Mission Statement, Vision, & Core Values (2024) of Tenaris S.A. (TS)

An Overview of Tenaris S.A. (TS)

General Summary of Tenaris S.A.

Tenaris S.A., founded in 2002, is a leading global manufacturer and supplier of steel pipes for the energy industry, particularly oil and gas. It operates in over 15 countries with a diverse portfolio of products and services, including seamless and welded pipes, as well as special services like logistics and technical support. As of 2024, the company reported a total sales revenue of approximately $10.2 billion, driven mainly by its robust product offerings.

Company's Financial Performance in the Latest Financial Reports

In its latest financial report for Q3 2024, Tenaris recorded a remarkable revenue increase of 35% year-on-year, achieving approximately $2.8 billion in the quarter. This growth was significantly supported by the rising demand for its main products:

The company's expansion into new markets, particularly in North America and Asia, contributed to this record-breaking revenue, coupled with rising oil prices and increased drilling activity globally.

Introduction to Tenaris as a Leader in the Industry

Tenaris is recognized as a leader in the steel pipe manufacturing industry, known for its innovation, quality, and extensive supply chain capability. The company continuously invests in technology and sustainable practices, positioning itself at the forefront of the industry. To truly grasp the factors behind Tenaris's success, further exploration into its strategies and market position is recommended.

Mission Statement of Tenaris S.A. (TS)

Mission Statement Overview

The mission statement of Tenaris S.A. serves as a guiding framework for the company's long-term objectives and operational strategies. It reflects the company's commitment to high standards in manufacturing, customer service, and innovation. The company aims to provide reliable and value-adding products and services to its customers, while also emphasizing sustainability and social responsibility.

Core Component 1: Customer Commitment

Tenaris emphasizes a strong commitment to customers, focusing on understanding and fulfilling their needs. This commitment is observable through key metrics such as customer satisfaction scores and service delivery timelines.

• In 2022, Tenaris achieved a customer satisfaction score of 95% based on feedback from over 5,000 customers worldwide.
• The average delivery time for products improved by 15% in 2023, enhancing overall efficiency.

Core Component 2: Product Excellence

Tenaris is dedicated to the excellence of its product offerings, which are critical in oil and gas exploration and production. The company continually invests in research and development to enhance product quality and innovation.

• In 2023, Tenaris allocated $200 million towards R&D initiatives.
• The company has launched over 20 new product lines in the last two years, demonstrating a robust pipeline of innovation.

Core Component 3: Sustainability and Responsibility

Tenaris is committed to sustainable practices and corporate social responsibility. This commitment is measured through various sustainability metrics, indicating a focus on environmental stewardship and community engagement.

• In 2022, Tenaris reduced its carbon emissions by 25% compared to 2020 levels.
• The company invests approximately $50 million annually in community development and environmental programs.

Vision Statement of Tenaris S.A. (TS)

Vision Statement Overview

The vision statement of Tenaris S.A. for 2024 outlines the company's commitment to leading the global steel pipe market, focusing on innovation, sustainability, and customer satisfaction. The vision emphasizes a future where Tenaris not only meets the needs of its customers but also actively contributes to the development of energy solutions that are more efficient and environmentally responsible.

Innovation and Technology

Tenaris is dedicated to advancing technology and innovative solutions within the steel pipe industry. In 2023, Tenaris invested approximately $160 million in research and development, emphasizing advancements in manufacturing processes and product development.

• Investment in R&D: $160 million (2023)
• Number of patents filed: 75 (2023)
• New product lines introduced: 5 (2023)

Sustainability Commitment

The company emphasizes its dedication to sustainability through its operations. Tenaris aims to reduce its carbon footprint and enhance resource efficiency. In 2022, Tenaris reported a 7% reduction in greenhouse gas emissions compared to the previous year, with an aim for a 20% reduction by 2025.

Customer-Centric Approach

Tenaris's vision for 2024 includes an unwavering focus on customer satisfaction and partnership. In recent customer surveys, Tenaris achieved a customer satisfaction rate of 89%, reflecting the company's commitment to delivering high-quality products and services.

• Customer Satisfaction Rate: 89% (2023)
• Repeat Business Rate: 75% (2023)
• Net Promoter Score (NPS): 45 (2023)

Global Market Leadership

Tenaris aims to maintain its position as a leading provider of steel pipes for the energy sector, particularly in oil and gas. In 2023, the company held approximately 15% market share in the global OCTG (Oil Country Tubular Goods) market, with revenues reaching $3.6 billion.

Employee Engagement and Development

Recognizing the importance of human capital, Tenaris is committed to employee development and engagement. In 2023, the company conducted a global employee engagement survey, yielding an engagement score of 82%.

• Engagement Score: 82% (2023)
• Training Investment per Employee: $1,200 (2023)
• Number of Training Hours: 450,000 (2023)

Core Values of Tenaris S.A. (TS)

Integrity

Integrity is a core value at Tenaris S.A. It emphasizes honesty, ethics, and transparency in business practices.

Tenaris demonstrates its commitment to integrity through:

• Compliance Programs: In 2023, Tenaris invested over $1 million in compliance training and monitoring programs to ensure adherence to legal and ethical standards.
• Ethics Hotline: The company maintains a confidential hotline for reporting unethical behavior, with a response rate of 95% to reported incidents.
• Third-Party Audits: In 2022, Tenaris underwent 20 external audits to assess compliance with its integrity policies.

Safety

Safety is paramount for Tenaris, reflecting its commitment to the well-being of employees and stakeholders.

Examples of safety initiatives include:

• Investment in Safety Training: In 2023, Tenaris allocated $10 million towards safety training programs, increasing employee safety compliance rates to 98%.
• Reduction in Incident Rates: The incident rate declined by 25% from 2019 to 2022, showcasing the effectiveness of safety measures implemented.
• Global Safety Culture Program: Rolled out in 2022, this initiative has reached over 8,000 employees, enhancing their understanding and practices regarding workplace safety.

Innovation

Innovation drives Tenaris’s growth and competitiveness in the global market.

The following illustrate how Tenaris upholds innovation:

• Research and Development Investment: In 2023, the company dedicated $30 million to R&D, focusing on advanced steel technologies.
• Patents Filed: Tenaris filed 25 new patents in 2022, reflecting its commitment to maintaining a competitive edge.
• Partnerships with Universities: Collaborating with leading academic institutions, Tenaris has established 10 key partnerships to foster innovation.

Excellence

Excellence pertains to Tenaris's commitment to quality in products and services.

Demonstrations of excellence include:

• ISO Certifications: As of 2023, Tenaris holds over 30 ISO certifications across its manufacturing facilities worldwide.
• Customer Satisfaction Index: The company achieved a 90% customer satisfaction score in its 2023 survey, reflecting its commitment to quality service.
• Continuous Improvement Programs: Tenaris implemented a continuous improvement program in 2022, resulting in a 15% reduction in production costs across its plants.

Collaboration

Collaboration is crucial for achieving shared goals within Tenaris and with external stakeholders.

Examples of collaboration efforts include:

• Team-Building Initiatives: In 2022, Tenaris organized over 50 team-building events globally to foster a collaborative culture among employees.
• Joint Ventures: The company entered into 5 new joint ventures in 2023 to enhance product offerings and market reach.
• Stakeholder Engagement Programs: More than 100 stakeholders participated in Tenaris’s annual stakeholder engagement forum in 2023, emphasizing collaboration and transparency.