Company: TNRSF
Filing Date: 2025-04-01
Form Type: 20-F
Source: 0001554855-25-000262
Chunk: 2

Company: TENARIS SA
Filing Date: 2025-04-01
Form: 20-F
Item: Item 17
Chunk 2
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 the perimeter of our operations has expanded with recent
acquisitions, we have decided to reset the baseline for our target to cover
this expanded perimeter as well as to include inter-mill transportation and
other changes that enhance reporting transparency. Meanwhile, we are advancing
with the construction of a second wind farm in Argentina and other investments
aimed at increasing the share of renewable energy used in our operations.

The impact of our community investments
continues to grow as we focus on extending the reach of our technical education
programs. Since we began offering technical training at the Roberto Rocca
Technical School in Campana, in addition to its 450 pupils, the school gave
courses to a further 1,400 members of the community in 2024. Similarly in
Italy, we provided technical courses in our newly refurbished Fondazione
Dalmine, equipped with robotics and automation laboratories, for 4,000 pupils
from local schools. These training courses are designed to improve employment
possibilities for members of the community.

Looking
ahead, with the change in the administration in the United States, we are
heading into uncharted territory when it comes to geopolitics and the global
trading system. Changes in tariffs and other events could significantly alter
the established market environment. At the same time, the new administration
has an agenda of extending American energy dominance and is changing the global
focus of the energy transition. Tenaris, with its unique positioning, both
globally and in North America, competitive differentiation and financial
strength is well placed to navigate the uncertainties and opportunities ahead.

Before
closing, I would like to thank our CFO, Alicia Móndolo, for her contribution to
Tenaris and the Techint Group over more than 40 years. I am very pleased that
we will still be able to benefit from her wise advice in the time ahead.

I
would also 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.

Sincerely,

  /s/Paolo Rocca  
  Paolo Rocca     
  April 1, 202 5  

  10  

  Annual Report 2024  

CERTAIN DEFINED TERMS

Unless otherwise specified or if the context so requires:

References in this annual report to “ Tenaris”, “we”, “us” or “our” are to Tenaris S