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"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
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"Tag124": {
"value": "\n
\nI. GENERAL INFORMATION
\n
\nTenaris S.A. (the \u201cCompany\u201d) was established as a
\n\npublic limited liability company (
\nsoci\u00e9t\u00e9 anonyme
\n)
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n under the
\nlaws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly,
\ncontrolling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References
\nin these Consolidated Financial Statements to \u201cTenaris\u201d refer to the Company and its consolidated subsidiaries. A
\nlist of the Company\u2019s principal subsidiaries is included in note 33 to these Consolidated Financial Statements.
\n
\nThe Company\u2019s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; and the Company\u2019s
\nAmerican Depositary Securities (\u201cADS\u201d) trade on the New York Stock Exchange.
\n
\n\nThese Consolidated Financial Statements were approved for issuance by the Company\u2019s Board of Directors on
\nFebruary 19, 2025. The Board of Directors has the power to amend and reissue these Consolidated Financial
\nStatements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThe Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\nReporting Standards (\u201cIFRS\" or \"IFRS Accounting Standards\u201d), as issued by the International Accounting Standards
\nBoard (\u201cIASB\u201d) and in accordance with IFRS as adopted by the European Union, under the historical cost convention,
\nas modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan
\nassets at fair value.
\n\n\n\n
\n
\n The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of
\nU.S. dollars (\u201c$\u201d).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag125": {
"value": "Tenaris S.A.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag126": {
"value": "\npublic limited liability company (\nsoci\u00e9t\u00e9 anonyme\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag127": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag128": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag129": {
"value": "the steel pipe manufacturing and distribution businesses",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag130": {
"value": "\nThese Consolidated Financial Statements were approved for issuance by the Company\u2019s Board of Directors on
\nFebruary 19, 2025. The Board of Directors has the power to amend and reissue these Consolidated Financial
\nStatements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag131": {
"value": "\n
\nII. ACCOUNTING POLICIES
\n
\nThe accounting policies applied in the preparation of these Consolidated Financial Statements are set out below.
\nThese policies have been consistently applied to all the years presented, unless otherwise stated.
\n\n
\nA Basis of presentation
\n
\n
\n
\n\n
\n\nThe Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\nReporting Standards (\u201cIFRS\" or \"IFRS Accounting Standards\u201d), as issued by the International Accounting Standards
\nBoard (\u201cIASB\u201d) and in accordance with IFRS as adopted by the European Union, under the historical cost convention,
\nas modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan
\nassets at fair value.
\n\n\n\n
\n
\n The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of
\nU.S. dollars (\u201c$\u201d).
\n
\n\n\n\n
\nWhenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in
\nthe current year.
\n
\n\nThe preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\naccounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\ncontingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas
\ninvolving material estimates or judgements are: impairment testing of long-lived assets (notes II.H), impairment in
\ninvestments in associates (note II.B); income taxes -including recoverability of deferred tax assets- (note II.O);
\nobsolescence of inventory (note II.J); contingencies (note II.Q); allowance for trade receivables (note II.K); post-
\nemployment and other long-term benefits (note II.P); business combinations (notes II.B); useful lives of property,
\nplant and equipment and other long-lived assets (notes II.E, II.F, II.H), fair value estimation of certain financial
\ninstruments (note III.B) and property title ownership restriction (note IV.28). During the year there were no significant
\nchanges in the material accounting estimates and judgements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n(1)
\n
\nAccounting pronouncements applicable as from January 1, 2024
\n
\nAccounting pronouncements that became effective during 2024 have no material effect on the Company\u2019s financial
\ncondition or results of operations.
\n
\nThe following amendments became effective as at 1 January 2024:
\n\u25aa Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants -
\nAmendments to IAS 1.
\n\u25aa Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16.
\n\u25aa Disclosures: Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n
\n
\n\n
\n\n(2)
\n
\nNew accounting pronouncements not applicable as of December 31, 2024
\n
\nAmendments to IAS 21 \u2013 Lack of Exchangeability
\n
\nIn August, 2023, the IASB published \u201cLack of Exchangeability (Amendments to IAS 21)\u201d with new guidance to
\ndetermine when a currency is exchangeable or not, and how to determine the exchange rate to apply when a
\ncurrency is not exchangeable. The amendments also require the disclosure of additional information when a
\ncurrency is not exchangeable.
\n
\nThe amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption
\npermitted and without retrospective application.
\n
\nThe Company does not expect these amendments to have a material impact on its operations or financial
\nstatements.
\n
\nIFRS 18 - Presentation and Disclosures in Financial Statements
\n
\nIn April 2024, the IASB published IFRS 18, that will replace IAS 1 \u201cPresentation of financial statements\u201d. IFRS 18
\nintroduces new requirements that will help to achieve comparability of the financial performance of similar entities
\nand provide more relevant information and transparency to users. Even though IFRS 18 will not impact the
\nrecognition or measurement of items in the financial statements, its impacts on presentation and disclosure are
\nexpected to be extensive, in particular those related to the income statement, statement of financial position,
\nstatement of cash flows and the inclusion of management-defined performance measures within the financial
\nstatements.
\n
\nManagement is currently assessing the detailed implications of applying the new standard on the Consolidated
\nFinancial Statements.
\n
\nThe group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective
\napplication is required, and so the comparative information for the financial year ending December 31, 2026 and
\nDecember 31, 2025 will be restated in accordance with IFRS 18. The European Union has still not endorsed this
\nstandard.
\n
\nOther newly published accounting standards, amendments to accounting standards and interpretations are not
\nmandatory for December 31, 2024 reporting periods and have not been early adopted by the Company. These
\nstandards, amendments or interpretations are not expected to have a material impact in the current or future
\nreporting periods and on foreseeable future transactions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n
\n
\n
\n\nB Group accounting
\n
\n\n(1) Subsidiaries and transactions with non-controlling interests
\n
\nSubsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
\npower over the entity. In some cases, the Company considers that it has the ability to affect returns through its
\npower over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able
\nto prevail at all of the subsidiary\u2019s general meetings, which in turn allows Tenaris to nominate and appoint a majority
\nof the subsidiary\u2019s board of directors. Subsidiaries are fully consolidated from the date on which control is obtained
\nby the Company and are no longer consolidated from the date control ceases.
\n
\nThe acquisition method is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition
\nis measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed
\nat the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities
\nand contingent liabilities assumed in a business combination are generally measured initially at their fair values at
\nthe acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\ncontrolling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of
\nthe consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of
\nthe identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the
\nsubsidiary acquired, the difference is recognized directly in the Consolidated Income Statement as bargain purchase.
\n
\n
\nContingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial
\nliability are subsequently remeasured at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n\n\nIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously
\nheld equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising
\nfrom such remeasurement are recognized in profit or loss.
\n
\n\nTransactions with non-controlling interests that do not result in a loss of control are accounted as transactions with
\nequity owners of the Company. For purchases from non-controlling interests, the difference between any
\nconsideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded
\nin equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nWhen the Company ceases to have control or significant influence, any retained interest in the entity is remeasured
\nto its fair value and the change in carrying amount, net of consideration received (if any), recognized in profit or
\nloss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest
\nas an associate, joint venture or financial asset. In addition, any amounts previously recognized in other
\ncomprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related
\nassets or liabilities. This may mean that amounts previously recognized in other comprehensive income are
\nreclassified to profit or loss.
\n
\nMaterial intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris
\nsubsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is
\nits respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
\nThese are included in the Consolidated Income Statement under
\nOther financial results
\n.
\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n\n(2) Non-consolidated companies
\n
\n
\nInvestments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding
\nof between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized
\nat cost (as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-
\nconsolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\nAssociated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS, but
\ndoes not have control.
\n
\nJoint arrangements are combinations in which there are contractual agreements by virtue of which two or more
\npartner companies hold an interest in one or more companies that undertake operations or hold assets in such a
\nway that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS
\n11 \u201cJoint Arrangements\u201d). A joint arrangement is classed as a joint operation if the parties hold rights to its assets
\nand have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's
\nnet assets.
\n
\nUnder the equity method of accounting, investments are initially recognized at cost and adjusted thereafter to
\nrecognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share
\nof movements in other comprehensive income of the investee in other comprehensive income. Dividends received
\nor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the
\ninvestment.
\n
\nIf material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated
\nto the extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless
\nthe transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\nconsolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\nThe Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\nStatement under
\nEquity in earnings
\n
\nof non-consolidated companies
\n. The Company\u2019s pro-rata share of changes in
\nother comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe main investments in non-consolidated companies are:
\n
\n
\na)
\n
\nTernium
\n
\nAt December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A. (\u201cTernium\u201d) representing
\n11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant
\ninfluence over Ternium:
\n
\n\u25aa four out of eight members of Ternium\u2019s board of directors (including Ternium\u2019s chairman) are also members
\nof the Company\u2019s board of directors;
\nand
\n
\n\u25aa both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d)
\nand under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l (\"Techint\"),
\na wholly owned subsidiary of San Faustin and Ternium\u2019s controlling shareholder, dated January 9, 2006
\nTechint, is required to take actions within its power to cause (a) one of the members of Ternium\u2019s board of
\ndirectors to be nominated by the Company and (b) any director nominated by the Company to be removed
\nfrom Ternium\u2019s board of directors only pursuant to previous written instructions of the Company.
\n
\nb)
\n
\nUsiminas
\n
\nAt December 31, 2024, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 47.5
\nmillion ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas
\n(\u201cUsiminas\u201d), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.
\n
\nConfab\u2019s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was
\nperformed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab
\nacquired a large block of Usiminas ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in
\n2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.
\n
\nOn March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium
\nArgentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per
\nordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid
\napproximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares,
\nincreasing its participation in the Usiminas control group to 9.8%.
\n
\nThe Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and
\nConfab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas\u2019 employee
\npension fund, Previd\u00eancia Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate,
\n483.6 million ordinary shares, representing approximately 68.6% of Usiminas\u2019 voting capital and the T/T Group
\nheld an aggregate participation of 61.3% in the control group (with 51.5% of the control group\u2019s participation
\ncorresponding to Ternium\u2019s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and
\nPrevid\u00eancia Usiminas held 31.7% and 7%, respectively, in the control group.
\n
\nUpon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the
\nrelationship between the T/T Group, the NSC Group and Previd\u00eancia Usiminas was replaced by a new shareholders
\nagreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a
\nmajority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas
\nboard of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member
\nof the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be
\napproved with a 55% majority of Usiminas\u2019 control group shares.
\n
\nAt any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy
\nthe NSC Group\u2019s remaining interest in the Usiminas\u2019 control group (153.1 million ordinary shares) at the higher
\nof $2.0584 per share and the equivalent in U.S. dollars of the 40-trading day average price per share immediately
\nprior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the
\nclosing of the transaction, to withdraw its remaining shares from the control group and sell them in the open
\nmarket after giving the T/T Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading
\nday average price per share immediately prior to the NSC group\u2019s notice of withdrawal, as well as the right, at
\nany time after the second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share.
\nConfab will have the right (but not the obligation) to participate in each such transaction pro rata to its current
\nparticipation in the T/T Group.
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n\nConfab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\nagreement governing their respective rights and obligations as members of the T/T Group. Under such separate
\nagreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,
\nthe ability to nominate certain Usiminas\u2019 officers and directors. Those circumstances evidence that Tenaris
\ncontinues having significant influence over Usiminas and, as a result, continues accounting for its investment
\nunder the equity method.
\n
\nc)
\n
\nTechgen
\n
\nTechgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company
\nowned 48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company,
\nTernium and Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are
\nunder the indirect common control of San Faustin. Based on the facts stated above, the Company has determined
\nthat it has significant influence over this entity.
\n
\nTenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill
\nor intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment
\nwhenever events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For
\nmore information see note 14 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nC Segment information
\n
\nThe Company is organized in one major business segment, Tubes, which is also the reportable operating segment.
\nAll other business activities and operating segments that are not required to be separately reported are disclosed in
\nthe Other segment.
\n
\nThe Tubes segment includes the production and sale of steel tubular products and related services mainly for the
\noil and gas industry, particularly oil country tubular goods (\u201cOCTG\u201d) used in drilling operations, and for other
\nindustrial applications with production processes that consist in the transformation of steel into tubular products.
\nBusiness activities included in this segment are mainly dependent on the worldwide oil and gas industry, as this
\nindustry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel
\npipe products from the oil and gas industry has historically been volatile and depends primarily upon the number
\nof oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these
\nwells. Sales are generally made to end users, with exports being done through a centrally managed global
\ndistribution network and domestic sales are made through local subsidiaries.
\n
\nThe Other segment includes all business activities related to the production and selling of sucker rods, coiled tubing,
\ntubes used for plumbing and construction applications, oilfield / hydraulic fracturing services and others as energy
\nand raw materials that exceed internal requirements.
\n
\nDuring 2024 and following the acquisition of Mattr\u2019s pipe coating business unit on November 30, 2023, the
\nmanagement performed a review of the new business structure to decide on the allocation of resources and the
\nassessment of performance, and decided to integrate the coating activities to its Tubes segment.
\n
\nTenaris\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) reviews operating and financial performance information with
\nsenior management on a monthly basis. This information differs from IFRS principally as follows:
\n
\n\u25aa the use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including
\nabsorption of production overheads and depreciation;
\n\u25aa the use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at
\nhistorical cost, mainly on a FIFO basis;
\n\u25aa any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a
\ndifferent functional currency than the U.S. dollar;
\nand
\n
\n\u25aa other timing differences, if any.
\n
\nTenaris presents its geographical information in four areas: North America, South America, Europe and Asia Pacific,
\nMiddle East and Africa. For purposes of reporting geographical information, net sales are allocated to geographical
\nareas based on the customer\u2019s location; the allocation of assets is based on their geographical location.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nD Foreign currency translation
\n
\n\n(1)
\n
\nFunctional and presentation currency
\n
\nIAS 21, \u201cThe effects of changes in foreign exchange rates\u201d defines the functional currency as the currency of the
\nprimary economic environment in which an entity operates.
\n
\nThe functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best
\nreflects the economic substance of the underlying events and circumstances relevant to Tenaris\u2019s global operations.
\n
\nStarting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the
\nBrazilian Real to the U.S. dollar.
\n
\nExcept for the Italian subsidiaries whose functional currency is the Euro and two subsidiaries whose functional
\ncurrencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional currency of
\nits other subsidiaries is the U.S. dollar, based on the following principal considerations:
\n
\n\u25aa sales are mainly negotiated, denominated and / or settled in U.S. dollars. If priced in a currency other than the
\nU.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;
\n\u25aa prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;
\n\u25aa transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference
\ncurrency;
\n\u25aa there is a significant level of integration of the local operations within Tenaris\u2019s international global distribution
\nnetwork;
\nand
\n
\n\u25aa net financial assets and liabilities are mainly received and maintained in U.S. dollars.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n(2) Transactions in currencies other than the functional currency
\n
\nTransactions in currencies other than the functional currency are translated into the functional currency using the
\nexchange rates prevailing at the date of the transactions or valuation where items are re-measured.
\n
\nAt the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency
\nare translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a
\ncurrency other than the functional currency are translated using the exchange rates prevailing at the date of the
\ntransactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional
\ncurrency are translated using the exchange rates prevailing at the date when the fair value was determined.
\n
\nForeign exchange gains and losses resulting from the settlement of such transactions and from the translation at
\nyear-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional
\ncurrency are recorded as gains and losses from foreign exchange and included in
\nOther financial results
\n in the
\nConsolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net
\ninvestment hedges.
\n
\n(3) Translation of financial information in currencies other than the functional currency
\n
\nResults of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S.
\ndollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at
\nthe period-end exchange rates. Translation differences are recognized in a separate component of equity as
\nCurrency Translation Adjustment
\n. In the case of a sale or other disposal of any of such subsidiaries, any accumulated
\ntranslation difference would be recognized in the Consolidated Income Statement as a gain or loss from the sale or
\ndisposal following IAS 21.
\n
\nGoodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and
\nliabilities of the foreign operation and translated at the closing exchange rate.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
\nE Property, plant and equipment
\n
\nProperty, plant and equipment are recognized at historical acquisition or construction cost less accumulated
\ndepreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition
\nof the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations
\nhave been valued initially at the fair market value of the assets acquired.
\n
\nMajor overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is
\nprobable that future economic benefits associated with the item will flow to the Company and the investment
\nenhances the condition of assets beyond its original condition. The carrying amount of any replaced parts is
\nderecognized.
\n\nMaintenance expenses on manufacturing properties are recorded as cost of products sold in the year
\nin which they are incurred.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nCost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
\npurchases of property, plant and equipment.
\n
\n\nBorrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as
\npart of the cost of the asset, in accordance with IAS 23, \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\ncapitalized are those that require a substantial period of time to prepare for their intended use.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThe depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\ndepreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n\n
\n\n\n| Land | \nNo Depreciation | \n\n\n\n\n\n
\n\n| Buildings and improvements | \n30-50 years | \n\n\n\n\n\n
\n\n| Plant and production equipment | \n10-40 years | \n\n\n\n\n\n
\n\n| Vehicles, furniture and fixtures, and other equipment | \n4-10 years | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nThe assets\u2019 residual values and useful lives of significant plant and production equipment are reviewed and adjusted,
\nif appropriate, at each year-end date. An asset\u2019s carrying amount is written down to its recoverable amount if the
\nasset\u2019s carrying amount is greater than its estimated recoverable amount.
\n
\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 16, \u201cProperty, Plant and
\nEquipment\u201d, resulted in additional depreciation expenses of approximately $25.2 million in 2024, did not materially
\naffect depreciation expenses in 2023 and resulted in additional depreciation expenses of approximately $39.1
\nmillion in 2022.
