Tenaris has released its 2024 Annual Report, highlighting the company's commitment to industrial excellence, sustainability, and innovation. “We consolidated our leading industry position with a number of distinct achievements, delivered solid financial results accompanied by higher returns for shareholders, and completed several investments which are improving our industrial efficiency and reducing our environmental footprint,” noted by Tenaris Chairman & CEO Paolo Rocca in his opening letter.
Tenaris's robust financial performance in 2024 includes net sales of $12.5 billion, EBITDA of $3.1 billion, and net income of $2.1 billion. During this period, Tenaris completed investments across its industrial system aimed at improving operational efficiency and contributing to its decarbonization and environmental objectives. These include the installation of a new electric arc furnace in Argentina, the modernization of its Koppel steelmaking facility in the US, and the installation of a new heat treatment furnace and finishing line at its Dalmine mill in Italy. The company has also been investing in increasing automation and digital systems in its industrial and supply chain operations, as well as extending pipe-by-pipe traceability.
Tenaris continues to advance toward its target of reducing 30% its CO2 intensity by 2030. With recent integrations, such as TenarisShawcor and TenarisGPC, expanding the company’s operational perimeter, Tenaris has reset its baseline to reflect this growth, incorporating intermill transport emissions and other changes that enhance reporting transparency. With this restatement, Tenaris’s 2018 baseline increases to 1.54 equivalent per ton of steel processed (vs. 1.43 previous baseline) and cumulative reduction achieved so far is 15%.
Meanwhile, Tenaris is making progress on constructing a second wind farm in Argentina and solar parks in Romania and Italy, while also pursuing additional investments to expand renewable electricity use across its industrial system, which reached 20% in 2024.
The company prioritizes the safety and well-being of its employees, fostering a culture of workplace safety and professional development. Its Health, Safety, and Environment and Quality Management systems are designed according to the latest versions of the ISO 14001, ISO 45001, and ISO 9001 standards, with 83% of its production sites operating under management systems certified to these standards.
Investment in Community projects continues to grow, reaching $17.6 million USD in 2024, as the company focuses on extending the reach of its technical education programs, exemplified by the success of the Roberto Rocca Technical Schools.
“I would like to thank all our employees for their constant commitment and engagement, without which the results and achievements of the past year would not have been possible, as well as our customers, suppliers and communities for their ongoing support” Rocca added.
To read more about Tenaris’s commitment, actions, and performance, access the 2024 Annual Report.
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