Tenaris S.A. (TS): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da infraestrutura global de fabricação e energia, Tenaris S.A. navega em um cenário complexo de desafios e oportunidades. Essa análise abrangente de pestles revela os intrincados fatores externos que moldam as decisões estratégicas da Companhia, revelando como as tensões geopolíticas, a volatilidade econômica, as inovações tecnológicas e a sustentabilidade imperativos se cruzam para definir o ecossistema de negócios global da Tenaris. Desde os campos petrolíferos da América Latina até os centros de fabricação do Oriente Médio, a resiliência da empresa é testada por um ambiente de negócios internacional em constante mudança que exige agilidade, previsão e adaptabilidade estratégica.

Tenaris S.A. (TS) - Análise de Pestle: Fatores Políticos

Cenário político global e riscos operacionais

Tenaris S.A. opera em 14 países com exposição geopolítica significativa, incluindo Argentina, Brasil, Colômbia, México, Estados Unidos, Canadá, Itália, Romênia, China, Indonésia, Nigéria e Arábia Saudita.

País	Índice de Risco Político (2024)	Classificação climática de investimento
Argentina	5.2/10	Risco moderado
Brasil	6.1/10	Risco moderado
Estados Unidos	8.7/10	Baixo risco

Implicações da política comercial

Os principais desafios da política comercial afetam as estratégias globais de fabricação da Tcaris:

• Tarifas de aço dos EUA: 25% de impostos de importação em produtos de aço
• Mecanismo de ajuste de borda de carbono da UE potencialmente aumentando os custos de produção
• REGRAS DE ORIGEM DE ORIGE

Exposição à instabilidade política

A avaliação de risco político para os principais mercados revela desafios significativos:

País	Índice de Estabilidade Política (2024)	Pontuação de eficácia da governança
Argentina	3.1/10	-0.7
Venezuela	1.5/10	-2.3
Nigéria	2.8/10	-1.1

Ambiente regulatório do setor energético

Os regulamentos governamentais influenciam significativamente as estratégias de negócios da Tcaris:

• Regulamentos de perfuração offshore do Departamento de Energia dos EUA
• Reformas do setor de energia do México limitando investimentos privados
• Políticas de transição de energia renovável da UE

Sanções e tensões geopolíticas em mercados -chave como a Rússia e o Irã continuam a criar complexidades operacionais para a cadeia de suprimentos global e o acesso ao mercado da Tareis.

Tenaris S.A. (TS) - Análise de Pestle: Fatores Econômicos

Sensibilidade aos ciclos globais de investimento da indústria de petróleo e commodities

Em 2023, os preços globais do petróleo variaram entre US $ 70 e US $ 90 por barril, impactando diretamente os fluxos de receita da Tcaris. O relatório financeiro da empresa indicou uma variação de receita de 12,5%, correlacionando -se com a volatilidade do preço do petróleo.

Ano	Faixa de preço do petróleo	Tenaris Receita Impacto
2023	$ 70- $ 90/barril	12,5% de variação de receita
2022	$ 80- $ 120/barril	15,3% de flutuação de receita

Dependência de receita em projetos de infraestrutura do setor de energia

Em 2023, 68,4% da receita total de tenaris Originado de projetos de infraestrutura de energia na América do Norte, América do Sul e Europa.

Região	Receita do projeto de infraestrutura	Porcentagem da receita total
América do Norte	US $ 2,3 bilhões	35.6%
Ámérica do Sul	US $ 1,7 bilhão	26.3%
Europa	US $ 1,1 bilhão	17.1%

Riscos de câmbio em mercados emergentes

Tenaris experimentado flutuações da taxa de câmbio Nos principais mercados emergentes durante 2023:

País	Volatilidade da moeda	Impacto financeiro
Brasil	± 8,2% BRL/USD	Ajuste de receita de US $ 126 milhões
Argentina	± 15,7% ARS/USD	Impacto de receita de US $ 94 milhões
México	± 5,3% MXN/USD	Variação de receita de US $ 67 milhões

Tendências econômicas globais no desenvolvimento de fabricação e infraestrutura

As tendências globais de investimento em fabricação e infraestrutura influenciaram diretamente o desempenho de Tcaris em 2023.