\n
\nTenaris depreciates each significant part of an item of property, plant and equipment for its different production
\nfacilities that (i) can be properly identified as an independent component with a cost that is significant in relation to
\nthe total cost of the item, and (ii) has a useful operating life that is different from another significant part of that
\nsame item of property, plant and equipment.
\n
\nGains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and
\nare recognized under
\nOther operating income
\nor
\nOther operating expenses
\n in the Consolidated Income Statement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\nF Intangible assets
\n
\n
\n\n
\n\n(1) Goodwill
\n
\nGoodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\nacquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\nannually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are
\nnot reversed. Goodwill is included in the Consolidated Statement of Financial Position under
\nIntangible assets, net.
\n
\nFor the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs
\nthat are expected to benefit from the business combination which generated the goodwill being tested.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n
\n
\n
\n(2) Information systems projects
\n
\nCosts associated with maintaining computer software programs are generally recognized as an expense as incurred.
\nHowever, costs directly related to the development, acquisition and implementation of information systems are
\nrecognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply
\nwith the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\nInformation systems projects recognized as assets are amortized using the straight-line method over their useful
\nlives, generally not exceeding a period of 3 years. Amortization charges are mainly classified as
\nSelling, general and
\nadministrative expenses
\n in the Consolidated Income Statement.
\n
\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n(3) Licenses, patents, trademarks and proprietary technology
\n
\nLicenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the
\nacquisition date in case of a business combination.
\n\nLicenses, patents, proprietary technology and those trademarks
\nthat have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the
\nstraight-line method to allocate the cost over their estimated useful lives, which are in the range between 3 and 20
\nyears. Amortization charges are mainly classified as
\nCost of sales
\n in the Consolidated Income Statement.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nThe balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to
\n$86.7 million at December 31, 2024, 2023 and 2022, and are included in Hydril CGU. Main factors considered in
\nthe determination of the indefinite useful lives include the years that they have been in service and their recognition
\namong customers in the industry.
\n
\n\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n(4) Research and development
\n
\nResearch expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as
\nCost of sales
\n in the Consolidated Income Statement as incurred. Research and development expenditures included
\nin
\nCost of sales
\n for the years 2024, 2023 and 2022 totaled $74.2 million, $60.0 million and $50.7 million,
\nrespectively.
\n
\nCapitalized costs were not material for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n(5) Customer relationships
\n
\nIn accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer
\nrelationships separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and
\nHydril Company (\u201cHydril\u201d) groups, Saudi Steel Pipe Co. (\u201cSSPC\u201d), Ipsco Tubulars Inc. (\u201cIPSCO\u201d) and the more recent
\nacquisition of Mattr\u2019s pipe coating business unit.
\n
\n\nCustomer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a
\nfinite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight
\nline method over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril,
\n9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr\u2019s pipe coating business unit.
\n
\nManagement\u2019s re-estimation of customer relationships useful lives, performed in accordance with IAS 38, did not
\naffect amortization expenses for the years 2024 and 2023.
\n
\nIn 2022, the Company reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years
\nto 3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated
\nIncome Statement under
\nSelling, general and administrative expenses
\n for the year ended December 31, 2022.
\n
\nAs of December 31, 2024 the net book value of SSPC\u2019s customer relationship amounted to $11.3 million, with a
\n
\nresidual useful life of 9 months, while the other customer relationships were fully amortized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nG Right-of-use assets and lease liabilities
\n
\nLeases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is
\navailable for use by the group. Each lease payment is allocated between the principal and finance cost.
\n\nThe finance
\ncost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
\nremaining balance of the liability for each period.
\n\n\n\n\n\n\n\n\n\n\n\n The right-of-use asset is depreciated over the lease term on a
\nstraight-line basis.
\n
\nLease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable
\nlease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual
\nvalue guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
\nand v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
\n
\nThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
\nthe lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the
\nfunds necessary to obtain an asset of similar value in a similar economic environment with similar terms and
\nconditions.
\n
\nRight-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability,
\nany lease payments made at or before the commencement date less any lease incentives received and any initial
\ndirect costs incurred by the lessee.
\n
\nIn determining the lease term, management considers all facts and circumstances that create an economic incentive
\nto exercise an extension option or early termination, or not to exercise a termination option. Extension options (or
\nperiods after termination options) are only included in the lease term if the lease is reasonably certain to be extended
\n(or not terminated).
\n
\nPayments associated with short-term leases, variable leases and leases of low value assets are recognized on a
\nstraight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\nH Impairment of non-financial assets
\n
\nLong-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which
\nthere are separately identifiable cash flows, or CGU. Most of the Company\u2019s principal subsidiaries that constitute a
\nCGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level
\nof asset aggregation that generates largely independent cash inflows.
\n
\nAssets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\ncircumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful
\nlives, including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events
\nor circumstances indicate that the carrying amount value may be impaired. In some situations where there have not
\nbeen significant changes to CGU assets and liabilities as well as external and internal events and circumstances
\nwhich could materially alter the recoverable amount of the CGU, the most recent detailed calculation of recoverable
\namount made in a preceding period may be used in the impairment test for that CGU in the current period.
\n
\nFor purposes of assessing key assumptions, the Company uses external sources of information and management
\njudgment based on past experience and expectations. Material facts and circumstances specifically considered in
\nthe analysis usually include the discount rate used in Tenaris\u2019s cash flow projections and the business condition in
\nterms of competitive, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and
\nthe evolution of the rig count. Tenaris\u2019s main source of revenue is the sale of products and services to the oil and
\ngas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling
\nactivities.
\n
\nManagement has determined the value of each of the key assumptions as follows:
\n
\n- Discount rate: based on the applicable weighted average cost of capital (\u201cWACC\u201d), which is considered to be a
\ngood indicator of capital cost, taking into account the industry, country and size of the business. For each CGU
\nwhere assets are allocated, a specific WACC was determined.
\n
\n- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas
\nindustry, the higher demand to offset depletion of existing fields and the Company\u2019s expected market penetration.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n- Oil and gas prices: based on industry analysts\u2019 reports and management\u2019s expectations of market development.
\n
\n- Rig count: based on information published by Baker Hughes and management\u2019s expectations.
\n
\n- Raw material costs: based on industry analysts\u2019 reports and management\u2019s expectations.
\n
\nAn impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable
\namount. The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal.
\nAny impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each
\nasset in the unit (group of units), considering not to reduce the carrying amount of the asset below the
\nhighest of its fair value less cost of disposal, its value in use or zero.
\n
\nValue in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period
\ncan be justified) based on forecasts approved by management. For the subsequent years beyond the five-year
\nperiod, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into
\naccount among others, mainly the historical inflation rate.
\n
\nFor purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows
\nthat a market participant could generate from the corresponding CGU.
\n
\nManagement judgment is required to estimate discounted future cash flows. Actual cash flows and values could
\nvary significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
\n\nNon-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each
\nreporting date.
\n\n\n\n\n\n\n\n\n\n\n\n For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
\nI Other investments
\n
\nOther investments consist primarily of investments in financial instruments and time deposits with a maturity of
\nmore than three months at the date of purchase.
\n
\n\n
\n\nCertain non-derivative financial assets that the Company held not for trading have been categorized as financial
\nassets at fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by
\nboth holding financial assets in order to collect contractual cash flows and selling financial assets. They are carried
\nat fair value and interest income from these financial assets is included in finance income using the effective interest
\nrate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of
\nComprehensive Income and transferred to the Consolidated Income Statement when the financial asset is disposed.
\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement. FVOCI instruments with maturities greater than 12 months after the balance sheet
\ndate are included in non-current assets.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nOther investments in financial instruments and time deposits are categorized as financial assets at fair value through
\nprofit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair
\nvalue basis. The results of these investments are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nPurchases and sales of financial investments are recognized as of their settlement date.
\n
\nThe fair values of quoted investments are generally based on current bid prices. If the market for a financial investment
\nis not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See
\nsection III Financial Risk Management.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\nJ Inventories
\n
\nInventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in
\nprocess is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production
\noverhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation
\nand amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on
\nthe FIFO method. Tenaris estimates the net realizable value of inventories by grouping, where applicable, similar or
\nrelated items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated
\ncosts of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier\u2019s invoice
\ncost.
\n
\nTenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, supplies and
\nspare parts. For slow moving or obsolete finished products, an allowance is established based on management\u2019s
\nanalysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is
\nestablished based on management's analysis of such items to be used as intended and the consideration of potential
\nobsolescence due to technological changes, aging and consumption patterns.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nK Trade and other receivables
\n
\nTrade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that
\nis unconditional unless they contain significant financing components. The Company holds trade receivables with the
\nobjective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the
\neffective interest method. Due to their short-term nature, their carrying amount is considered to be the same as their
\nfair value.
\n
\nTenaris applies the IFRS 9 \u201cFinancial Instruments\u201d simplified approach to measure expected credit losses, which uses
\na lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables
\nhave been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based
\non the payment profiles of sales over a period of three years and the corresponding historical credit losses experienced
\nwithin this period. The expected loss allowance also reflects current and forward-looking information on
\nmacroeconomic factors affecting the ability of each customer to settle the receivables.
\n
\nA credit account is typically considered in default when the customer has failed to make the required minimum
\npayments for an extended period of time. Management considerations, including customer-specific analyses, are
\ncarried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored
\nand reversed in case of receipt of the payment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nL Cash and cash equivalents
\n
\nCash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity
\nof less than three months at the date of purchase which are readily convertible to known amounts of cash which are
\nsubject to an insignificant risk of changes in value. Assets recorded in cash and cash equivalents are carried at fair
\nmarket value or at historical cost which approximates fair market value.
\n
\nIn the Consolidated Statement of Financial Position, bank overdrafts are included in
\nBorrowings
\n in current liabilities.
\n
\nFor the purposes of the Consolidated Statement of Cash Flows,
\nCash and cash equivalents
\n includes overdrafts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n
\n
\nM Equity
\n
\n(1) Equity components
\n
\nThe Consolidated Statement of Changes in Equity includes:
\n
\n\u25aa the value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
\nwith Luxembourg law;
\n\u25aa the currency translation adjustment, treasury shares, other reserves, retained earnings and non-controlling
\ninterest calculated in accordance with IFRS.
\n
\n\n(2)
\n
\nShare capital
\n
\nThe Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00
\nper share. Total ordinary shares issued as of December 31, 2024 were 1,162,757,528 with a par value of $1.00 per
\nshare with one vote each. Total ordinary shares issued as of December 31, 2023 and 2022 were 1,180,536,830
\nwith a par value of $1.00 per share with one vote each. Total ordinary shares outstanding as of December 31, 2024,
\nwere 1,084,272,191, as of December 31, 2023 were 1,167,888,739 and as of December 31, 2022 were
\n1,180,536,830 with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury
\nshares. All issued shares are fully paid.
\n
\n\n\n\n\n\n
\n\n
\n\n
\n\n(3)
\n
\nTreasury Shares
\n
\nAcquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.
\nAny potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of
\nChanges in Equity. Treasury shares as of December 31, 2024, were 78,485,337 and as of December 31, 2023 were
\n12,648,091.
\n
\n\n\n
\n\n\n
\n\n\n\n\n\n
\n\n(4)
\n
\nDividends distribution by the Company to shareholders
\n
\nDividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the
\nright to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with
\nthe by-laws of the Company.
\n
\nDividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in
\naccordance with Luxembourg law. See note 27 (iii) to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\nN Borrowings
\n
\nBorrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at
\namortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
\nrecognized in profit or loss over the period of the borrowings using the effective interest method.
\n
\n\n\n\n\n\n
\n
\n\nO Current and deferred income tax
\n
\nThe income tax expense or credit for the period is the tax payable or recoverable on the current period\u2019s taxable
\nincome based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
\nliabilities attributable to temporary differences and to unused tax losses. Both current and deferred tax are
\nrecognized in the Consolidated Income Statement, in
\nIncome tax
\n, except to the extent that it relates to items
\nrecognized in other comprehensive income or directly in equity. In these cases, the tax is also recognized in other
\ncomprehensive income or directly in equity, respectively.
\n
\nThe current income tax charge is calculated based on the tax laws enacted or substantively enacted at the reporting
\ndate in the countries where the Company\u2019s subsidiaries operate and generate taxable income.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n
\n\nDeferred income tax is recognized applying the liability method on temporary differences arising between the tax
\nbases of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise
\nmainly from net operating loss carry-forwards, the effect of currency translation on depreciable fixed assets and
\ninventories, depreciation on property, plant and equipment, valuation of inventories, provisions for post-
\nemployment benefits and other long-term employee benefits and fair value adjustments of assets acquired in
\nbusiness combinations. However, deferred tax liabilities are not recognized if they arise from the initial recognition
\nof goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period
\nwhen the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively
\nenacted by the end of the reporting period.
\n
\nManagement periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
\nregulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
\nuncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the
\nexpected value, depending on which method provides a better prediction of the resolution of the uncertainty.
\n
\nDeferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against
\nwhich the temporary differences and losses can be utilized. At the end of each reporting period, Tenaris reassesses
\nunrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that
\nit has become probable that future taxable income will allow the deferred tax asset to be recovered.
\n
\nDeferred tax assets and liabilities are not recognized for temporary differences arising from the carrying amount
\nand tax basis of investments in subsidiaries, branches and associates, and interests in joint ventures, if the Company
\nis able to control the timing of the reversal of the temporary differences and it is probable that the differences will
\nnot reverse in the foreseeable future.
\n
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
\nliabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax
\nliabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net
\nbasis, or to realize the asset and settle the liability simultaneously.
\n
\nDeferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the
\nConsolidated Income Statement or to the item
\nOther comprehensive income
\nin the Consolidated Statement of
\nComprehensive Income, depending on the account to which the original amount was charged or credited.
\n
\nOn December 20, 2023, Pillar Two legislation was adopted in Luxembourg, and came into effect as from January
\n1, 2024. The group is within the scope of these rules. Therefore, is required to calculate its GloBe effective tax rate
\nfor each jurisdiction in which it is present and is liable to pay a top-up tax for the difference between its Globe
\neffective tax rate per jurisdiction and the 15% minimum rate. The group applies the IAS 12 exception regarding the
\nrecognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\nP Employee benefits
\n
\n(1)
\n
\nShort-term obligations
\n
\nLiabilities for wages and salaries are recognized in respect of employees\u2019 services up to the end of the reporting
\nperiod and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
\npresented as current employee benefit obligations in the balance sheet.
\n
\n(2)
\n
\nPost-employment benefits
\n
\nThe Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that
\ndefines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or
\nmore factors such as age, years of service and compensation.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nThe liability recognized in the statement of financial position in respect of defined benefit pension plans is the
\npresent value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets,
\nif any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the
\nprojected unit credit method. The present value of the defined benefit obligation is determined by discounting the
\nestimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the
\ncurrency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the
\nrelated pension obligation.
\n
\nRemeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
\ncharged or credited to equity in
\nOther comprehensive income
\n in the period in which they arise. Past-service costs
\nare recognized immediately in the Income Statement.
\n
\nFor defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived
\nby the difference between the defined benefit obligations less fair value of plan assets.
\n
\nFor defined contribution plans, the Company pays contributions to publicly or privately administered pension
\ninsurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations
\nonce the contributions have been paid. The contributions are recognized as employee benefit expenses when they
\nare due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the
\nfuture payments is available.
\n
\nTenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant
\nare:
\n
\n\u25aa An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to
\nprovide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case
\nof termination of the employment relationship due to certain specified events, including retirement. This
\nunfunded plan provides defined benefits based on years of service and final average salary. As of December 31,
\n2024 the outstanding liability for this plan amounts to $59.4 million.
\n
\n\u25aa Employees\u2019 service rescission indemnity. The cost of this obligation is charged to the Consolidated Income
\nStatement over the expected service lives of employees. This provision is primarily related to the liability accrued
\nfor employees at Tenaris\u2019s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian
\nlaw, employees were entitled to make contributions to external funds, thus, Tenaris\u2019s Italian subsidiary pays
\nevery year the required contribution to the funds with no further obligation. As a result, the plan changed from
\na defined benefit plan to a defined contribution plan effective from that date, but only limited to the
\ncontributions of 2007 onwards. As of December 31, 2024 the outstanding liability for this plan amounts to
\n$10.1 million.
\n
\n\u25aa Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date,
\nfrozen for the purposes of credited service as well as determination of final average pay for the retirement
\nbenefit calculation. Plan assets consist primarily of investments in equities and money market funds.
\nAdditionally, an unfunded post-retirement health and life plan is in place that offers limited medical and life
\ninsurance benefits to the retirees, frozen to new participants. As of December 31, 2024 the outstanding liability
\nfor these plans amounts to $3.0 million.
\n
\n\u25aa Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date
\nbased on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily
\nof annuities purchased from an insurance company for the benefit of current and future retirees, as well as
\ninvestments in debt instruments. Both plans were replaced for defined contribution plans. Effective June 2016
\nthe salary plan was frozen for the purposes of credited service as well as determination of final average pay. In
\n2022, the plant at which all members of the hourly plan were employed was decommissioned and all members
\nceased to accrue benefits under the plan. As of December 31, 2024 the plans were overfunded and the net
\nassets related to these plans amounted to $9.0 million.
