Financial Performance - Sales grew 80% to USD 11.8 billion, with EBITDA rising to USD 3.6 billion and net income reaching USD 2.5 billion, representing 22% of net sales[18]. - Total net sales for the company amounted to $11,763 million in 2022, a significant increase from $6,521 million in 2021[201]. - Sales to North America accounted for 61% of tubular products and services sales in 2022, up from 54% in 2021[204]. Production and Capacity - The company produced over 3.5 million tons of steel pipes globally, maintaining high production levels despite complex logistics[19]. - Tenaris's effective annual production capacity for seamless tubes was 4,715 thousand tons in 2022, with actual production reaching 3,347 thousand tons, representing a utilization rate of approximately 71%[141]. - The company produced 3,746 thousand tons of steel bars in 2022, with an effective capacity of 4,485 thousand tons, indicating a utilization rate of around 83%[141]. - The Veracruz facility in Mexico has an effective annual production capacity of approximately 1,230,000 tons of seamless steel pipes and 1,200,000 tons of steel bars[146]. - The Bay City facility in Texas, with an investment of $1.8 billion, has a capacity of approximately 650,000 tons per year for seamless pipes[152]. - The effective annual production capacity for welded pipe production in the United States is 1,430,000 tons, while seamless pipe production capacity is 1,015,000 tons[159]. - The principal manufacturing facility in Argentina has an effective annual production capacity of approximately 900,000 tons of seamless steel pipe and 1,300,000 tons of steel bars[167]. Market Demand and Trends - The company expects global OCTG demand to reach around 16 million tons in 2023, the highest level since 2014, driven by increased drilling activity[27]. - The oil and gas industry is a major consumer of steel pipe products, with demand historically being volatile and dependent on drilling activities and market conditions[46]. - Demand for OCTG products in the U.S. and Canada collapsed in 2020 but began recovering towards the end of that year, continuing through 2022[211]. - The level of investment in offshore exploration and production by oil and gas companies significantly affects sales, influenced by government regulations and oil price movements[214]. Safety and Community Commitment - The lost time injury frequency rate declined by 10% to 0.9 per million man hours worked, reflecting a strong safety performance[20]. - The company is committed to community development, focusing on education and technical training initiatives[30]. Environmental and Regulatory Factors - Approximately 30% of capital expenditures are directed towards projects aimed at reducing carbon emissions intensity by 30% by 2030[25]. - Climate change legislation and increasing regulatory requirements may reduce demand for fossil fuels, impacting the company's products and services[47]. - The EU aims for zero GHG emissions by 2050, while the U.S. Inflation Reduction Act targets a 40% reduction in carbon emissions by 2030, influencing market dynamics[48]. - The company is developing products for cleaner energy sources, including hydrogen and carbon dioxide transportation systems[24]. Challenges and Risks - Increases in raw material and energy costs, along with supply disruptions, may hurt profitability and lead to production cutbacks[56]. - The company faced challenges in hiring qualified workforce during the post-pandemic recovery period, particularly at its Bay City mill[58]. - Economic and political conditions in Argentina, including high inflation rates and state intervention, could adversely affect demand for the company's products and overall financial results[62]. - The armed conflict in Ukraine has led to increased energy and commodity prices, potentially raising production costs and affecting profitability[64]. - The company may face increased operational disruptions due to labor conflicts, particularly in countries like Argentina and Brazil where inflationary pressures are significant[73]. - The company does not carry business interruption insurance, which may expose it to financial risks from production delays or damages[75]. Strategic Initiatives and Acquisitions - Multi-year agreements with major clients, including ExxonMobil and Petrobras, are expected to support future sales growth[29]. - The company terminated its joint venture with JFE Holdings in November 2022, which may impact its strategic initiatives[67]. - The acquisition agreement for Benteler Steel & Tube Manufacturing Corporation was unilaterally terminated by Benteler in February 2023, preventing the transaction from proceeding[67]. - Tenaris's strategic investments and acquisitions have included companies like Ternium and Usiminas, aimed at expanding operations and enhancing competitive positioning[122]. Cybersecurity and Operational Resilience - The company has experienced an increase in cyberattack attempts, with seven incidents reported in 2022, none of which led to breaches of business-critical IT systems[100]. - The company is committed to improving cybersecurity controls and has adopted cyber-resilience as part of its strategy to mitigate risks[100]. - The company does not currently maintain cybersecurity insurance, which may leave it vulnerable to financial losses from cyber threats[101]. Competitive Landscape - The global market for steel pipe products is highly competitive, with significant excess production capacity, particularly for standard grades[51]. - Antidumping and countervailing duty investigations may restrict access to important export markets, adversely impacting sales[52]. - Local content requirements in countries like Saudi Arabia and Brazil could negatively affect the company's competitive position[53]. - Trade regulations, including tariffs and sanctions, can materially impact operations and revenues, as seen with the U.S. Section 232 tariffs[55].