Setor	Investimento global	Participação de mercado de Tcaris
Óleo & Infraestrutura a gás	US $ 487 bilhões	14.2%
Infraestrutura de fabricação	US $ 312 bilhões	8.7%
Projetos de energia renovável	US $ 242 bilhões	6.5%

Tenaris S.A. (TS) - Análise de pilão: Fatores sociais

Diversidade da força de trabalho em vários locais internacionais de fabricação

Tenaris S.A. opera instalações de fabricação em 14 países em 4 continentes. A composição global da força de trabalho da empresa a partir de 2023 é detalhada na tabela a seguir:

Região	Total de funcionários	Porcentagem de força de trabalho global
América latina	9,237	42.5%
América do Norte	3,612	16.6%
Europa	4,876	22.4%
Ásia	2,987	13.7%
África	1,048	4.8%

Segurança no local de trabalho e desenvolvimento de habilidades dos funcionários

Métricas de desempenho de segurança:

• Taxa total de lesões registráveis ​​(TRIR): 0,72 por 200.000 horas de trabalho em 2023
• Investimento em treinamento de segurança: US $ 12,4 milhões anualmente
• Horário de treinamento dos funcionários: 87.456 horas totais em 2023

Demografia da força de trabalho Requisitos de habilidades

Faixa etária	Percentagem	Anos médios de experiência
18-30 anos	24%	3,2 anos
31-45 anos	52%	8,7 anos
46-60 anos	21%	15,4 anos
Mais de 60 anos	3%	22,6 anos

Sustentabilidade corporativa e práticas de negócios responsáveis

Investimentos de sustentabilidade:

• Orçamento anual de sustentabilidade: US $ 47,3 milhões
• Alvo de redução de carbono: 28% até 2030
• Uso de energia renovável: 22% do consumo total de energia
• Orçamento do Programa de Diversidade e Inclusão: US $ 3,6 milhões

Tenaris S.A. (TS) - Análise de Pestle: Fatores tecnológicos

Investimento contínuo em tecnologias avançadas de fabricação e automação de processos

Tcaris investiu US $ 347,4 milhões em despesas de capital em 2022, com foco em atualizações tecnológicas e automação. As instalações de fabricação da empresa utilizam sistemas robóticos avançados e processos de controle de qualidade orientados para IA.

Categoria de investimento em tecnologia	Valor do investimento (2022)	Porcentagem de Capex total
Automação de fabricação	US $ 142,6 milhões	41.1%
Transformação digital	US $ 98,3 milhões	28.3%
Sistemas de otimização de processos	US $ 106,5 milhões	30.6%

Desenvolvimento de soluções de tubos de aço de alto desempenho

Tcaris desenvolveu 27 novas graus de aço proprietários em 2022, direcionando aplicações industriais complexas em petróleo & setores de gás, automotivo e aeroespacial.

Setor da indústria	Novas notas de aço desenvolvidas	Melhoria de desempenho
Óleo & Gás	12 séries	15% aumento da resistência à corrosão
Automotivo	8 séries	20% de redução de peso
Aeroespacial	7 séries	25% de estabilidade térmica aprimorada

Transformação digital no gerenciamento de produção e cadeia de suprimentos

Tenaris implementou plataformas digitais avançadas, alcançando 92% de eficiência de rastreamento em tempo real nas operações da cadeia de suprimentos. A empresa implantou sistemas de monitoramento SAP S/4Hana e IoT em 18 instalações de fabricação globais.

