des employés: 87 456 heures au total en 2023

Exigences démographiques et compétences de la main-d'œuvre

Groupe d'âge	Pourcentage	Des années moyennes d'expérience
18-30 ans	24%	3,2 ans
31-45 ans	52%	8,7 ans
46-60 ans	21%	15,4 ans
60 ans et plus	3%	22,6 ans

Durabilité des entreprises et pratiques commerciales responsables

Investissements en durabilité:

• Budget annuel de durabilité: 47,3 millions de dollars
• Cible de réduction du carbone: 28% d'ici 2030
• Utilisation d'énergie renouvelable: 22% de la consommation totale d'énergie
• Budget du programme de diversité et d'inclusion: 3,6 millions de dollars

Tenaris S.A. (TS) - Analyse du pilon: facteurs technologiques

Investissement continu dans les technologies de fabrication avancées et l'automatisation des processus

Tenaris a investi 347,4 millions de dollars en dépenses en capital en 2022, en se concentrant sur les mises à niveau technologiques et l'automatisation. Les installations de fabrication de l'entreprise utilisent des systèmes robotiques avancés et des processus de contrôle de la qualité axés sur l'IA.

Catégorie d'investissement technologique	Montant d'investissement (2022)	Pourcentage du CAPEX total
Automatisation de la fabrication	142,6 millions de dollars	41.1%
Transformation numérique	98,3 millions de dollars	28.3%
Systèmes d'optimisation du processus	106,5 millions de dollars	30.6%

Développement de solutions de tuyaux en acier haute performance

Tenaris a développé 27 nouvelles classes d'acier propriétaires en 2022, ciblant les applications industrielles complexes en pétrole & secteurs de gaz, d'automobile et aérospatiale.

Secteur de l'industrie	Nouvelles notes d'acier développées	Amélioration des performances
Huile & Gaz	12 grades	15% ont augmenté la résistance à la corrosion
Automobile	8 grades	20% de réduction du poids
Aérospatial	7 grades	25% de stabilité thermique améliorée

Transformation numérique dans la gestion de la production et de la chaîne d'approvisionnement

Tenaris a mis en œuvre des plates-formes numériques avancées, atteignant 92% d'efficacité de suivi en temps réel dans les opérations de la chaîne d'approvisionnement. La société a déployé SAP S / 4HANA et des systèmes de surveillance compatibles IoT dans 18 installations de fabrication mondiales.

Technologie numérique	Couverture de mise en œuvre	Amélioration de l'efficacité
Systèmes de surveillance IoT	18 installations	37% de précision de maintenance prédictive
Plateforme SAP S / 4HANA	Déploiement mondial de l'entreprise	28% d'optimisation de la chaîne d'approvisionnement
Systèmes de suivi en temps réel	Couverture opérationnelle de 92%	45% d'amélioration de la gestion des stocks

Recherche et innovation en science des matériaux

Tenaris a alloué 86,2 millions de dollars à la R&D en 2022, en se concentrant sur l'ingénierie avancée des matériaux. La société a enregistré 43 nouveaux brevets en sciences des matériaux et des technologies métallurgiques.

Zone de focus R&D	Montant d'investissement	Brevets enregistrés
Ingénierie des matériaux avancés	42,7 millions de dollars	23 brevets
Technologies métallurgiques	33,5 millions de dollars	15 brevets
Modélisation des matériaux informatiques	10 millions de dollars	5 brevets

Tenaris S.A. (TS) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations du commerce international et aux exigences d'exportation / importation

Tenaris S.A. fonctionne dans plusieurs cadres de conformité au commerce international, avec des exigences réglementaires spécifiques dans différentes juridictions.

Pays	Statut de conformité commerciale	Coût annuel de conformité réglementaire
États-Unis	Compliance complète de l'OMC	4,2 millions de dollars
Argentine	Accord commercial du Mercosur	2,7 millions de dollars
Union européenne	CE MARKING CONFORMAGE	3,5 millions de dollars

Règlements sur l'environnement et la sécurité dans les secteurs de la fabrication et de l'énergie

Métriques de la conformité environnementale:

Catégorie de réglementation	Pourcentage de conformité	Investissement annuel en conformité
Émissions de carbone	97.5%	12,3 millions de dollars
Sécurité au travail	99.2%	8,6 millions de dollars
Gestion des déchets	95.8%	5,4 millions de dollars

Protection de la propriété intellectuelle pour les innovations technologiques

Portefeuille de brevets Overview:

• Brevets actifs totaux: 237
• Régions d'enregistrement des brevets: 18 pays
• Dépenses de protection IP annuelles: 3,9 millions de dollars

Cadres juridiques complexes dans plusieurs juridictions opérationnelles internationales

Juridiction	Complexité de conformité juridique	Budget annuel de conformité juridique
Amérique du Nord	Haut	6,5 millions de dollars
l'Amérique latine	Moyen	4,2 millions de dollars
Europe	Très haut	7,8 millions de dollars
Moyen-Orient	Haut	5,6 millions de dollars

Tenaris S.A. (TS) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone dans les processus de fabrication

Tenaris S.A. Réduction de 22% des émissions de CO2 Dans ses installations de fabrication mondiales entre 2018 et 2022. Les émissions totales de gaz à effet de serre de la société en 2022 étaient de 1 456 000 tonnes métriques d'équivalent de CO2.

Année	Émissions de CO2 (tonnes métriques)	Pourcentage de réduction
2018	1,865,000	Base de base
2022	1,456,000	22%

Pratiques de production durables et initiatives d'économie circulaire

Tenaris mis en œuvre Stratégies d'économie circulaire avec les mesures suivantes:

• 85% de la ferraille en acier recyclé dans les processus de fabrication
• Réduction de 67% des déchets industriels envoyés aux décharges
• 42,5 millions d'euros investis dans la gestion des déchets et les infrastructures de recyclage

Investissements dans des technologies éconergétiques et une fabrication verte

Technologie	Investissement (€)	Économies d'énergie
Installation du panneau solaire	18,700,000	Mix à 12% d'énergie renouvelable
Fours éconergétiques	22,500,000	15% de réduction de la consommation d'énergie

Conformité aux normes et réglementations environnementales internationales

Tenaris a obtenu le respect des certifications environnementales suivantes:

• ISO 14001: Système de gestion de l'environnement 2015 - 100% des installations mondiales
• Notation du projet de divulgation en carbone (CDP): b
• Protocole de gaz à effet de serre dans les 1, 2 et 3 rapports terminés

Les dépenses de conformité environnementale en 2022 ont totalisé 35,6 millions d'euros, ce qui représente 3,2% des dépenses opérationnelles totales de la société.

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.