\n
\nBy their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans
\nsuch as investment performance, changes to discount rates used to value the obligations, rate of compensation
\nincrease (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular
\nmonitoring of the plans, applicable regulations and other factors that may impact the Company\u2019s expenses and
\ncash flows.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n
\nThe unfunded defined benefit plans are met as they fall due and are managed directly by the Company, which is
\nentirely responsible for the plans. The funded defined benefit pension plans are governed and administered in
\naccordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The
\ndefined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial
\nstatus, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board
\nof directors of each subsidiary of the Company.
\n
\n(3)
\n
\nOther long-term benefits
\n
\nDuring 2007, Tenaris launched an employee retention and long-term incentive program
\n
\n(\u201cthe Program\u201d) applicable
\nto certain senior officers and employees of the Company, who will be granted a number of units throughout the
\nduration of the Program. The value of each of these units is based on Tenaris\u2019s shareholders\u2019 equity (excluding non-
\ncontrolling interest). Until the end of 2017, the units were vested ratably over a period of four years and were
\nmandatorily redeemed by the Company ten years after grant date, with the option of an early redemption at seven
\nyears after the grant date. Since 2018, the units are vested ratably over the same period and are mandatorily
\nredeemed by the Company seven years after grant date.
\n
\nThe beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments
\nmade by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The
\npayment of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this
\nlong-term incentive program as a long-term benefit plan as classified in IAS 19, \u201cEmployee Benefits\u201d.
\n
\nAs of December 31, 2024 and 2023, the outstanding liability corresponding to the Program amounts to $148.0
\nmillion and $119.6 million, respectively. The total value of the units granted (vested and unvested) to date under
\nthe program, considering the number of units and the book value per share as of December 31, 2024 and 2023, is
\n$175.0 million and $144.0 million, respectively.
\n
\n\n(4)
\n
\nTermination benefits
\n
\nTermination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\nwhen an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination
\nbenefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and
\n(b) when the costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations
\nbenefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured
\nbased on the number of employees expected to accept the offer.
\n
\n\n\n\n
\n(5)
\n
\nOther compensation obligations
\n
\nEmployee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations
\nobligations are accrued as earned.
\n
\nCompensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.
\n
\n\n\n\n\n\n
\n
\n\nQ Provisions
\n
\nTenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third
\nparty is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris\u2019s potential liability
\nwith respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management
\nperiodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of
\npast events, a potential loss from a claim or proceeding is considered probable and the amount can be reliably
\nestimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be
\nincurred based on information available to management as of the date of preparation of the financial statements,
\nand take into consideration Tenaris\u2019s litigation and settlement strategies. These estimates are primarily constructed
\nwith the assistance of legal counsel. As the scope of liabilities become better defined, there may be changes in the
\nestimates of future costs which could have a material adverse effect on its results of operations, financial condition
\nand cash flows.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n\nIf Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered
\nunder an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is
\nrecognized as a receivable.
\n
\nThis note should be read in conjunction with note 27 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n
\n
\n\nR Trade and other payables
\n
\nTrade and other payables are recognized initially at fair value, generally the nominal invoice amount and
\nsubsequently measured at amortized cost. They are presented as current liabilities unless payment is not due within
\ntwelve months after the reporting period. Due to their short-term nature their carrying amounts are considered to
\nbe the same as their fair value.
\n
\n\n\n\n\n\n
\n
\n\n
\nS Revenue recognition
\n
\nRevenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of
\nservices in the ordinary course of Tenaris\u2019s activities. The revenue recognized by the Company is measured at the
\ntransaction price of the consideration received or receivable to which the Company is entitled to, reduced by
\nestimated returns and other customer credits, such as discounts and volume rebates, based on the expected value
\nto be realized and after eliminating sales within the group.
\n
\nRevenue is recognized at a point in time or over time from sales when control has been transferred and there is no
\nunfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is
\ntransferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks
\nof obsolescence and loss have been transferred and either the customer has accepted the product in accordance
\nwith the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria
\nfor acceptance have been satisfied, including all performance obligations. These conditions are determined and
\nanalyzed on a contract by contract basis to ensure that all performance obligations are fulfilled. In particular, Tenaris
\nverifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.
\n
\nFor bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold
\narrangement must be substantive (for example, the customer has requested the arrangement); (b) the products
\nhave been specifically identified and are ready for delivery; (c) the Company does not have the ability to use the
\nproduct or to direct it to another customer; (d) the usual payment terms apply.
\n
\n\nThe Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\nrebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return
\nare based on expected value considering past experience and contract conditions.
\n
\n\n\n\n\n
\nWhere the contracts include multiple performance obligations, the transaction price is allocated to each
\nperformance obligation based on the stand-alone selling prices. Where these are not directly observable, they are
\nestimated based on the expected cost plus margin.
\n
\nThere are no judgements applied by management that significantly affect the determination of timing of satisfaction
\nof performance obligations, nor the transaction price and amounts allocated to different performance obligations.
\n
\nTenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue
\nand mainly include:
\n
\nPipe management services:
\nThis comprises mainly preparation of the pipes ready to be run, delivery to the customer,
\nstorage services and rig return.
\n
\n
\nField services:
\nComprises field technical support and running assistance.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n
\nThese services are rendered in connection to the sales of goods and are attached to contracts with customers for
\nthe sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There
\nare no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are
\nincluded in the same contract, have the same counterparty and are subject to the same conditions.
\n
\nThe following inputs and outputs methods are applied to recognize revenue considering the nature of service:
\n
\nStorage services:
\n the Company provides storage services in owned or third-party warehouses, subject to a variable
\nfee to be invoiced. This fee is determined based on the time that the customer maintains the material in the
\nwarehouse and the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced
\nin any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored
\n(in tons).
\n
\nFreights:
\nthe revenue is recognized on a pro rata basis considering the units delivered and time elapsed.
\n
\nField services:
\n the revenue is recognized considering output methods, in particular surveys of service completion
\nprovided by the customer.
\n
\nThe Company also provides other services, such as hydraulic fracturing, coiled tubing and coating services.
\nRegarding these services, the inputs and outputs methods to recognize the revenue are the following:
\n
\nCoating services:
\nthe Company provides coating services on third-party tubes which are performed under specific
\ncontracts and recognized by reference to the stage of completion. Stage of completion is determined based on
\nsurveys of work performed as measured by units of production to date multiplied by contractually agreed-upon
\nrates.
\n
\n
\nHydraulic fracturing services:
\n the revenue is recognized considering output methods, in particular surveys of service
\ncompletion provided by the customer.
\n
\nRevenue from providing services is recognized over time in the accounting period in which the services are
\nrendered.
\n
\nThe Company does not expect to have any contracts where the period between the transfer of the promised goods
\nor services to the customer and payment by the customer exceeds one year. As a consequence, considering that
\nthe contracts do not include any significant financing component, the Company does not adjust any of the
\ntransaction prices for the time value of money. For this reason, the Company is also applying the practical expedient
\nnot to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the
\nreporting period.
\n
\nTenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit
\nfor their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute
\na separate performance obligation.
\n
\n\nOther revenues earned by Tenaris are recognized on the following basis:
\n
\n\u25aa Interest income: on the effective yield basis.
\n\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n
\n\n\n\n\n\u25aa Net income from other sales: when control is transferred to the customer.
\n
\n\n\n\n\n
\n
\n\nT Cost of sales and other selling expenses
\n
\nCost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis
\nof accounting.
\n
\nCommissions, freights and other selling expenses, including shipping and handling costs, are recorded in
\nSelling,
\ngeneral and administrative expenses
\nin the Consolidated Income Statement.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nU Earnings per share
\n
\nEarnings per share are calculated by dividing the income attributable to the shareholders\u2019 equity by the monthly
\nweighted average number of common shares outstanding during the period.
\n
\nThere are no dilutive potential ordinary shares.
\n
\n\n\n\n\n
\n
\n\n
\n
\nV Financial instruments
\n
\nNon-derivative financial instruments comprise investments in financial debt instruments and equity, time deposits,
\ncontract assets, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.
\n
\nThe Company classifies its financial instruments according to the following measurement categories:
\n
\n\u25aa those to be measured subsequently at fair value (either through OCI or through profit or loss), and
\n\u25aa those to be measured at amortised cost.
\n
\nThe classification depends on the Company\u2019s business model for managing the financial assets and contractual
\nterms of the cash flows.
\n
\n\nFinancial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\ncash flows from the financial assets have expired or have been transferred and the Company has transferred
\nsubstantially all the risks and rewards of ownership.
\n
\n\n\n\n\n
\n\n
\n
\nAt initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset
\nnot at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the
\nfinancial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit
\nor loss.
\n
\nSubsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset
\nand the cash flow characteristics of the asset. There are three measurement categories into which the Company
\nclassifies its debt instruments:
\n
\nAmortized Cost:
\n Assets that are held for collection of contractual cash flows where those cash flows represent solely
\npayments of principal and interest. Interest income from these financial assets is included in finance income using
\nthe effective interest rate method.
\n
\n\n
\n\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement.
\n
\n\n\n\n\n
\n\n\n\n\n
\nFair value through other comprehensive income:
\n Assets that are held for collection of contractual cash flows and
\nfor selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest.
\nInterest income from these financial assets is included in finance income using the effective interest rate method.
\nUnrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive
\nIncome and transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\nFair value through profit and loss:
\n Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair
\nvalue of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n
\n\n\n\n\n
\nEquity instruments are subsequently measured at fair value.
\n
\n\n\n\n\n
\nAccounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk
\nManagement.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag132": {
"value": "\n
\nA Basis of presentation
\n
\n
\n
\n\n
\n\nThe Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\nReporting Standards (\u201cIFRS\" or \"IFRS Accounting Standards\u201d), as issued by the International Accounting Standards
\nBoard (\u201cIASB\u201d) and in accordance with IFRS as adopted by the European Union, under the historical cost convention,
\nas modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan
\nassets at fair value.
\n\n\n\n
\n
\n The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of
\nU.S. dollars (\u201c$\u201d).
\n
\n\n\n\n
\nWhenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in
\nthe current year.
\n
\n\nThe preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\naccounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\ncontingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas
\ninvolving material estimates or judgements are: impairment testing of long-lived assets (notes II.H), impairment in
\ninvestments in associates (note II.B); income taxes -including recoverability of deferred tax assets- (note II.O);
\nobsolescence of inventory (note II.J); contingencies (note II.Q); allowance for trade receivables (note II.K); post-
\nemployment and other long-term benefits (note II.P); business combinations (notes II.B); useful lives of property,
\nplant and equipment and other long-lived assets (notes II.E, II.F, II.H), fair value estimation of certain financial
\ninstruments (note III.B) and property title ownership restriction (note IV.28). During the year there were no significant
\nchanges in the material accounting estimates and judgements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n(1)
\n
\nAccounting pronouncements applicable as from January 1, 2024
\n
\nAccounting pronouncements that became effective during 2024 have no material effect on the Company\u2019s financial
\ncondition or results of operations.
\n
\nThe following amendments became effective as at 1 January 2024:
\n\u25aa Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants -
\nAmendments to IAS 1.
\n\u25aa Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16.
\n\u25aa Disclosures: Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n(2)
\n
\nNew accounting pronouncements not applicable as of December 31, 2024
\n
\nAmendments to IAS 21 \u2013 Lack of Exchangeability
\n
\nIn August, 2023, the IASB published \u201cLack of Exchangeability (Amendments to IAS 21)\u201d with new guidance to
\ndetermine when a currency is exchangeable or not, and how to determine the exchange rate to apply when a
\ncurrency is not exchangeable. The amendments also require the disclosure of additional information when a
\ncurrency is not exchangeable.
\n
\nThe amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption
\npermitted and without retrospective application.
\n
\nThe Company does not expect these amendments to have a material impact on its operations or financial
\nstatements.
\n
\nIFRS 18 - Presentation and Disclosures in Financial Statements
\n
\nIn April 2024, the IASB published IFRS 18, that will replace IAS 1 \u201cPresentation of financial statements\u201d. IFRS 18
\nintroduces new requirements that will help to achieve comparability of the financial performance of similar entities
\nand provide more relevant information and transparency to users. Even though IFRS 18 will not impact the
\nrecognition or measurement of items in the financial statements, its impacts on presentation and disclosure are
\nexpected to be extensive, in particular those related to the income statement, statement of financial position,
\nstatement of cash flows and the inclusion of management-defined performance measures within the financial
\nstatements.
\n
\nManagement is currently assessing the detailed implications of applying the new standard on the Consolidated
\nFinancial Statements.
\n
\nThe group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective
\napplication is required, and so the comparative information for the financial year ending December 31, 2026 and
\nDecember 31, 2025 will be restated in accordance with IFRS 18. The European Union has still not endorsed this
\nstandard.
\n
\nOther newly published accounting standards, amendments to accounting standards and interpretations are not
\nmandatory for December 31, 2024 reporting periods and have not been early adopted by the Company. These
\nstandards, amendments or interpretations are not expected to have a material impact in the current or future
\nreporting periods and on foreseeable future transactions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag134": {
"value": "\nThe Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\nReporting Standards (\u201cIFRS\" or \"IFRS Accounting Standards\u201d), as issued by the International Accounting Standards
\nBoard (\u201cIASB\u201d) and in accordance with IFRS as adopted by the European Union, under the historical cost convention,
\nas modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan
\nassets at fair value.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag135": {
"value": "\nThe preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\naccounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\ncontingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas
\ninvolving material estimates or judgements are: impairment testing of long-lived assets (notes II.H), impairment in
\ninvestments in associates (note II.B); income taxes -including recoverability of deferred tax assets- (note II.O);
\nobsolescence of inventory (note II.J); contingencies (note II.Q); allowance for trade receivables (note II.K); post-
\nemployment and other long-term benefits (note II.P); business combinations (notes II.B); useful lives of property,
\nplant and equipment and other long-lived assets (notes II.E, II.F, II.H), fair value estimation of certain financial
\ninstruments (note III.B) and property title ownership restriction (note IV.28). During the year there were no significant
\nchanges in the material accounting estimates and judgements.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag136": {
"value": "\n(1)
\n
\nAccounting pronouncements applicable as from January 1, 2024
\n
\nAccounting pronouncements that became effective during 2024 have no material effect on the Company\u2019s financial
\ncondition or results of operations.
\n
\nThe following amendments became effective as at 1 January 2024:
\n\u25aa Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants -
\nAmendments to IAS 1.
\n\u25aa Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16.
\n\u25aa Disclosures: Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7.
\n
\n\n\n\n\n\n\n\n\n\n\n\n(2)
\n
\nNew accounting pronouncements not applicable as of December 31, 2024
\n
\nAmendments to IAS 21 \u2013 Lack of Exchangeability
\n
\nIn August, 2023, the IASB published \u201cLack of Exchangeability (Amendments to IAS 21)\u201d with new guidance to
\ndetermine when a currency is exchangeable or not, and how to determine the exchange rate to apply when a
\ncurrency is not exchangeable. The amendments also require the disclosure of additional information when a
\ncurrency is not exchangeable.
\n
\nThe amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption
\npermitted and without retrospective application.
\n
\nThe Company does not expect these amendments to have a material impact on its operations or financial
\nstatements.
\n
\nIFRS 18 - Presentation and Disclosures in Financial Statements
\n
\nIn April 2024, the IASB published IFRS 18, that will replace IAS 1 \u201cPresentation of financial statements\u201d. IFRS 18
\nintroduces new requirements that will help to achieve comparability of the financial performance of similar entities
\nand provide more relevant information and transparency to users. Even though IFRS 18 will not impact the
\nrecognition or measurement of items in the financial statements, its impacts on presentation and disclosure are
\nexpected to be extensive, in particular those related to the income statement, statement of financial position,
\nstatement of cash flows and the inclusion of management-defined performance measures within the financial
\nstatements.
\n
\nManagement is currently assessing the detailed implications of applying the new standard on the Consolidated
\nFinancial Statements.
\n
\nThe group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective
\napplication is required, and so the comparative information for the financial year ending December 31, 2026 and
\nDecember 31, 2025 will be restated in accordance with IFRS 18. The European Union has still not endorsed this
\nstandard.
\n
\nOther newly published accounting standards, amendments to accounting standards and interpretations are not
\nmandatory for December 31, 2024 reporting periods and have not been early adopted by the Company. These
\nstandards, amendments or interpretations are not expected to have a material impact in the current or future
\nreporting periods and on foreseeable future transactions.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag140": {
"value": "\n
\n
\n
\n
\n\nB Group accounting
\n
\n\n(1) Subsidiaries and transactions with non-controlling interests
\n
\nSubsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
\npower over the entity. In some cases, the Company considers that it has the ability to affect returns through its
\npower over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able
\nto prevail at all of the subsidiary\u2019s general meetings, which in turn allows Tenaris to nominate and appoint a majority
\nof the subsidiary\u2019s board of directors. Subsidiaries are fully consolidated from the date on which control is obtained
\nby the Company and are no longer consolidated from the date control ceases.
\n
\nThe acquisition method is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition
\nis measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed
\nat the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities
\nand contingent liabilities assumed in a business combination are generally measured initially at their fair values at
\nthe acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\ncontrolling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of
\nthe consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of
\nthe identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the
\nsubsidiary acquired, the difference is recognized directly in the Consolidated Income Statement as bargain purchase.
\n
\n
\nContingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial
\nliability are subsequently remeasured at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n\nIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously
\nheld equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising
\nfrom such remeasurement are recognized in profit or loss.
\n
\n\nTransactions with non-controlling interests that do not result in a loss of control are accounted as transactions with
\nequity owners of the Company. For purchases from non-controlling interests, the difference between any
\nconsideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded
\nin equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nWhen the Company ceases to have control or significant influence, any retained interest in the entity is remeasured
\nto its fair value and the change in carrying amount, net of consideration received (if any), recognized in profit or
\nloss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest
\nas an associate, joint venture or financial asset. In addition, any amounts previously recognized in other
\ncomprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related
\nassets or liabilities. This may mean that amounts previously recognized in other comprehensive income are
\nreclassified to profit or loss.