Tenaris S.A. (NYSE:TS) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Giovanni Sardagna - IR, Director Paolo Rocca - Chairman & CEO Gabriel Podskubka - President of Eastern Hemisphere Luca Zanotti - President of United States Operations Conference Call Participants Marc Bianchi - Cowen Alessandro Pozzi - Mediobanca Stephen Gengaro - Stifel Nicolaus Frank McGann - Bank of America Luke Lemoine - Piper Sandler Luigi De Bellis - Equita Operator Good day, and thank you for sta ...

Tenaris S.A. (NYSE:TS) Q3 2022 Earnings Conference Call November 4, 2022 9:00 AM ET Company Participants Giovanni Sardagna - Investor Relations, Director Paolo Rocca - Chairman and Chief Executive Officer Alicia Mondolo - Chief Financial Officer Guillermo Vogel - Vice Chairman, and Member of our Board of Directors German Cura - Chairman and Member of our Board of Directors Gabriel Podskubka - President of Eastern Hemisphere Luca Zanotti - President of United States Operations Conference Call Participants Ma ...

Tenaris SA (NYSE:TS) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET Company Participants Giovanni Sardagna - IR Director Paolo Rocca - Chairman & CEO Gabriel Podskubka - President, Eastern Hemisphere Luca Zanotti - President, United States Operations Conference Call Participants Connor Lynagh - Morgan Stanley Alan Spence - Jefferies Frank McGann - Bank of America Merrill Lynch Arun Jayaram - JPMorgan Chase & Co. Marc Bianchi - Cowen and Company Carsten Riek - Crédit Suisse Alessandro Pozzi - Med ...

Investor Presentation Disclaimer This presentation contains "forward-looking statements." Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These statements include information regarding management strategy, investment plans, development and growth of the steel pipe and oil and gas industries, trends and other pr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or Shell company report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Com ...

Tenaris S.A. (NYSE:TS) Q4 2021 Earnings Conference Call February 16, 2022 10:00 AM ET Company Participants Giovanni Sardagna - Investor Relations Paolo Rocca - Chairman & Chief Executive Officer Luca Zanotti - President of U.S. operations Gabriel Podskubka - President of Eastern Hemisphere Operations Conference Call Participants Ian MacPherson - Piper Sandler Vaibhav Vaishnav - Coker Palmer Connor Lynagh - Morgan Stanley Nikolaos Konstantakis - BNP Paribas Exane Alan Spence - Jefferies Frank McGann - Bank o ...

Tenaris S.A. (NYSE:TS) Q3 2021 Earnings Conference Call November 4, 2021 11:00 AM ET Company Participants Giovanni Sardagna - Investor Relations Paolo Rocca - Chairman and Chief Executive Officer Alicia Mondolo - Chief Financial Officer Guillermo Vogel - Vice Chairman and Board of Directors German Cura - Vice Chairman and Board of Directors Gabriel Podskubka - President, Eastern Hemisphere Operations Luca Zanotti - President, U.S. operations Conference Call Participants Ian MacPherson - Piper Sandler Connor ...