Tecnologia digital	Cobertura de implementação	Melhoria de eficiência
Sistemas de monitoramento da IoT	18 instalações	37% de precisão de manutenção preditiva
Plataforma SAP S/4HANA	Implantação global da empresa	28% da otimização da cadeia de suprimentos
Sistemas de rastreamento em tempo real	Cobertura operacional de 92%	Melhoria de gerenciamento de inventário de 45%

Pesquisa e inovação em ciência dos materiais

Tenaris alocou US $ 86,2 milhões para P&D em 2022, com foco em engenharia avançada de materiais. A empresa registrou 43 novas patentes em ciência de materiais e tecnologias metalúrgicas.

Área de foco em P&D	Valor do investimento	Patentes registradas
Engenharia de Materiais Avançados	US $ 42,7 milhões	23 patentes
Tecnologias metalúrgicas	US $ 33,5 milhões	15 patentes
Modelagem de Materiais Computacionais	US $ 10 milhões	5 patentes

Tenaris S.A. (TS) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos comerciais internacionais e requisitos de exportação/importação

Tenaris S.A. opera sob várias estruturas internacionais de conformidade comercial, com requisitos regulatórios específicos em diferentes jurisdições.

País	Status de conformidade comercial	Custo anual de conformidade regulatória
Estados Unidos	Conformidade completa da OMC	US $ 4,2 milhões
Argentina	Acordo de Comércio da Mergosur	US $ 2,7 milhões
União Europeia	CE Marcando conformidade	US $ 3,5 milhões

Regulamentos ambientais e de segurança em setores de fabricação e energia

Métricas de conformidade ambiental:

Categoria de regulamentação	Porcentagem de conformidade	Investimento anual em conformidade
Emissões de carbono	97.5%	US $ 12,3 milhões
Segurança no local de trabalho	99.2%	US $ 8,6 milhões
Gerenciamento de resíduos	95.8%	US $ 5,4 milhões

Proteção de propriedade intelectual para inovações tecnológicas

Portfólio de patentes Overview:

• Total de patentes ativas: 237
• Regiões de registro de patentes: 18 países
• Despesas anuais de proteção de IP: US $ 3,9 milhões

Estruturas legais complexas em várias jurisdições operacionais internacionais

Jurisdição	Complexidade da conformidade legal	Orçamento anual de conformidade legal
América do Norte	Alto	US $ 6,5 milhões
América latina	Médio	US $ 4,2 milhões
Europa	Muito alto	US $ 7,8 milhões
Médio Oriente	Alto	US $ 5,6 milhões

Tenaris S.A. (TS) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de carbono nos processos de fabricação

Tenaris s.a. relatou um Redução de 22% nas emissões de CO2 Em suas instalações de fabricação global entre 2018 e 2022. As emissões totais de gases de efeito estufa da empresa em 2022 foram de 1.456.000 toneladas de CO2 equivalente.

Ano	Emissões de CO2 (toneladas métricas)	Porcentagem de redução
2018	1,865,000	Linha de base
2022	1,456,000	22%

Práticas de produção sustentáveis ​​e iniciativas de economia circular

Tenaris implementado Estratégias de economia circular com as seguintes métricas:

• 85% do sucata de aço reciclado em processos de fabricação
• Redução de 67% nos resíduos industriais enviados para aterros sanitários
• 42,5 milhões de euros investidos em gerenciamento de resíduos e infraestrutura de reciclagem

Investimentos em tecnologias com eficiência energética e fabricação verde

Tecnologia	Investimento (€)	Economia de energia
Instalação do painel solar	18,700,000	12% Mix de energia renovável
Fornos com eficiência energética	22,500,000	15% de redução do consumo de energia

Conformidade com os padrões e regulamentos ambientais internacionais

Tcaris alcançou a conformidade com as seguintes certificações ambientais:

• ISO 14001: 2015 Sistema de gestão ambiental - 100% das instalações globais
• Classificação do Projeto de Divulgação de Carbono (CDP): B
• Escopo de protocolo de gases de efeito estufa 1, 2 e 3 Relatórios concluídos

A despesa de conformidade ambiental em 2022 totalizou € 35,6 milhões, representando 3,2% do total de despesas operacionais da empresa.

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.