\n
\nMaterial intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris
\nsubsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is
\nits respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
\nThese are included in the Consolidated Income Statement under
\nOther financial results
\n.
\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n\n(2) Non-consolidated companies
\n
\n
\nInvestments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding
\nof between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized
\nat cost (as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-
\nconsolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\nAssociated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS, but
\ndoes not have control.
\n
\nJoint arrangements are combinations in which there are contractual agreements by virtue of which two or more
\npartner companies hold an interest in one or more companies that undertake operations or hold assets in such a
\nway that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS
\n11 \u201cJoint Arrangements\u201d). A joint arrangement is classed as a joint operation if the parties hold rights to its assets
\nand have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's
\nnet assets.
\n
\nUnder the equity method of accounting, investments are initially recognized at cost and adjusted thereafter to
\nrecognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share
\nof movements in other comprehensive income of the investee in other comprehensive income. Dividends received
\nor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the
\ninvestment.
\n
\nIf material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated
\nto the extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless
\nthe transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\nconsolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\nThe Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\nStatement under
\nEquity in earnings
\n
\nof non-consolidated companies
\n. The Company\u2019s pro-rata share of changes in
\nother comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe main investments in non-consolidated companies are:
\n
\n
\na)
\n
\nTernium
\n
\nAt December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A. (\u201cTernium\u201d) representing
\n11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant
\ninfluence over Ternium:
\n
\n\u25aa four out of eight members of Ternium\u2019s board of directors (including Ternium\u2019s chairman) are also members
\nof the Company\u2019s board of directors;
\nand
\n
\n\u25aa both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d)
\nand under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l (\"Techint\"),
\na wholly owned subsidiary of San Faustin and Ternium\u2019s controlling shareholder, dated January 9, 2006
\nTechint, is required to take actions within its power to cause (a) one of the members of Ternium\u2019s board of
\ndirectors to be nominated by the Company and (b) any director nominated by the Company to be removed
\nfrom Ternium\u2019s board of directors only pursuant to previous written instructions of the Company.
\n
\nb)
\n
\nUsiminas
\n
\nAt December 31, 2024, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 47.5
\nmillion ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas
\n(\u201cUsiminas\u201d), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.
\n
\nConfab\u2019s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was
\nperformed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab
\nacquired a large block of Usiminas ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in
\n2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.
\n
\nOn March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium
\nArgentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per
\nordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid
\napproximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares,
\nincreasing its participation in the Usiminas control group to 9.8%.
\n
\nThe Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and
\nConfab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas\u2019 employee
\npension fund, Previd\u00eancia Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate,
\n483.6 million ordinary shares, representing approximately 68.6% of Usiminas\u2019 voting capital and the T/T Group
\nheld an aggregate participation of 61.3% in the control group (with 51.5% of the control group\u2019s participation
\ncorresponding to Ternium\u2019s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and
\nPrevid\u00eancia Usiminas held 31.7% and 7%, respectively, in the control group.
\n
\nUpon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the
\nrelationship between the T/T Group, the NSC Group and Previd\u00eancia Usiminas was replaced by a new shareholders
\nagreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a
\nmajority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas
\nboard of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member
\nof the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be
\napproved with a 55% majority of Usiminas\u2019 control group shares.
\n
\nAt any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy
\nthe NSC Group\u2019s remaining interest in the Usiminas\u2019 control group (153.1 million ordinary shares) at the higher
\nof $2.0584 per share and the equivalent in U.S. dollars of the 40-trading day average price per share immediately
\nprior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the
\nclosing of the transaction, to withdraw its remaining shares from the control group and sell them in the open
\nmarket after giving the T/T Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading
\nday average price per share immediately prior to the NSC group\u2019s notice of withdrawal, as well as the right, at
\nany time after the second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share.
\nConfab will have the right (but not the obligation) to participate in each such transaction pro rata to its current
\nparticipation in the T/T Group.
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nConfab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\nagreement governing their respective rights and obligations as members of the T/T Group. Under such separate
\nagreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,
\nthe ability to nominate certain Usiminas\u2019 officers and directors. Those circumstances evidence that Tenaris
\ncontinues having significant influence over Usiminas and, as a result, continues accounting for its investment
\nunder the equity method.
\n
\nc)
\n
\nTechgen
\n
\nTechgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company
\nowned 48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company,
\nTernium and Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are
\nunder the indirect common control of San Faustin. Based on the facts stated above, the Company has determined
\nthat it has significant influence over this entity.
\n
\nTenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill
\nor intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment
\nwhenever events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For
\nmore information see note 14 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag141": {
"value": "\nB Group accounting
\n
\n\n(1) Subsidiaries and transactions with non-controlling interests
\n
\nSubsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
\npower over the entity. In some cases, the Company considers that it has the ability to affect returns through its
\npower over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able
\nto prevail at all of the subsidiary\u2019s general meetings, which in turn allows Tenaris to nominate and appoint a majority
\nof the subsidiary\u2019s board of directors. Subsidiaries are fully consolidated from the date on which control is obtained
\nby the Company and are no longer consolidated from the date control ceases.
\n
\nThe acquisition method is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition
\nis measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed
\nat the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities
\nand contingent liabilities assumed in a business combination are generally measured initially at their fair values at
\nthe acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\ncontrolling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of
\nthe consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of
\nthe identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the
\nsubsidiary acquired, the difference is recognized directly in the Consolidated Income Statement as bargain purchase.
\n
\n
\nContingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial
\nliability are subsequently remeasured at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\nIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously
\nheld equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising
\nfrom such remeasurement are recognized in profit or loss.
\n
\n\nTransactions with non-controlling interests that do not result in a loss of control are accounted as transactions with
\nequity owners of the Company. For purchases from non-controlling interests, the difference between any
\nconsideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded
\nin equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nWhen the Company ceases to have control or significant influence, any retained interest in the entity is remeasured
\nto its fair value and the change in carrying amount, net of consideration received (if any), recognized in profit or
\nloss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest
\nas an associate, joint venture or financial asset. In addition, any amounts previously recognized in other
\ncomprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related
\nassets or liabilities. This may mean that amounts previously recognized in other comprehensive income are
\nreclassified to profit or loss.
\n
\nMaterial intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris
\nsubsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is
\nits respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
\nThese are included in the Consolidated Income Statement under
\nOther financial results
\n.
\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n\n(2) Non-consolidated companies
\n
\n
\nInvestments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding
\nof between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized
\nat cost (as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-
\nconsolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\nAssociated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS, but
\ndoes not have control.
\n
\nJoint arrangements are combinations in which there are contractual agreements by virtue of which two or more
\npartner companies hold an interest in one or more companies that undertake operations or hold assets in such a
\nway that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS
\n11 \u201cJoint Arrangements\u201d). A joint arrangement is classed as a joint operation if the parties hold rights to its assets
\nand have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's
\nnet assets.
\n
\nUnder the equity method of accounting, investments are initially recognized at cost and adjusted thereafter to
\nrecognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share
\nof movements in other comprehensive income of the investee in other comprehensive income. Dividends received
\nor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the
\ninvestment.
\n
\nIf material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated
\nto the extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless
\nthe transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\nconsolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\nThe Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\nStatement under
\nEquity in earnings
\n
\nof non-consolidated companies
\n. The Company\u2019s pro-rata share of changes in
\nother comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\nThe main investments in non-consolidated companies are:
\n
\n
\na)
\n
\nTernium
\n
\nAt December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A. (\u201cTernium\u201d) representing
\n11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant
\ninfluence over Ternium:
\n
\n\u25aa four out of eight members of Ternium\u2019s board of directors (including Ternium\u2019s chairman) are also members
\nof the Company\u2019s board of directors;
\nand
\n
\n\u25aa both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d)
\nand under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l (\"Techint\"),
\na wholly owned subsidiary of San Faustin and Ternium\u2019s controlling shareholder, dated January 9, 2006
\nTechint, is required to take actions within its power to cause (a) one of the members of Ternium\u2019s board of
\ndirectors to be nominated by the Company and (b) any director nominated by the Company to be removed
\nfrom Ternium\u2019s board of directors only pursuant to previous written instructions of the Company.
\n
\nb)
\n
\nUsiminas
\n
\nAt December 31, 2024, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 47.5
\nmillion ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas
\n(\u201cUsiminas\u201d), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.
\n
\nConfab\u2019s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was
\nperformed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab
\nacquired a large block of Usiminas ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in
\n2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.
\n
\nOn March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium
\nArgentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per
\nordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid
\napproximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares,
\nincreasing its participation in the Usiminas control group to 9.8%.
\n
\nThe Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and
\nConfab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas\u2019 employee
\npension fund, Previd\u00eancia Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate,
\n483.6 million ordinary shares, representing approximately 68.6% of Usiminas\u2019 voting capital and the T/T Group
\nheld an aggregate participation of 61.3% in the control group (with 51.5% of the control group\u2019s participation
\ncorresponding to Ternium\u2019s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and
\nPrevid\u00eancia Usiminas held 31.7% and 7%, respectively, in the control group.
\n
\nUpon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the
\nrelationship between the T/T Group, the NSC Group and Previd\u00eancia Usiminas was replaced by a new shareholders
\nagreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a
\nmajority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas
\nboard of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member
\nof the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be
\napproved with a 55% majority of Usiminas\u2019 control group shares.
\n
\nAt any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy
\nthe NSC Group\u2019s remaining interest in the Usiminas\u2019 control group (153.1 million ordinary shares) at the higher
\nof $2.0584 per share and the equivalent in U.S. dollars of the 40-trading day average price per share immediately
\nprior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the
\nclosing of the transaction, to withdraw its remaining shares from the control group and sell them in the open
\nmarket after giving the T/T Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading
\nday average price per share immediately prior to the NSC group\u2019s notice of withdrawal, as well as the right, at
\nany time after the second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share.
\nConfab will have the right (but not the obligation) to participate in each such transaction pro rata to its current
\nparticipation in the T/T Group.
\n\n\nConfab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\nagreement governing their respective rights and obligations as members of the T/T Group. Under such separate
\nagreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,
\nthe ability to nominate certain Usiminas\u2019 officers and directors. Those circumstances evidence that Tenaris
\ncontinues having significant influence over Usiminas and, as a result, continues accounting for its investment
\nunder the equity method.
\n
\nc)
\n
\nTechgen
\n
\nTechgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company
\nowned 48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company,
\nTernium and Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are
\nunder the indirect common control of San Faustin. Based on the facts stated above, the Company has determined
\nthat it has significant influence over this entity.
\n
\nTenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill
\nor intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment
\nwhenever events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For
\nmore information see note 14 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag142": {
"value": "\n(1) Subsidiaries and transactions with non-controlling interests
\n
\nSubsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
\npower over the entity. In some cases, the Company considers that it has the ability to affect returns through its
\npower over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able
\nto prevail at all of the subsidiary\u2019s general meetings, which in turn allows Tenaris to nominate and appoint a majority
\nof the subsidiary\u2019s board of directors. Subsidiaries are fully consolidated from the date on which control is obtained
\nby the Company and are no longer consolidated from the date control ceases.
\n
\nThe acquisition method is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition
\nis measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed
\nat the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities
\nand contingent liabilities assumed in a business combination are generally measured initially at their fair values at
\nthe acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\ncontrolling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of
\nthe consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of
\nthe identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the
\nsubsidiary acquired, the difference is recognized directly in the Consolidated Income Statement as bargain purchase.
\n
\n
\nContingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial
\nliability are subsequently remeasured at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\nIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously
\nheld equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising
\nfrom such remeasurement are recognized in profit or loss.
\n
\n\nTransactions with non-controlling interests that do not result in a loss of control are accounted as transactions with
\nequity owners of the Company. For purchases from non-controlling interests, the difference between any
\nconsideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded
\nin equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nWhen the Company ceases to have control or significant influence, any retained interest in the entity is remeasured
\nto its fair value and the change in carrying amount, net of consideration received (if any), recognized in profit or
\nloss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest
\nas an associate, joint venture or financial asset. In addition, any amounts previously recognized in other
\ncomprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related
\nassets or liabilities. This may mean that amounts previously recognized in other comprehensive income are
\nreclassified to profit or loss.
\n
\nMaterial intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris
\nsubsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is
\nits respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
\nThese are included in the Consolidated Income Statement under
\nOther financial results
\n.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag147": {
"value": "\nTransactions with non-controlling interests that do not result in a loss of control are accounted as transactions with
\nequity owners of the Company. For purchases from non-controlling interests, the difference between any
\nconsideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded
\nin equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag148": {
"value": "\n
\n\n
\n\n(2) Non-consolidated companies
\n
\n
\nInvestments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding
\nof between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized
\nat cost (as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-
\nconsolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\nAssociated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS, but
\ndoes not have control.
\n
\nJoint arrangements are combinations in which there are contractual agreements by virtue of which two or more
\npartner companies hold an interest in one or more companies that undertake operations or hold assets in such a
\nway that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS
\n11 \u201cJoint Arrangements\u201d). A joint arrangement is classed as a joint operation if the parties hold rights to its assets
\nand have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's
\nnet assets.
\n
\nUnder the equity method of accounting, investments are initially recognized at cost and adjusted thereafter to
\nrecognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share
\nof movements in other comprehensive income of the investee in other comprehensive income. Dividends received
\nor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the
\ninvestment.
\n
\nIf material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated
\nto the extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless
\nthe transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\nconsolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\nThe Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\nStatement under
\nEquity in earnings
\n
\nof non-consolidated companies
\n. The Company\u2019s pro-rata share of changes in
\nother comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe main investments in non-consolidated companies are:
\n
\n
\na)
\n
\nTernium
\n
\nAt December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A. (\u201cTernium\u201d) representing
\n11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant
\ninfluence over Ternium:
\n
\n\u25aa four out of eight members of Ternium\u2019s board of directors (including Ternium\u2019s chairman) are also members
\nof the Company\u2019s board of directors;
\nand
\n
\n\u25aa both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d)
\nand under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l (\"Techint\"),
\na wholly owned subsidiary of San Faustin and Ternium\u2019s controlling shareholder, dated January 9, 2006
\nTechint, is required to take actions within its power to cause (a) one of the members of Ternium\u2019s board of
\ndirectors to be nominated by the Company and (b) any director nominated by the Company to be removed
\nfrom Ternium\u2019s board of directors only pursuant to previous written instructions of the Company.
\n
\nb)
\n
\nUsiminas
\n
\nAt December 31, 2024, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 47.5
\nmillion ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas
\n(\u201cUsiminas\u201d), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.
\n
\nConfab\u2019s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was
\nperformed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab
\nacquired a large block of Usiminas ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in
\n2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.
\n
\nOn March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium
\nArgentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per
\nordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid
\napproximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares,
\nincreasing its participation in the Usiminas control group to 9.8%.
\n
\nThe Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and
\nConfab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas\u2019 employee
\npension fund, Previd\u00eancia Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate,
\n483.6 million ordinary shares, representing approximately 68.6% of Usiminas\u2019 voting capital and the T/T Group
\nheld an aggregate participation of 61.3% in the control group (with 51.5% of the control group\u2019s participation
\ncorresponding to Ternium\u2019s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and
\nPrevid\u00eancia Usiminas held 31.7% and 7%, respectively, in the control group.
\n
\nUpon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the
\nrelationship between the T/T Group, the NSC Group and Previd\u00eancia Usiminas was replaced by a new shareholders
\nagreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a
\nmajority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas
\nboard of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member
\nof the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be
\napproved with a 55% majority of Usiminas\u2019 control group shares.
\n
\nAt any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy
\nthe NSC Group\u2019s remaining interest in the Usiminas\u2019 control group (153.1 million ordinary shares) at the higher
\nof $2.0584 per share and the equivalent in U.S. dollars of the 40-trading day average price per share immediately
\nprior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the
\nclosing of the transaction, to withdraw its remaining shares from the control group and sell them in the open
\nmarket after giving the T/T Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading
\nday average price per share immediately prior to the NSC group\u2019s notice of withdrawal, as well as the right, at
\nany time after the second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share.
\nConfab will have the right (but not the obligation) to participate in each such transaction pro rata to its current
\nparticipation in the T/T Group.
\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nConfab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\nagreement governing their respective rights and obligations as members of the T/T Group. Under such separate
\nagreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,
\nthe ability to nominate certain Usiminas\u2019 officers and directors. Those circumstances evidence that Tenaris
\ncontinues having significant influence over Usiminas and, as a result, continues accounting for its investment
\nunder the equity method.
\n
\nc)
\n
\nTechgen
\n
\nTechgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company
\nowned 48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company,
\nTernium and Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are
\nunder the indirect common control of San Faustin. Based on the facts stated above, the Company has determined
\nthat it has significant influence over this entity.
\n
\nTenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill
\nor intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment
\nwhenever events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For
\nmore information see note 14 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag149": {
"value": "\n
\n\n(2) Non-consolidated companies
\n
\n
\nInvestments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding
\nof between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized
\nat cost (as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-
\nconsolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\nAssociated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS, but
\ndoes not have control.
\n
\nJoint arrangements are combinations in which there are contractual agreements by virtue of which two or more
\npartner companies hold an interest in one or more companies that undertake operations or hold assets in such a
\nway that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS
\n11 \u201cJoint Arrangements\u201d). A joint arrangement is classed as a joint operation if the parties hold rights to its assets
\nand have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's
\nnet assets.