Tenaris S.A. (NYSE:TS) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM ET Company Participants Giovanni Sardagna - Investor Relations Paolo Rocca - Chairman and Chief Executive Officer Alicia Mondolo - Chief Financial Officer Gabriel Podskubka - President, Eastern Hemisphere Operations Luca Zanotti - President, U.S. Operations Conference Call Participants Ian MacPherson - Piper Sandler Igor Levi - BTIG Marc Bianchi - Cowen Vlad Sergievskii - Bank of America Connor Lynagh - Morgan Stanley Alan Spenc ...

Financial Data and Key Metrics Changes - Sales in Q1 2021 reached $1.2 billion, down 33% year-over-year but up 5% sequentially, primarily driven by a recovery in North America [5] - EBITDA for the quarter was $196 million, up 2% sequentially, with an EBITDA margin stable at around 17% [6] - Net income for the quarter was $106 million, benefiting from a strong contribution from the investment in Ternium [6] - Working capital increased by $83 million mainly due to higher inventories, with free cash flow amounting to $25 million [7] Business Line Data and Key Metrics Changes - Average selling prices in the Tubes operating segment declined 4% year-over-year and 5% sequentially due to a poorer geographic sales mix [5] - The U.S. market showed signs of recovery with increased drilling activity, although still below pre-pandemic levels [9] - Pipe prices are on an upward trend, reflecting increased demand and raw material costs [9] Market Data and Key Metrics Changes - The international rig count has bottomed at around 38% versus pre-pandemic levels, with expectations for gradual activity ramp-up in 2021 [21] - The Middle East segment saw particularly low sales in Q1, but a recovery is expected in 2022 due to new contracts [21][22] Company Strategy and Development Direction - The company is focusing on strengthening its position in the U.S. market and expanding its Rig Direct service model [10] - A substantial backlog of orders is expected to exceed $3 billion, supporting significant sales increases in the Middle East from 2022 [12] - The company is investing in decarbonization efforts, with a target to reduce carbon intensity by 30% by 2030, involving an investment of $150 million over four years [15][58] Management's Comments on Operating Environment and Future Outlook - Management noted that while the pandemic is subsiding in some regions, many operations are still in critical conditions, emphasizing the importance of health and safety [15] - The company expects significant increases in sales and EBITDA margins in the upcoming quarters, particularly in North America [27][70] - Management anticipates that the demand for oil and gas will continue to grow in the coming years, with consolidation trends expected in the OCTG market [65] Other Important Information - The company is advancing its digital tools to optimize operations and reduce lead times [14] - A contract for the supply of pipes for an offshore pipeline in Norway was awarded, reflecting the company's involvement in low-carbon energy projects [13] Q&A Session Summary Question: Insights on Kuwait tender and revenue expectations - Management confirmed that the Kuwait contract will significantly increase shipments in 2022, with expectations for a recovery in Middle East sales [20][22] Question: Impact of hiring on startup expenses - Management indicated that while there will be some startup costs, these are included in the EBITDA margin guidance [24] Question: Volume and ASP expectations for Q2 and Q3 - Management expects significant increases in volume and sales prices, particularly in North America, with a target EBITDA margin of around 20% for Q3 [27][28] Question: Raw material costs and cost of goods sold - Management explained that the impact of rising raw material costs will be gradual, with cost containment due to increased production levels [31][34] Question: Energy transition projects and margins - Management noted that margins for carbon capture and hydrogen projects are similar to those for complex offshore pipelines [35] Question: Volume growth expectations - Management anticipates significant volume growth exceeding 10% in the next two quarters, driven by increased market activity [61] Question: Consolidation trends in the OCTG market - Management acknowledged ongoing consolidation trends and expressed readiness to consider value-creating opportunities in the market [65]