\n
\nUnder the equity method of accounting, investments are initially recognized at cost and adjusted thereafter to
\nrecognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share
\nof movements in other comprehensive income of the investee in other comprehensive income. Dividends received
\nor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the
\ninvestment.
\n
\nIf material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated
\nto the extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless
\nthe transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\nconsolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\nThe Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\nStatement under
\nEquity in earnings
\n
\nof non-consolidated companies
\n. The Company\u2019s pro-rata share of changes in
\nother comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe main investments in non-consolidated companies are:
\n
\n
\na)
\n
\nTernium
\n
\nAt December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A. (\u201cTernium\u201d) representing
\n11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant
\ninfluence over Ternium:
\n
\n\u25aa four out of eight members of Ternium\u2019s board of directors (including Ternium\u2019s chairman) are also members
\nof the Company\u2019s board of directors;
\nand
\n
\n\u25aa both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d)
\nand under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l (\"Techint\"),
\na wholly owned subsidiary of San Faustin and Ternium\u2019s controlling shareholder, dated January 9, 2006
\nTechint, is required to take actions within its power to cause (a) one of the members of Ternium\u2019s board of
\ndirectors to be nominated by the Company and (b) any director nominated by the Company to be removed
\nfrom Ternium\u2019s board of directors only pursuant to previous written instructions of the Company.
\n
\nb)
\n
\nUsiminas
\n
\nAt December 31, 2024, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 47.5
\nmillion ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas
\n(\u201cUsiminas\u201d), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.
\n
\nConfab\u2019s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was
\nperformed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab
\nacquired a large block of Usiminas ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in
\n2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.
\n
\nOn March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium
\nArgentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per
\nordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid
\napproximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares,
\nincreasing its participation in the Usiminas control group to 9.8%.
\n
\nThe Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and
\nConfab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas\u2019 employee
\npension fund, Previd\u00eancia Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate,
\n483.6 million ordinary shares, representing approximately 68.6% of Usiminas\u2019 voting capital and the T/T Group
\nheld an aggregate participation of 61.3% in the control group (with 51.5% of the control group\u2019s participation
\ncorresponding to Ternium\u2019s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and
\nPrevid\u00eancia Usiminas held 31.7% and 7%, respectively, in the control group.
\n
\nUpon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the
\nrelationship between the T/T Group, the NSC Group and Previd\u00eancia Usiminas was replaced by a new shareholders
\nagreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a
\nmajority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas
\nboard of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member
\nof the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be
\napproved with a 55% majority of Usiminas\u2019 control group shares.
\n
\nAt any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy
\nthe NSC Group\u2019s remaining interest in the Usiminas\u2019 control group (153.1 million ordinary shares) at the higher
\nof $2.0584 per share and the equivalent in U.S. dollars of the 40-trading day average price per share immediately
\nprior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the
\nclosing of the transaction, to withdraw its remaining shares from the control group and sell them in the open
\nmarket after giving the T/T Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading
\nday average price per share immediately prior to the NSC group\u2019s notice of withdrawal, as well as the right, at
\nany time after the second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share.
\nConfab will have the right (but not the obligation) to participate in each such transaction pro rata to its current
\nparticipation in the T/T Group.
\n\n\n\n\n\n\n
\n\n
\n\nConfab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\nagreement governing their respective rights and obligations as members of the T/T Group. Under such separate
\nagreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,
\nthe ability to nominate certain Usiminas\u2019 officers and directors. Those circumstances evidence that Tenaris
\ncontinues having significant influence over Usiminas and, as a result, continues accounting for its investment
\nunder the equity method.
\n
\nc)
\n
\nTechgen
\n
\nTechgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company
\nowned 48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company,
\nTernium and Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are
\nunder the indirect common control of San Faustin. Based on the facts stated above, the Company has determined
\nthat it has significant influence over this entity.
\n
\nTenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill
\nor intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment
\nwhenever events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For
\nmore information see note 14 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag150": {
"value": "\n(2) Non-consolidated companies
\n
\n
\nInvestments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding
\nof between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized
\nat cost (as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-
\nconsolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\nAssociated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS, but
\ndoes not have control.
\n
\nJoint arrangements are combinations in which there are contractual agreements by virtue of which two or more
\npartner companies hold an interest in one or more companies that undertake operations or hold assets in such a
\nway that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS
\n11 \u201cJoint Arrangements\u201d). A joint arrangement is classed as a joint operation if the parties hold rights to its assets
\nand have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's
\nnet assets.
\n
\nUnder the equity method of accounting, investments are initially recognized at cost and adjusted thereafter to
\nrecognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share
\nof movements in other comprehensive income of the investee in other comprehensive income. Dividends received
\nor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the
\ninvestment.
\n
\nIf material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated
\nto the extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless
\nthe transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\nconsolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\nThe Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\nStatement under
\nEquity in earnings
\n
\nof non-consolidated companies
\n. The Company\u2019s pro-rata share of changes in
\nother comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe main investments in non-consolidated companies are:
\n
\n
\na)
\n
\nTernium
\n
\nAt December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A. (\u201cTernium\u201d) representing
\n11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant
\ninfluence over Ternium:
\n
\n\u25aa four out of eight members of Ternium\u2019s board of directors (including Ternium\u2019s chairman) are also members
\nof the Company\u2019s board of directors;
\nand
\n
\n\u25aa both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d)
\nand under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l (\"Techint\"),
\na wholly owned subsidiary of San Faustin and Ternium\u2019s controlling shareholder, dated January 9, 2006
\nTechint, is required to take actions within its power to cause (a) one of the members of Ternium\u2019s board of
\ndirectors to be nominated by the Company and (b) any director nominated by the Company to be removed
\nfrom Ternium\u2019s board of directors only pursuant to previous written instructions of the Company.
\n
\nb)
\n
\nUsiminas
\n
\nAt December 31, 2024, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 47.5
\nmillion ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas
\n(\u201cUsiminas\u201d), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.
\n
\nConfab\u2019s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was
\nperformed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab
\nacquired a large block of Usiminas ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in
\n2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.
\n
\nOn March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium
\nArgentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per
\nordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid
\napproximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares,
\nincreasing its participation in the Usiminas control group to 9.8%.
\n
\nThe Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and
\nConfab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas\u2019 employee
\npension fund, Previd\u00eancia Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate,
\n483.6 million ordinary shares, representing approximately 68.6% of Usiminas\u2019 voting capital and the T/T Group
\nheld an aggregate participation of 61.3% in the control group (with 51.5% of the control group\u2019s participation
\ncorresponding to Ternium\u2019s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and
\nPrevid\u00eancia Usiminas held 31.7% and 7%, respectively, in the control group.
\n
\nUpon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the
\nrelationship between the T/T Group, the NSC Group and Previd\u00eancia Usiminas was replaced by a new shareholders
\nagreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a
\nmajority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas
\nboard of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member
\nof the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be
\napproved with a 55% majority of Usiminas\u2019 control group shares.
\n
\nAt any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy
\nthe NSC Group\u2019s remaining interest in the Usiminas\u2019 control group (153.1 million ordinary shares) at the higher
\nof $2.0584 per share and the equivalent in U.S. dollars of the 40-trading day average price per share immediately
\nprior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the
\nclosing of the transaction, to withdraw its remaining shares from the control group and sell them in the open
\nmarket after giving the T/T Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading
\nday average price per share immediately prior to the NSC group\u2019s notice of withdrawal, as well as the right, at
\nany time after the second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share.
\nConfab will have the right (but not the obligation) to participate in each such transaction pro rata to its current
\nparticipation in the T/T Group.
\n\n\n\n\n
\n\nConfab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\nagreement governing their respective rights and obligations as members of the T/T Group. Under such separate
\nagreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,
\nthe ability to nominate certain Usiminas\u2019 officers and directors. Those circumstances evidence that Tenaris
\ncontinues having significant influence over Usiminas and, as a result, continues accounting for its investment
\nunder the equity method.
\n
\nc)
\n
\nTechgen
\n
\nTechgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company
\nowned 48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company,
\nTernium and Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are
\nunder the indirect common control of San Faustin. Based on the facts stated above, the Company has determined
\nthat it has significant influence over this entity.
\n
\nTenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill
\nor intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment
\nwhenever events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For
\nmore information see note 14 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag163": {
"value": "\nC Segment information
\n
\nThe Company is organized in one major business segment, Tubes, which is also the reportable operating segment.
\nAll other business activities and operating segments that are not required to be separately reported are disclosed in
\nthe Other segment.
\n
\nThe Tubes segment includes the production and sale of steel tubular products and related services mainly for the
\noil and gas industry, particularly oil country tubular goods (\u201cOCTG\u201d) used in drilling operations, and for other
\nindustrial applications with production processes that consist in the transformation of steel into tubular products.
\nBusiness activities included in this segment are mainly dependent on the worldwide oil and gas industry, as this
\nindustry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel
\npipe products from the oil and gas industry has historically been volatile and depends primarily upon the number
\nof oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these
\nwells. Sales are generally made to end users, with exports being done through a centrally managed global
\ndistribution network and domestic sales are made through local subsidiaries.
\n
\nThe Other segment includes all business activities related to the production and selling of sucker rods, coiled tubing,
\ntubes used for plumbing and construction applications, oilfield / hydraulic fracturing services and others as energy
\nand raw materials that exceed internal requirements.
\n
\nDuring 2024 and following the acquisition of Mattr\u2019s pipe coating business unit on November 30, 2023, the
\nmanagement performed a review of the new business structure to decide on the allocation of resources and the
\nassessment of performance, and decided to integrate the coating activities to its Tubes segment.
\n
\nTenaris\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) reviews operating and financial performance information with
\nsenior management on a monthly basis. This information differs from IFRS principally as follows:
\n
\n\u25aa the use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including
\nabsorption of production overheads and depreciation;
\n\u25aa the use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at
\nhistorical cost, mainly on a FIFO basis;
\n\u25aa any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a
\ndifferent functional currency than the U.S. dollar;
\nand
\n
\n\u25aa other timing differences, if any.
\n
\nTenaris presents its geographical information in four areas: North America, South America, Europe and Asia Pacific,
\nMiddle East and Africa. For purposes of reporting geographical information, net sales are allocated to geographical
\nareas based on the customer\u2019s location; the allocation of assets is based on their geographical location.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag165": {
"value": "\n(1)
\n
\nFunctional and presentation currency
\n
\nIAS 21, \u201cThe effects of changes in foreign exchange rates\u201d defines the functional currency as the currency of the
\nprimary economic environment in which an entity operates.
\n
\nThe functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best
\nreflects the economic substance of the underlying events and circumstances relevant to Tenaris\u2019s global operations.
\n
\nStarting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the
\nBrazilian Real to the U.S. dollar.
\n
\nExcept for the Italian subsidiaries whose functional currency is the Euro and two subsidiaries whose functional
\ncurrencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional currency of
\nits other subsidiaries is the U.S. dollar, based on the following principal considerations:
\n
\n\u25aa sales are mainly negotiated, denominated and / or settled in U.S. dollars. If priced in a currency other than the
\nU.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;
\n\u25aa prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;
\n\u25aa transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference
\ncurrency;
\n\u25aa there is a significant level of integration of the local operations within Tenaris\u2019s international global distribution
\nnetwork;
\nand
\n
\n\u25aa net financial assets and liabilities are mainly received and maintained in U.S. dollars.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag166": {
"value": "\n(2) Transactions in currencies other than the functional currency
\n
\nTransactions in currencies other than the functional currency are translated into the functional currency using the
\nexchange rates prevailing at the date of the transactions or valuation where items are re-measured.
\n
\nAt the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency
\nare translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a
\ncurrency other than the functional currency are translated using the exchange rates prevailing at the date of the
\ntransactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional
\ncurrency are translated using the exchange rates prevailing at the date when the fair value was determined.
\n
\nForeign exchange gains and losses resulting from the settlement of such transactions and from the translation at
\nyear-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional
\ncurrency are recorded as gains and losses from foreign exchange and included in
\nOther financial results
\n in the
\nConsolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net
\ninvestment hedges.
\n
\n(3) Translation of financial information in currencies other than the functional currency
\n
\nResults of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S.
\ndollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at
\nthe period-end exchange rates. Translation differences are recognized in a separate component of equity as
\nCurrency Translation Adjustment
\n. In the case of a sale or other disposal of any of such subsidiaries, any accumulated
\ntranslation difference would be recognized in the Consolidated Income Statement as a gain or loss from the sale or
\ndisposal following IAS 21.
\n
\nGoodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and
\nliabilities of the foreign operation and translated at the closing exchange rate.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag168": {
"value": "\n
\n
\nE Property, plant and equipment
\n
\nProperty, plant and equipment are recognized at historical acquisition or construction cost less accumulated
\ndepreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition
\nof the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations
\nhave been valued initially at the fair market value of the assets acquired.
\n
\nMajor overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is
\nprobable that future economic benefits associated with the item will flow to the Company and the investment
\nenhances the condition of assets beyond its original condition. The carrying amount of any replaced parts is
\nderecognized.
\n\nMaintenance expenses on manufacturing properties are recorded as cost of products sold in the year
\nin which they are incurred.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nCost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
\npurchases of property, plant and equipment.
\n
\n\nBorrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as
\npart of the cost of the asset, in accordance with IAS 23, \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\ncapitalized are those that require a substantial period of time to prepare for their intended use.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThe depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\ndepreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n\n
\n\n\n| Land | \nNo Depreciation | \n\n\n\n\n\n
\n\n| Buildings and improvements | \n30-50 years | \n\n\n\n\n\n
\n\n| Plant and production equipment | \n10-40 years | \n\n\n\n\n\n
\n\n| Vehicles, furniture and fixtures, and other equipment | \n4-10 years | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nThe assets\u2019 residual values and useful lives of significant plant and production equipment are reviewed and adjusted,
\nif appropriate, at each year-end date. An asset\u2019s carrying amount is written down to its recoverable amount if the
\nasset\u2019s carrying amount is greater than its estimated recoverable amount.
\n
\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 16, \u201cProperty, Plant and
\nEquipment\u201d, resulted in additional depreciation expenses of approximately $25.2 million in 2024, did not materially
\naffect depreciation expenses in 2023 and resulted in additional depreciation expenses of approximately $39.1
\nmillion in 2022.
\n
\nTenaris depreciates each significant part of an item of property, plant and equipment for its different production
\nfacilities that (i) can be properly identified as an independent component with a cost that is significant in relation to
\nthe total cost of the item, and (ii) has a useful operating life that is different from another significant part of that
\nsame item of property, plant and equipment.
\n
\nGains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and
\nare recognized under
\nOther operating income
\nor
\nOther operating expenses
\n in the Consolidated Income Statement.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag169": {
"value": "\nMaintenance expenses on manufacturing properties are recorded as cost of products sold in the year
\nin which they are incurred.
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag170": {
"value": "\nBorrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as
\npart of the cost of the asset, in accordance with IAS 23, \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\ncapitalized are those that require a substantial period of time to prepare for their intended use.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag171": {
"value": "\nThe depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\ndepreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n\n
\n\n\n| Land | \nNo Depreciation | \n\n\n\n\n\n
\n\n| Buildings and improvements | \n30-50 years | \n\n\n\n\n\n
\n\n| Plant and production equipment | \n10-40 years | \n\n\n\n\n\n
\n\n| Vehicles, furniture and fixtures, and other equipment | \n4-10 years | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\nInformation systems projects recognized as assets are amortized using the straight-line method over their useful
\nlives, generally not exceeding a period of 3 years. Amortization charges are mainly classified as
\nSelling, general and
\nadministrative expenses
\n in the Consolidated Income Statement.
\n
\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\nLicenses, patents, proprietary technology and those trademarks
\nthat have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the
\nstraight-line method to allocate the cost over their estimated useful lives, which are in the range between 3 and 20
\nyears. Amortization charges are mainly classified as
\nCost of sales
\n in the Consolidated Income Statement.
\n\n\n\n\n\n\n\n\n\n\n\n\n\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\nCustomer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a
\nfinite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight
\nline method over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril,
\n9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr\u2019s pipe coating business unit.
\n
\nManagement\u2019s re-estimation of customer relationships useful lives, performed in accordance with IAS 38, did not
\naffect amortization expenses for the years 2024 and 2023.
\n
\nIn 2022, the Company reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years
\nto 3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated
\nIncome Statement under
\nSelling, general and administrative expenses
\n for the year ended December 31, 2022.
\n
\nAs of December 31, 2024 the net book value of SSPC\u2019s customer relationship amounted to $11.3 million, with a
\n
\nresidual useful life of 9 months, while the other customer relationships were fully amortized.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag172": {
"value": "\n
\nF Intangible assets
\n
\n
\n\n
\n\n(1) Goodwill
\n
\nGoodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\nacquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\nannually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are
\nnot reversed. Goodwill is included in the Consolidated Statement of Financial Position under
\nIntangible assets, net.
\n
\nFor the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs
\nthat are expected to benefit from the business combination which generated the goodwill being tested.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n(2) Information systems projects
\n
\nCosts associated with maintaining computer software programs are generally recognized as an expense as incurred.
\nHowever, costs directly related to the development, acquisition and implementation of information systems are
\nrecognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply
\nwith the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\nInformation systems projects recognized as assets are amortized using the straight-line method over their useful
\nlives, generally not exceeding a period of 3 years. Amortization charges are mainly classified as
\nSelling, general and
\nadministrative expenses
\n in the Consolidated Income Statement.
\n
\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n(3) Licenses, patents, trademarks and proprietary technology
\n
\nLicenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the
\nacquisition date in case of a business combination.
\n\nLicenses, patents, proprietary technology and those trademarks
\nthat have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the
\nstraight-line method to allocate the cost over their estimated useful lives, which are in the range between 3 and 20
\nyears. Amortization charges are mainly classified as
\nCost of sales
\n in the Consolidated Income Statement.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nThe balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to
\n$86.7 million at December 31, 2024, 2023 and 2022, and are included in Hydril CGU. Main factors considered in
\nthe determination of the indefinite useful lives include the years that they have been in service and their recognition
\namong customers in the industry.
\n
\n\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n(4) Research and development
\n
\nResearch expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as
\nCost of sales
\n in the Consolidated Income Statement as incurred. Research and development expenditures included
\nin
\nCost of sales
\n for the years 2024, 2023 and 2022 totaled $74.2 million, $60.0 million and $50.7 million,
\nrespectively.
\n
\nCapitalized costs were not material for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n(5) Customer relationships
\n
\nIn accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer
\nrelationships separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and
\nHydril Company (\u201cHydril\u201d) groups, Saudi Steel Pipe Co. (\u201cSSPC\u201d), Ipsco Tubulars Inc. (\u201cIPSCO\u201d) and the more recent
\nacquisition of Mattr\u2019s pipe coating business unit.
\n
\n\nCustomer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a
\nfinite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight
\nline method over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril,
\n9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr\u2019s pipe coating business unit.
\n
\nManagement\u2019s re-estimation of customer relationships useful lives, performed in accordance with IAS 38, did not
\naffect amortization expenses for the years 2024 and 2023.
\n
\nIn 2022, the Company reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years
\nto 3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated
\nIncome Statement under
\nSelling, general and administrative expenses
\n for the year ended December 31, 2022.
\n
\nAs of December 31, 2024 the net book value of SSPC\u2019s customer relationship amounted to $11.3 million, with a
\n
\nresidual useful life of 9 months, while the other customer relationships were fully amortized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag173": {
"value": "\n
\n\n(1) Goodwill
\n
\nGoodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\nacquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\nannually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are
\nnot reversed. Goodwill is included in the Consolidated Statement of Financial Position under
\nIntangible assets, net.
\n
\nFor the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs
\nthat are expected to benefit from the business combination which generated the goodwill being tested.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag174": {
"value": "\n(1) Goodwill
\n
\nGoodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\nacquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\nannually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are
\nnot reversed. Goodwill is included in the Consolidated Statement of Financial Position under
\nIntangible assets, net.
\n
\nFor the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs
\nthat are expected to benefit from the business combination which generated the goodwill being tested.
\n
\n\n\n\n\n\n\n\n\n\n\n\nH Impairment of non-financial assets
\n
\nLong-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which
\nthere are separately identifiable cash flows, or CGU. Most of the Company\u2019s principal subsidiaries that constitute a
\nCGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level
\nof asset aggregation that generates largely independent cash inflows.
\n
\nAssets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\ncircumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful
\nlives, including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events
\nor circumstances indicate that the carrying amount value may be impaired. In some situations where there have not
\nbeen significant changes to CGU assets and liabilities as well as external and internal events and circumstances
\nwhich could materially alter the recoverable amount of the CGU, the most recent detailed calculation of recoverable
\namount made in a preceding period may be used in the impairment test for that CGU in the current period.
\n
\nFor purposes of assessing key assumptions, the Company uses external sources of information and management
\njudgment based on past experience and expectations. Material facts and circumstances specifically considered in
\nthe analysis usually include the discount rate used in Tenaris\u2019s cash flow projections and the business condition in
\nterms of competitive, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and
\nthe evolution of the rig count. Tenaris\u2019s main source of revenue is the sale of products and services to the oil and
\ngas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling
\nactivities.
\n
\nManagement has determined the value of each of the key assumptions as follows:
\n
\n- Discount rate: based on the applicable weighted average cost of capital (\u201cWACC\u201d), which is considered to be a
\ngood indicator of capital cost, taking into account the industry, country and size of the business. For each CGU
\nwhere assets are allocated, a specific WACC was determined.
\n
\n- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas
\nindustry, the higher demand to offset depletion of existing fields and the Company\u2019s expected market penetration.
\n
\n\n\n\n\n\n\n\n\n\n\n\n- Oil and gas prices: based on industry analysts\u2019 reports and management\u2019s expectations of market development.
\n
\n- Rig count: based on information published by Baker Hughes and management\u2019s expectations.
\n
\n- Raw material costs: based on industry analysts\u2019 reports and management\u2019s expectations.
\n
\nAn impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable
\namount. The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal.
\nAny impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each
\nasset in the unit (group of units), considering not to reduce the carrying amount of the asset below the
\nhighest of its fair value less cost of disposal, its value in use or zero.
\n
\nValue in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period
\ncan be justified) based on forecasts approved by management. For the subsequent years beyond the five-year
\nperiod, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into
\naccount among others, mainly the historical inflation rate.
\n
\nFor purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows
\nthat a market participant could generate from the corresponding CGU.
\n
\nManagement judgment is required to estimate discounted future cash flows. Actual cash flows and values could
\nvary significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
\n\nNon-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each
\nreporting date.
\n\n\n\n\n\n\n\n\n\n\n\n For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\nCertain non-derivative financial assets that the Company held not for trading have been categorized as financial
\nassets at fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by
\nboth holding financial assets in order to collect contractual cash flows and selling financial assets. They are carried
\nat fair value and interest income from these financial assets is included in finance income using the effective interest
\nrate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of
\nComprehensive Income and transferred to the Consolidated Income Statement when the financial asset is disposed.
\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement. FVOCI instruments with maturities greater than 12 months after the balance sheet
\ndate are included in non-current assets.
\n
\n\n\n\n\n\n\n\n\n\n\n\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n
\n
\n
\n(2) Information systems projects
\n
\nCosts associated with maintaining computer software programs are generally recognized as an expense as incurred.
\nHowever, costs directly related to the development, acquisition and implementation of information systems are
\nrecognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply
\nwith the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\nInformation systems projects recognized as assets are amortized using the straight-line method over their useful
\nlives, generally not exceeding a period of 3 years. Amortization charges are mainly classified as
\nSelling, general and
\nadministrative expenses
\n in the Consolidated Income Statement.
\n
\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n(3) Licenses, patents, trademarks and proprietary technology
\n
\nLicenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the
\nacquisition date in case of a business combination.
\n\nLicenses, patents, proprietary technology and those trademarks
\nthat have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the
\nstraight-line method to allocate the cost over their estimated useful lives, which are in the range between 3 and 20
\nyears. Amortization charges are mainly classified as
\nCost of sales
\n in the Consolidated Income Statement.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nThe balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to
\n$86.7 million at December 31, 2024, 2023 and 2022, and are included in Hydril CGU. Main factors considered in
\nthe determination of the indefinite useful lives include the years that they have been in service and their recognition
\namong customers in the industry.
\n
\n\nManagement\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\namortization expenses for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n(4) Research and development
\n
\nResearch expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as
\nCost of sales
\n in the Consolidated Income Statement as incurred. Research and development expenditures included
\nin
\nCost of sales
\n for the years 2024, 2023 and 2022 totaled $74.2 million, $60.0 million and $50.7 million,
\nrespectively.
\n
\nCapitalized costs were not material for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n(5) Customer relationships
\n
\nIn accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer
\nrelationships separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and
\nHydril Company (\u201cHydril\u201d) groups, Saudi Steel Pipe Co. (\u201cSSPC\u201d), Ipsco Tubulars Inc. (\u201cIPSCO\u201d) and the more recent
\nacquisition of Mattr\u2019s pipe coating business unit.
\n
\n\nCustomer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a
\nfinite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight
\nline method over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril,
\n9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr\u2019s pipe coating business unit.
\n
\nManagement\u2019s re-estimation of customer relationships useful lives, performed in accordance with IAS 38, did not
\naffect amortization expenses for the years 2024 and 2023.
\n
\nIn 2022, the Company reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years
\nto 3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated
\nIncome Statement under
\nSelling, general and administrative expenses
\n for the year ended December 31, 2022.
\n
\nAs of December 31, 2024 the net book value of SSPC\u2019s customer relationship amounted to $11.3 million, with a
\n
\nresidual useful life of 9 months, while the other customer relationships were fully amortized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nNon-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each
\nreporting date.
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag181": {
"value": "\n
\n\n(4) Research and development
\n
\nResearch expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as
\nCost of sales
\n in the Consolidated Income Statement as incurred. Research and development expenditures included
\nin
\nCost of sales
\n for the years 2024, 2023 and 2022 totaled $74.2 million, $60.0 million and $50.7 million,
\nrespectively.
\n
\nCapitalized costs were not material for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag182": {
"value": "\n(4) Research and development
\n
\nResearch expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as
\nCost of sales
\n in the Consolidated Income Statement as incurred. Research and development expenditures included
\nin
\nCost of sales
\n for the years 2024, 2023 and 2022 totaled $74.2 million, $60.0 million and $50.7 million,
\nrespectively.
\n
\nCapitalized costs were not material for the years 2024, 2023 and 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag185": {
"value": "\nG Right-of-use assets and lease liabilities
\n
\nLeases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is
\navailable for use by the group. Each lease payment is allocated between the principal and finance cost.
\n\nThe finance
\ncost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
\nremaining balance of the liability for each period.
\n\n\n\n\n\n\n\n\n\n\n\n The right-of-use asset is depreciated over the lease term on a
\nstraight-line basis.
\n
\nLease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable
\nlease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual
\nvalue guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
\nand v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
\n
\nThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
\nthe lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the
\nfunds necessary to obtain an asset of similar value in a similar economic environment with similar terms and
\nconditions.
\n
\nRight-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability,
\nany lease payments made at or before the commencement date less any lease incentives received and any initial
\ndirect costs incurred by the lessee.
\n
\nIn determining the lease term, management considers all facts and circumstances that create an economic incentive
\nto exercise an extension option or early termination, or not to exercise a termination option. Extension options (or
\nperiods after termination options) are only included in the lease term if the lease is reasonably certain to be extended
\n(or not terminated).
\n
\nPayments associated with short-term leases, variable leases and leases of low value assets are recognized on a
\nstraight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag186": {
"value": "\nThe finance
\ncost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
\nremaining balance of the liability for each period.
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag187": {
"value": "\n
\n\nH Impairment of non-financial assets
\n
\nLong-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which
\nthere are separately identifiable cash flows, or CGU. Most of the Company\u2019s principal subsidiaries that constitute a
\nCGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level
\nof asset aggregation that generates largely independent cash inflows.
\n
\nAssets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\ncircumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful
\nlives, including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events
\nor circumstances indicate that the carrying amount value may be impaired. In some situations where there have not
\nbeen significant changes to CGU assets and liabilities as well as external and internal events and circumstances
\nwhich could materially alter the recoverable amount of the CGU, the most recent detailed calculation of recoverable
\namount made in a preceding period may be used in the impairment test for that CGU in the current period.
\n
\nFor purposes of assessing key assumptions, the Company uses external sources of information and management
\njudgment based on past experience and expectations. Material facts and circumstances specifically considered in
\nthe analysis usually include the discount rate used in Tenaris\u2019s cash flow projections and the business condition in
\nterms of competitive, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and
\nthe evolution of the rig count. Tenaris\u2019s main source of revenue is the sale of products and services to the oil and
\ngas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling
\nactivities.
\n
\nManagement has determined the value of each of the key assumptions as follows:
\n
\n- Discount rate: based on the applicable weighted average cost of capital (\u201cWACC\u201d), which is considered to be a
\ngood indicator of capital cost, taking into account the industry, country and size of the business. For each CGU
\nwhere assets are allocated, a specific WACC was determined.
\n
\n- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas
\nindustry, the higher demand to offset depletion of existing fields and the Company\u2019s expected market penetration.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n- Oil and gas prices: based on industry analysts\u2019 reports and management\u2019s expectations of market development.
\n
\n- Rig count: based on information published by Baker Hughes and management\u2019s expectations.
\n
\n- Raw material costs: based on industry analysts\u2019 reports and management\u2019s expectations.
\n
\nAn impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable
\namount. The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal.
\nAny impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each
\nasset in the unit (group of units), considering not to reduce the carrying amount of the asset below the
\nhighest of its fair value less cost of disposal, its value in use or zero.
\n
\nValue in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period
\ncan be justified) based on forecasts approved by management. For the subsequent years beyond the five-year
\nperiod, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into
\naccount among others, mainly the historical inflation rate.
\n
\nFor purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows
\nthat a market participant could generate from the corresponding CGU.
\n
\nManagement judgment is required to estimate discounted future cash flows. Actual cash flows and values could
\nvary significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
\n\nNon-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each
\nreporting date.
\n\n\n\n\n\n\n\n\n\n\n\n For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag193": {
"value": "\n
\n
\nI Other investments
\n
\nOther investments consist primarily of investments in financial instruments and time deposits with a maturity of
\nmore than three months at the date of purchase.
\n
\n\n
\n\nCertain non-derivative financial assets that the Company held not for trading have been categorized as financial
\nassets at fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by
\nboth holding financial assets in order to collect contractual cash flows and selling financial assets. They are carried
\nat fair value and interest income from these financial assets is included in finance income using the effective interest
\nrate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of
\nComprehensive Income and transferred to the Consolidated Income Statement when the financial asset is disposed.
\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement. FVOCI instruments with maturities greater than 12 months after the balance sheet
\ndate are included in non-current assets.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nOther investments in financial instruments and time deposits are categorized as financial assets at fair value through
\nprofit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair
\nvalue basis. The results of these investments are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nPurchases and sales of financial investments are recognized as of their settlement date.
\n
\nThe fair values of quoted investments are generally based on current bid prices. If the market for a financial investment
\nis not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See
\nsection III Financial Risk Management.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag194": {
"value": "\n
\n\nCertain non-derivative financial assets that the Company held not for trading have been categorized as financial
\nassets at fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by
\nboth holding financial assets in order to collect contractual cash flows and selling financial assets. They are carried
\nat fair value and interest income from these financial assets is included in finance income using the effective interest
\nrate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of
\nComprehensive Income and transferred to the Consolidated Income Statement when the financial asset is disposed.
\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement. FVOCI instruments with maturities greater than 12 months after the balance sheet
\ndate are included in non-current assets.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag196": {
"value": "\nOther investments in financial instruments and time deposits are categorized as financial assets at fair value through
\nprofit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair
\nvalue basis. The results of these investments are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement.
\n
\n\n\n\n\n\n\n\n\n\n\n\nFair value through profit and loss:
\n Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair
\nvalue of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag198": {
"value": "\nJ Inventories
\n
\nInventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in
\nprocess is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production
\noverhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation
\nand amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on
\nthe FIFO method. Tenaris estimates the net realizable value of inventories by grouping, where applicable, similar or
\nrelated items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated
\ncosts of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier\u2019s invoice
\ncost.
\n
\nTenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, supplies and
\nspare parts. For slow moving or obsolete finished products, an allowance is established based on management\u2019s
\nanalysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is
\nestablished based on management's analysis of such items to be used as intended and the consideration of potential
\nobsolescence due to technological changes, aging and consumption patterns.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag200": {
"value": "\nK Trade and other receivables
\n
\nTrade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that
\nis unconditional unless they contain significant financing components. The Company holds trade receivables with the
\nobjective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the
\neffective interest method. Due to their short-term nature, their carrying amount is considered to be the same as their
\nfair value.
\n
\nTenaris applies the IFRS 9 \u201cFinancial Instruments\u201d simplified approach to measure expected credit losses, which uses
\na lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables
\nhave been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based
\non the payment profiles of sales over a period of three years and the corresponding historical credit losses experienced
\nwithin this period. The expected loss allowance also reflects current and forward-looking information on
\nmacroeconomic factors affecting the ability of each customer to settle the receivables.
\n
\nA credit account is typically considered in default when the customer has failed to make the required minimum
\npayments for an extended period of time. Management considerations, including customer-specific analyses, are
\ncarried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored
\nand reversed in case of receipt of the payment.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag199": {
"value": "\nL Cash and cash equivalents
\n
\nCash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity
\nof less than three months at the date of purchase which are readily convertible to known amounts of cash which are
\nsubject to an insignificant risk of changes in value. Assets recorded in cash and cash equivalents are carried at fair
\nmarket value or at historical cost which approximates fair market value.
\n
\nIn the Consolidated Statement of Financial Position, bank overdrafts are included in
\nBorrowings
\n in current liabilities.
\n
\nFor the purposes of the Consolidated Statement of Cash Flows,
\nCash and cash equivalents
\n includes overdrafts.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag202": {
"value": "\n
\n\n
\n
\n
\nM Equity
\n
\n(1) Equity components
\n
\nThe Consolidated Statement of Changes in Equity includes:
\n
\n\u25aa the value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
\nwith Luxembourg law;
\n\u25aa the currency translation adjustment, treasury shares, other reserves, retained earnings and non-controlling
\ninterest calculated in accordance with IFRS.
\n
\n\n(2)
\n
\nShare capital
\n
\nThe Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00
\nper share. Total ordinary shares issued as of December 31, 2024 were 1,162,757,528 with a par value of $1.00 per
\nshare with one vote each. Total ordinary shares issued as of December 31, 2023 and 2022 were 1,180,536,830
\nwith a par value of $1.00 per share with one vote each. Total ordinary shares outstanding as of December 31, 2024,
\nwere 1,084,272,191, as of December 31, 2023 were 1,167,888,739 and as of December 31, 2022 were
\n1,180,536,830 with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury
\nshares. All issued shares are fully paid.
\n
\n\n\n\n\n\n
\n\n
\n\n
\n\n(3)
\n
\nTreasury Shares
\n
\nAcquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.
\nAny potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of
\nChanges in Equity. Treasury shares as of December 31, 2024, were 78,485,337 and as of December 31, 2023 were
\n12,648,091.
\n
\n\n\n
\n\n\n
\n\n\n\n\n\n
\n\n(4)
\n
\nDividends distribution by the Company to shareholders
\n
\nDividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the
\nright to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with
\nthe by-laws of the Company.
\n
\nDividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in
\naccordance with Luxembourg law. See note 27 (iii) to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag203": {
"value": "\n
\n
\n
\nM Equity
\n
\n(1) Equity components
\n
\nThe Consolidated Statement of Changes in Equity includes:
\n
\n\u25aa the value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
\nwith Luxembourg law;
\n\u25aa the currency translation adjustment, treasury shares, other reserves, retained earnings and non-controlling
\ninterest calculated in accordance with IFRS.
\n
\n\n(2)
\n
\nShare capital
\n
\nThe Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00
\nper share. Total ordinary shares issued as of December 31, 2024 were 1,162,757,528 with a par value of $1.00 per
\nshare with one vote each. Total ordinary shares issued as of December 31, 2023 and 2022 were 1,180,536,830
\nwith a par value of $1.00 per share with one vote each. Total ordinary shares outstanding as of December 31, 2024,
\nwere 1,084,272,191, as of December 31, 2023 were 1,167,888,739 and as of December 31, 2022 were
\n1,180,536,830 with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury
\nshares. All issued shares are fully paid.
\n
\n\n\n\n\n\n
\n\n
\n\n
\n\n(3)
\n
\nTreasury Shares
\n
\nAcquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.
\nAny potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of
\nChanges in Equity. Treasury shares as of December 31, 2024, were 78,485,337 and as of December 31, 2023 were
\n12,648,091.
\n
\n\n\n
\n\n\n
\n\n\n\n\n\n
\n\n(4)
\n
\nDividends distribution by the Company to shareholders
\n
\nDividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the
\nright to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with
\nthe by-laws of the Company.
\n
\nDividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in
\naccordance with Luxembourg law. See note 27 (iii) to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag204": {
"value": "\n(2)
\n
\nShare capital
\n
\nThe Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00
\nper share. Total ordinary shares issued as of December 31, 2024 were 1,162,757,528 with a par value of $1.00 per
\nshare with one vote each. Total ordinary shares issued as of December 31, 2023 and 2022 were 1,180,536,830
\nwith a par value of $1.00 per share with one vote each. Total ordinary shares outstanding as of December 31, 2024,
\nwere 1,084,272,191, as of December 31, 2023 were 1,167,888,739 and as of December 31, 2022 were
\n1,180,536,830 with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury
\nshares. All issued shares are fully paid.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag205": {
"value": "\n
\n\n
\n\n(3)
\n
\nTreasury Shares
\n
\nAcquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.
\nAny potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of
\nChanges in Equity. Treasury shares as of December 31, 2024, were 78,485,337 and as of December 31, 2023 were
\n12,648,091.
\n
\n\n\n
\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag206": {
"value": "\n
\n\n(3)
\n
\nTreasury Shares
\n
\nAcquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.
\nAny potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of
\nChanges in Equity. Treasury shares as of December 31, 2024, were 78,485,337 and as of December 31, 2023 were
\n12,648,091.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag207": {
"value": "\n(3)
\n
\nTreasury Shares
\n
\nAcquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.
\nAny potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of
\nChanges in Equity. Treasury shares as of December 31, 2024, were 78,485,337 and as of December 31, 2023 were
\n12,648,091.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag208": {
"value": "\n(4)
\n
\nDividends distribution by the Company to shareholders
\n
\nDividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the
\nright to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with
\nthe by-laws of the Company.
\n
\nDividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in
\naccordance with Luxembourg law. See note 27 (iii) to these Consolidated Financial Statements.
\n
\n\n\n\n\n\nOther revenues earned by Tenaris are recognized on the following basis:
\n
\n\u25aa Interest income: on the effective yield basis.
\n\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag209": {
"value": "\nN Borrowings
\n
\nBorrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at
\namortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
\nrecognized in profit or loss over the period of the borrowings using the effective interest method.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag210": {
"value": "\nO Current and deferred income tax
\n
\nThe income tax expense or credit for the period is the tax payable or recoverable on the current period\u2019s taxable
\nincome based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
\nliabilities attributable to temporary differences and to unused tax losses. Both current and deferred tax are
\nrecognized in the Consolidated Income Statement, in
\nIncome tax
\n, except to the extent that it relates to items
\nrecognized in other comprehensive income or directly in equity. In these cases, the tax is also recognized in other
\ncomprehensive income or directly in equity, respectively.
\n
\nThe current income tax charge is calculated based on the tax laws enacted or substantively enacted at the reporting
\ndate in the countries where the Company\u2019s subsidiaries operate and generate taxable income.
\n
\n\n\n\n\n\n
\n\nDeferred income tax is recognized applying the liability method on temporary differences arising between the tax
\nbases of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise
\nmainly from net operating loss carry-forwards, the effect of currency translation on depreciable fixed assets and
\ninventories, depreciation on property, plant and equipment, valuation of inventories, provisions for post-
\nemployment benefits and other long-term employee benefits and fair value adjustments of assets acquired in
\nbusiness combinations. However, deferred tax liabilities are not recognized if they arise from the initial recognition
\nof goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period
\nwhen the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively
\nenacted by the end of the reporting period.
\n
\nManagement periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
\nregulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
\nuncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the
\nexpected value, depending on which method provides a better prediction of the resolution of the uncertainty.
\n
\nDeferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against
\nwhich the temporary differences and losses can be utilized. At the end of each reporting period, Tenaris reassesses
\nunrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that
\nit has become probable that future taxable income will allow the deferred tax asset to be recovered.
\n
\nDeferred tax assets and liabilities are not recognized for temporary differences arising from the carrying amount
\nand tax basis of investments in subsidiaries, branches and associates, and interests in joint ventures, if the Company
\nis able to control the timing of the reversal of the temporary differences and it is probable that the differences will
\nnot reverse in the foreseeable future.
\n
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
\nliabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax
\nliabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net
\nbasis, or to realize the asset and settle the liability simultaneously.
\n
\nDeferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the
\nConsolidated Income Statement or to the item
\nOther comprehensive income
\nin the Consolidated Statement of
\nComprehensive Income, depending on the account to which the original amount was charged or credited.
\n
\nOn December 20, 2023, Pillar Two legislation was adopted in Luxembourg, and came into effect as from January
\n1, 2024. The group is within the scope of these rules. Therefore, is required to calculate its GloBe effective tax rate
\nfor each jurisdiction in which it is present and is liable to pay a top-up tax for the difference between its Globe
\neffective tax rate per jurisdiction and the 15% minimum rate. The group applies the IAS 12 exception regarding the
\nrecognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag213": {
"value": "\nDeferred income tax is recognized applying the liability method on temporary differences arising between the tax
\nbases of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise
\nmainly from net operating loss carry-forwards, the effect of currency translation on depreciable fixed assets and
\ninventories, depreciation on property, plant and equipment, valuation of inventories, provisions for post-
\nemployment benefits and other long-term employee benefits and fair value adjustments of assets acquired in
\nbusiness combinations. However, deferred tax liabilities are not recognized if they arise from the initial recognition
\nof goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period
\nwhen the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively
\nenacted by the end of the reporting period.
\n
\nManagement periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
\nregulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
\nuncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the
\nexpected value, depending on which method provides a better prediction of the resolution of the uncertainty.
\n
\nDeferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against
\nwhich the temporary differences and losses can be utilized. At the end of each reporting period, Tenaris reassesses
\nunrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that
\nit has become probable that future taxable income will allow the deferred tax asset to be recovered.
\n
\nDeferred tax assets and liabilities are not recognized for temporary differences arising from the carrying amount
\nand tax basis of investments in subsidiaries, branches and associates, and interests in joint ventures, if the Company
\nis able to control the timing of the reversal of the temporary differences and it is probable that the differences will
\nnot reverse in the foreseeable future.
\n
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
\nliabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax
\nliabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net
\nbasis, or to realize the asset and settle the liability simultaneously.
\n
\nDeferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the
\nConsolidated Income Statement or to the item
\nOther comprehensive income
\nin the Consolidated Statement of
\nComprehensive Income, depending on the account to which the original amount was charged or credited.
\n
\nOn December 20, 2023, Pillar Two legislation was adopted in Luxembourg, and came into effect as from January
\n1, 2024. The group is within the scope of these rules. Therefore, is required to calculate its GloBe effective tax rate
\nfor each jurisdiction in which it is present and is liable to pay a top-up tax for the difference between its Globe
\neffective tax rate per jurisdiction and the 15% minimum rate. The group applies the IAS 12 exception regarding the
\nrecognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag214": {
"value": "\nP Employee benefits
\n
\n(1)
\n
\nShort-term obligations
\n
\nLiabilities for wages and salaries are recognized in respect of employees\u2019 services up to the end of the reporting
\nperiod and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
\npresented as current employee benefit obligations in the balance sheet.
\n
\n(2)
\n
\nPost-employment benefits
\n
\nThe Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that
\ndefines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or
\nmore factors such as age, years of service and compensation.
\n
\n\n\n\n\n\nThe liability recognized in the statement of financial position in respect of defined benefit pension plans is the
\npresent value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets,
\nif any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the
\nprojected unit credit method. The present value of the defined benefit obligation is determined by discounting the
\nestimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the
\ncurrency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the
\nrelated pension obligation.
\n
\nRemeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
\ncharged or credited to equity in
\nOther comprehensive income
\n in the period in which they arise. Past-service costs
\nare recognized immediately in the Income Statement.
\n
\nFor defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived
\nby the difference between the defined benefit obligations less fair value of plan assets.
\n
\nFor defined contribution plans, the Company pays contributions to publicly or privately administered pension
\ninsurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations
\nonce the contributions have been paid. The contributions are recognized as employee benefit expenses when they
\nare due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the
\nfuture payments is available.
\n
\nTenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant
\nare:
\n
\n\u25aa An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to
\nprovide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case
\nof termination of the employment relationship due to certain specified events, including retirement. This
\nunfunded plan provides defined benefits based on years of service and final average salary. As of December 31,
\n2024 the outstanding liability for this plan amounts to $59.4 million.
\n
\n\u25aa Employees\u2019 service rescission indemnity. The cost of this obligation is charged to the Consolidated Income
\nStatement over the expected service lives of employees. This provision is primarily related to the liability accrued
\nfor employees at Tenaris\u2019s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian
\nlaw, employees were entitled to make contributions to external funds, thus, Tenaris\u2019s Italian subsidiary pays
\nevery year the required contribution to the funds with no further obligation. As a result, the plan changed from
\na defined benefit plan to a defined contribution plan effective from that date, but only limited to the
\ncontributions of 2007 onwards. As of December 31, 2024 the outstanding liability for this plan amounts to
\n$10.1 million.
\n
\n\u25aa Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date,
\nfrozen for the purposes of credited service as well as determination of final average pay for the retirement
\nbenefit calculation. Plan assets consist primarily of investments in equities and money market funds.
\nAdditionally, an unfunded post-retirement health and life plan is in place that offers limited medical and life
\ninsurance benefits to the retirees, frozen to new participants. As of December 31, 2024 the outstanding liability
\nfor these plans amounts to $3.0 million.
\n
\n\u25aa Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date
\nbased on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily
\nof annuities purchased from an insurance company for the benefit of current and future retirees, as well as
\ninvestments in debt instruments. Both plans were replaced for defined contribution plans. Effective June 2016
\nthe salary plan was frozen for the purposes of credited service as well as determination of final average pay. In
\n2022, the plant at which all members of the hourly plan were employed was decommissioned and all members
\nceased to accrue benefits under the plan. As of December 31, 2024 the plans were overfunded and the net
\nassets related to these plans amounted to $9.0 million.
\n
\nBy their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans
\nsuch as investment performance, changes to discount rates used to value the obligations, rate of compensation
\nincrease (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular
\nmonitoring of the plans, applicable regulations and other factors that may impact the Company\u2019s expenses and
\ncash flows.
\n
\n\n\n\n\n\n
\nThe unfunded defined benefit plans are met as they fall due and are managed directly by the Company, which is
\nentirely responsible for the plans. The funded defined benefit pension plans are governed and administered in
\naccordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The
\ndefined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial
\nstatus, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board
\nof directors of each subsidiary of the Company.
\n
\n(3)
\n
\nOther long-term benefits
\n
\nDuring 2007, Tenaris launched an employee retention and long-term incentive program
\n
\n(\u201cthe Program\u201d) applicable
\nto certain senior officers and employees of the Company, who will be granted a number of units throughout the
\nduration of the Program. The value of each of these units is based on Tenaris\u2019s shareholders\u2019 equity (excluding non-
\ncontrolling interest). Until the end of 2017, the units were vested ratably over a period of four years and were
\nmandatorily redeemed by the Company ten years after grant date, with the option of an early redemption at seven
\nyears after the grant date. Since 2018, the units are vested ratably over the same period and are mandatorily
\nredeemed by the Company seven years after grant date.
\n
\nThe beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments
\nmade by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The
\npayment of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this
\nlong-term incentive program as a long-term benefit plan as classified in IAS 19, \u201cEmployee Benefits\u201d.
\n
\nAs of December 31, 2024 and 2023, the outstanding liability corresponding to the Program amounts to $148.0
\nmillion and $119.6 million, respectively. The total value of the units granted (vested and unvested) to date under
\nthe program, considering the number of units and the book value per share as of December 31, 2024 and 2023, is
\n$175.0 million and $144.0 million, respectively.
\n
\n\n(4)
\n
\nTermination benefits
\n
\nTermination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\nwhen an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination
\nbenefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and
\n(b) when the costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations
\nbenefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured
\nbased on the number of employees expected to accept the offer.
\n
\n\n\n\n
\n(5)
\n
\nOther compensation obligations
\n
\nEmployee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations
\nobligations are accrued as earned.
\n
\nCompensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag219": {
"value": "\n(4)
\n
\nTermination benefits
\n
\nTermination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\nwhen an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination
\nbenefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and
\n(b) when the costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations
\nbenefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured
\nbased on the number of employees expected to accept the offer.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag220": {
"value": "\nQ Provisions
\n
\nTenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third
\nparty is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris\u2019s potential liability
\nwith respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management
\nperiodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of
\npast events, a potential loss from a claim or proceeding is considered probable and the amount can be reliably
\nestimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be
\nincurred based on information available to management as of the date of preparation of the financial statements,
\nand take into consideration Tenaris\u2019s litigation and settlement strategies. These estimates are primarily constructed
\nwith the assistance of legal counsel. As the scope of liabilities become better defined, there may be changes in the
\nestimates of future costs which could have a material adverse effect on its results of operations, financial condition
\nand cash flows.
\n
\n\n\n\n\n\nIf Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered
\nunder an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is
\nrecognized as a receivable.
\n
\nThis note should be read in conjunction with note 27 to these Consolidated Financial Statements.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag223": {
"value": "\nR Trade and other payables
\n
\nTrade and other payables are recognized initially at fair value, generally the nominal invoice amount and
\nsubsequently measured at amortized cost. They are presented as current liabilities unless payment is not due within
\ntwelve months after the reporting period. Due to their short-term nature their carrying amounts are considered to
\nbe the same as their fair value.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag224": {
"value": "\n
\nS Revenue recognition
\n
\nRevenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of
\nservices in the ordinary course of Tenaris\u2019s activities. The revenue recognized by the Company is measured at the
\ntransaction price of the consideration received or receivable to which the Company is entitled to, reduced by
\nestimated returns and other customer credits, such as discounts and volume rebates, based on the expected value
\nto be realized and after eliminating sales within the group.
\n
\nRevenue is recognized at a point in time or over time from sales when control has been transferred and there is no
\nunfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is
\ntransferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks
\nof obsolescence and loss have been transferred and either the customer has accepted the product in accordance
\nwith the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria
\nfor acceptance have been satisfied, including all performance obligations. These conditions are determined and
\nanalyzed on a contract by contract basis to ensure that all performance obligations are fulfilled. In particular, Tenaris
\nverifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.
\n
\nFor bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold
\narrangement must be substantive (for example, the customer has requested the arrangement); (b) the products
\nhave been specifically identified and are ready for delivery; (c) the Company does not have the ability to use the
\nproduct or to direct it to another customer; (d) the usual payment terms apply.
\n
\n\nThe Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\nrebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return
\nare based on expected value considering past experience and contract conditions.
\n
\n\n\n\n\n
\nWhere the contracts include multiple performance obligations, the transaction price is allocated to each
\nperformance obligation based on the stand-alone selling prices. Where these are not directly observable, they are
\nestimated based on the expected cost plus margin.
\n
\nThere are no judgements applied by management that significantly affect the determination of timing of satisfaction
\nof performance obligations, nor the transaction price and amounts allocated to different performance obligations.
\n
\nTenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue
\nand mainly include:
\n
\nPipe management services:
\nThis comprises mainly preparation of the pipes ready to be run, delivery to the customer,
\nstorage services and rig return.
\n
\n
\nField services:
\nComprises field technical support and running assistance.
\n
\n\n\n\n\n
\nThese services are rendered in connection to the sales of goods and are attached to contracts with customers for
\nthe sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There
\nare no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are
\nincluded in the same contract, have the same counterparty and are subject to the same conditions.
\n
\nThe following inputs and outputs methods are applied to recognize revenue considering the nature of service:
\n
\nStorage services:
\n the Company provides storage services in owned or third-party warehouses, subject to a variable
\nfee to be invoiced. This fee is determined based on the time that the customer maintains the material in the
\nwarehouse and the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced
\nin any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored
\n(in tons).
\n
\nFreights:
\nthe revenue is recognized on a pro rata basis considering the units delivered and time elapsed.
\n
\nField services:
\n the revenue is recognized considering output methods, in particular surveys of service completion
\nprovided by the customer.
\n
\nThe Company also provides other services, such as hydraulic fracturing, coiled tubing and coating services.
\nRegarding these services, the inputs and outputs methods to recognize the revenue are the following:
\n
\nCoating services:
\nthe Company provides coating services on third-party tubes which are performed under specific
\ncontracts and recognized by reference to the stage of completion. Stage of completion is determined based on
\nsurveys of work performed as measured by units of production to date multiplied by contractually agreed-upon
\nrates.
\n
\n
\nHydraulic fracturing services:
\n the revenue is recognized considering output methods, in particular surveys of service
\ncompletion provided by the customer.
\n
\nRevenue from providing services is recognized over time in the accounting period in which the services are
\nrendered.
\n
\nThe Company does not expect to have any contracts where the period between the transfer of the promised goods
\nor services to the customer and payment by the customer exceeds one year. As a consequence, considering that
\nthe contracts do not include any significant financing component, the Company does not adjust any of the
\ntransaction prices for the time value of money. For this reason, the Company is also applying the practical expedient
\nnot to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the
\nreporting period.
\n
\nTenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit
\nfor their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute
\na separate performance obligation.
\n
\n\nOther revenues earned by Tenaris are recognized on the following basis:
\n
\n\u25aa Interest income: on the effective yield basis.
\n\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n
\n\n\n\n\n\u25aa Net income from other sales: when control is transferred to the customer.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag225": {
"value": "\nThe Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\nrebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return
\nare based on expected value considering past experience and contract conditions.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag229": {
"value": "\nT Cost of sales and other selling expenses
\n
\nCost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis
\nof accounting.
\n
\nCommissions, freights and other selling expenses, including shipping and handling costs, are recorded in
\nSelling,
\ngeneral and administrative expenses
\nin the Consolidated Income Statement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag231": {
"value": "\nU Earnings per share
\n
\nEarnings per share are calculated by dividing the income attributable to the shareholders\u2019 equity by the monthly
\nweighted average number of common shares outstanding during the period.
\n
\nThere are no dilutive potential ordinary shares.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag232": {
"value": "\n
\n
\nV Financial instruments
\n
\nNon-derivative financial instruments comprise investments in financial debt instruments and equity, time deposits,
\ncontract assets, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.
\n
\nThe Company classifies its financial instruments according to the following measurement categories:
\n
\n\u25aa those to be measured subsequently at fair value (either through OCI or through profit or loss), and
\n\u25aa those to be measured at amortised cost.
\n
\nThe classification depends on the Company\u2019s business model for managing the financial assets and contractual
\nterms of the cash flows.
\n
\n\nFinancial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\ncash flows from the financial assets have expired or have been transferred and the Company has transferred
\nsubstantially all the risks and rewards of ownership.
\n
\n\n\n\n\n
\n\n
\n
\nAt initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset
\nnot at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the
\nfinancial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit
\nor loss.
\n
\nSubsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset
\nand the cash flow characteristics of the asset. There are three measurement categories into which the Company
\nclassifies its debt instruments:
\n
\nAmortized Cost:
\n Assets that are held for collection of contractual cash flows where those cash flows represent solely
\npayments of principal and interest. Interest income from these financial assets is included in finance income using
\nthe effective interest rate method.
\n
\n\n
\n\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement.
\n
\n\n\n\n\n
\n\n\n\n\n
\nFair value through other comprehensive income:
\n Assets that are held for collection of contractual cash flows and
\nfor selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest.
\nInterest income from these financial assets is included in finance income using the effective interest rate method.
\nUnrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive
\nIncome and transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\nFair value through profit and loss:
\n Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair
\nvalue of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n
\n\n\n\n\n
\nEquity instruments are subsequently measured at fair value.
\n
\n\n\n\n\n
\nAccounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk
\nManagement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag233": {
"value": "\nFinancial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\ncash flows from the financial assets have expired or have been transferred and the Company has transferred
\nsubstantially all the risks and rewards of ownership.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag234": {
"value": "\n
\n
\nAt initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset
\nnot at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the
\nfinancial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit
\nor loss.
\n
\nSubsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset
\nand the cash flow characteristics of the asset. There are three measurement categories into which the Company
\nclassifies its debt instruments:
\n
\nAmortized Cost:
\n Assets that are held for collection of contractual cash flows where those cash flows represent solely
\npayments of principal and interest. Interest income from these financial assets is included in finance income using
\nthe effective interest rate method.
\n
\n\n
\n\nExchange gains and losses and impairments related to the financial assets are immediately recognized in the
\nConsolidated Income Statement.
\n
\n\n\n\n\n
\n\n\n\n\n
\nFair value through other comprehensive income:
\n Assets that are held for collection of contractual cash flows and
\nfor selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest.
\nInterest income from these financial assets is included in finance income using the effective interest rate method.
\nUnrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive
\nIncome and transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\nFair value through profit and loss:
\n Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair
\nvalue of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n
\n\n\n\n\n
\nEquity instruments are subsequently measured at fair value.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag238": {
"value": "\n
\n
\nIII. FINANCIAL RISK MANAGEMENT
\n
\n
\nThe multinational nature of Tenaris\u2019s operations and customer base exposes the Company to a variety of risks,
\nmainly related to market risks (including the effects of changes in foreign currency exchange rates and interest
\nrates), credit risk and capital market risk. In order to manage the volatility related to these exposures, management
\nevaluates exposures on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries
\nmay then enter into various derivative transactions in order to prevent potential adverse impacts on Tenaris\u2019s
\nfinancial performance. Such derivative transactions are executed in accordance with internal policies and hedging
\npractices.
\n
\n
\nA. Financial risk factors
\n
\n\n(i) Capital risk management
\n
\nTenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates.
\nThe year-end ratio of debt to total equity (where \u201cdebt\u201d comprises financial borrowings and \u201ctotal equity\u201d is the
\nsum of financial borrowings and equity) is 0.03 as of December 31, 2024 and 2023. The Company does not have
\nto comply with regulatory capital adequacy requirements.
\n
\n\n\n\n\n
\n\n (ii) Foreign exchange risk
\n
\nTenaris manufactures and sells its products in a number of countries throughout the world and consequently is
\nexposed to foreign exchange rate risk. Since the Company\u2019s functional currency is the U.S. dollar the purpose of
\nTenaris\u2019s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of
\nother currencies against the U.S. dollar.
\n
\nTenaris\u2019s exposure to currency fluctuations is reviewed on a periodic and consolidated basis. A number of derivative
\ntransactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges.
\nAlmost all of these transactions are forward exchange rates contracts. See note 26 to these Consolidated Financial
\nStatements.
\n
\nTenaris does not enter into derivative financial instruments for trading or other speculative purposes, other than
\nnon-material investments in structured products.
\n
\nIn the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities,
\nreported in accordance with IFRS, may not reflect entirely the management\u2019s assessment of its foreign exchange
\nrisk hedging program. Intercompany balances between Tenaris\u2019s subsidiaries may generate financial gains (losses)
\nto the extent that functional currencies differ.
\n
\nThe value of Tenaris\u2019s financial assets and liabilities is subject to changes arising from the variation of foreign
\ncurrency exchange rates. The following table provides a breakdown of Tenaris\u2019s main financial assets and liabilities
\n(including foreign exchange derivative contracts) which impact the Company\u2019s profit and loss as of December 31,
\n2024 and 2023.
\n
\n\n
\n\n\n| All amounts Long / (Short) in thousands of U.S. dollars | \nAs of December 31, | \n
\n\n| Currency Exposure / Functional currency | \n2024 | \n2023 | \n
\n\n| Euro / U.S. dollar | \n(183,985) | \n(203,608) | \n
\n\n| Saudi Arabian Riyal / U.S. dollar | \n(173,233) | \n(181,931) | \n
\n\n| Argentine Peso / U.S. dollar | \n(40,565) | \n(134,716) | \n
\n\n| Brazilian Real / U.S. dollar | \n(41,591) | \n(25,680) | \n
\n\n
\n
\nThe main relevant exposures correspond to:
\n
\n\u25aa Euro / U.S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Euro-denominated intercompany liabilities at certain
\nsubsidiaries whose functional currency is the U.S. dollar. A change of 1% in the EUR/USD exchange rate would
\nhave generated a pre-tax gain / loss of $1.8 million and $2.0 million as of December 31, 2024 and 2023,
\nrespectively, which would have been to a large extent offset by changes in currency translation adjustment
\nincluded in Tenaris\u2019s net equity position.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\u25aa Saudi Arabian Riyal / U. S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Saudi Arabian Riyal-denominated financial and trade
\npayables. The Saudi Arabian Riyal is tied to the U.S. dollar.
\n
\n\u25aa Argentine Peso / U.S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Argentine Peso-denominated financial, trade, social
\nand fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of
\n1% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $0.4 million and $1.3 million
\nas of December 31, 2024 and 2023 respectively.
\n
\n\u25aa Brazilian Real / U.S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Brazilian Real-denominated liabilities at certain
\nBrazilian subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the BRL/USD exchange rate
\nwould have generated a pre/-tax gain / loss of $0.4 million and $0.3 million as of December 31, 2024 and 2023
\nrespectively.
\n
\nConsidering the balances held as of December 31, 2024 on financial assets and liabilities exposed to foreign
\nexchange rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% favorable / unfavorable
\nmovement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain /
\nloss of $5.8 million (including a loss / gain of $1.5 million due to foreign exchange derivative contracts), which
\nwould be partially offset by changes to Tenaris\u2019s net equity position of $1.4 million. For balances held as of
\nDecember 31, 2023, a simultaneous 1% favorable / unfavorable movement in the foreign currencies exchange rates
\nrelative to the U.S. dollar, would have generated a pre-tax gain / loss of $6.7 million (including a loss / gain of $2.3
\nmillion due to foreign exchange derivative contracts), which would have been partially offset by changes to Tenaris\u2019s
\nnet equity position of $1.1 million.
\n
\nTenaris based its foreign exchange sensitivity analysis on a 1% variance for information purposes only, enabling the
\nanalysis to any particular variance.
\n
\n\n\n\n\n
\n(iii) Interest rate risk
\n
\nTenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable
\nand fixed rate debt in combination with its investment portfolio strategy. The Company may choose to enter into
\nforeign exchange derivative contracts and / or interest rate swaps to mitigate the exposure to changes in the interest
\nrates.
\n
\nThe following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end.
\n
\n
\n\n
\n\n\n | \nAs of December 31, | \n
\n\n | \n2024 | \n2023 | \n
\n\n | \nIn thousands of U.S. | \n% | \nIn thousands of U.S. dollars | \n% | \n
\n\n | \ndollars | \n | \n | \n | \n
\n\n| Fixed rate (*) | \n172,018 | \n39% | \n294,946 | \n51% | \n
\n\n| Variable rate | \n265,380 | \n61% | \n288,491 | \n49% | \n
\n\n| Total | \n437,398 | \n | \n583,437 | \n | \n
\n\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Out of the $172.0 million fixed rate borrowings, $162.1 million are short-term.
\n
\nThe Company estimates that, if market interest rates applicable to Tenaris\u2019s borrowings had been 100 basis points
\nhigher, then the additional pre-tax loss would have been $5.5 million in 2024 and $6.4 million in 2023.
\n
\nTenaris based its interest rate sensitivity analysis on a 100 basis points variance for information purposes only,
\nenabling the analysis to any particular variance.
\n
\n\n\n\n\n
\n
\n\n(iv) Credit risk
\n
\nCredit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
\nexposures from customers, including outstanding receivables and committed transactions. The Company also
\nactively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize
\nits credit risk.
\n
\nThere is no concentration of credit risk and no single customer comprised more than 10% of Tenaris\u2019s net sales in
\n2024, 2023 and 2022.
\n
\nTenaris maintains a strong, longstanding relationship with Petr\u00f3leos Mexicanos (\u201cPemex\u201d), one of the world\u2019s
\nlargest crude oil and condensates producers and one of its largest customers. Over the past several months, Pemex
\nhas delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure
\nto Pemex, which represented approximately 17% of the Company\u2019s overall credit exposure as of December 31,
\n2024, and approximately 20% of the Company\u2019s overall credit exposure as of December 31, 2023. In December
\n2024, Pemex issued senior guaranteed floating rate notes due in 2025 that a financial institution purchased on the
\nissue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding
\ndebt with one of the Company\u2019s Mexican subsidiaries for approximately $200 million. The fee related to this
\ntransaction, amounting to approximately to $16 million, was borne by the Company and included in
\nOther financial
\nresults
\n.
\n
\nTenaris\u2019s credit policies related to sales of products and services are designed to identify customers with acceptable
\ncredit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments
\ndesigned to minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for
\npotential credit losses. See section II.K.
\n
\nAs of December 31, 2024, trade receivables amounted to $1,907.5 million. Trade receivables had guarantees under
\ncredit insurance of $208.5 million, letter of credit and other bank guarantees of $79.8 million. Overdue trade
\nreceivables amounted to $395.5 million, overdue guaranteed trade receivables amounted to $33.6 million; and the
\nallowance for doubtful accounts amounted to $48.1 million.
\n
\nAs of December 31, 2023, trade receivables amounted to $2,480.9 million. Trade receivables had guarantees under
\ncredit insurance of $212.7 million, letter of credit and other bank guarantees of $48.4 million. Overdue trade
\nreceivables amounted to $679.6 million, overdue guaranteed trade receivables amounted to $24.4 million; and the
\nallowance for doubtful accounts amounted to $49.0 million.
\n
\nManagement believes that both the allowance for doubtful accounts and the existing guarantees are sufficient to
\ncover doubtful trade receivables.
\n
\n\n\n\n\n
\n(v) Counterparty risk
\n
\nTenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities.
\nCounterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally
\ninvestment grade.
\n
\nApproximately 91.4% of Tenaris\u2019s liquid financial assets corresponded to Investment Grade-rated instruments as of
\nDecember 31, 2024, in comparison with approximately 90.8% as of December 31, 2023.
\n
\n\n(vi) Liquidity risk
\n
\nTenaris\u2019s financing strategy aims to maintain adequate financial resources and access to additional liquidity. During
\n2024, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its
\ntransactions.
\n
\nManagement maintains sufficient cash and marketable securities to finance normal operations and believes that
\nTenaris also has appropriate access to market for short-term working capital needs.
\n
\nLiquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 20% and
\n19% of total assets at the end of 2024 and 2023, respectively.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nTenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash
\nequivalents (cash in banks, liquidity funds and investments with a maturity of less than three months at the date of
\npurchase), and ii) other investments (fixed income securities, time deposits, and fund investments).
\n
\nTenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment
\ngrade issuers.
\n
\nTenaris holds its investments primarily in U.S. dollars. As of December 31, 2024 and 2023, U.S. dollar denominated
\nliquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately
\n93% and 94% of total liquid financial assets, respectively.
\n
\n\n\n\n\n\n\n\n\n\n
\n(vii) Commodity price risk
\n
\nIn the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price
\nvolatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris
\nis exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the
\nprices of such raw materials and commodities for short-term periods, typically not in excess of one year, and in
\ngeneral hedging for these risks is performed on a limited basis.
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n
\nC. Fair value estimation
\n
\n\nFinancial assets or liabilities classified at fair value through profit or loss are measured under the framework
\nestablished by the IASB accounting guidance for fair value measurements and disclosures.
\n
\n\n\n\n
\nThe fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is
\nnot active or no market is available, fair values are established using standard valuation techniques.
\n
\nThe fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are
\nobservable in the market or can be derived from or corroborated by observable data. The fair value of forward
\nforeign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency,
\nbased on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.
\n
\n\nBorrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates
\nthat the fair value (level 2) of its main borrowings is approximately 98.3% and 99.8% of its carrying amount
\n(including interests accrued) in 2024 and 2023 respectively. Fair values were calculated using standard valuation
\ntechniques for floating rate instruments and comparable market rates for discounting cash flows.
\n
\n\n\n\n
\nThe carrying amount of investments recognized at amortized cost approximates its fair value.
\n
\n\n\n\n
\n
\n\n
\n\n
\n\nD. Accounting for derivative financial instruments and hedging activities
\n
\nTenaris uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates
\nand prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities
\nbased on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial
\nposition at fair value. Tenaris uses market prices or specific tools for calculation of each instrument\u2019s fair value, these
\ntools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include
\nexchange rates, deposit rates and other discount rates matching the nature of each underlying risk. Gains or losses
\narising from changes in fair value of derivatives are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement, except for derivatives that are designated and qualify for hedge accounting.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n
\n\nTenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or
\nhighly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of
\nthe fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts
\naccumulated in equity are then recognized in the income statement in the same period as the offsetting losses and
\ngains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the
\nincome statement. The fair value of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be
\nreflected in the statement of financial position.
\n
\nFor transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the
\ntransaction the relationship between hedging instruments and hedged items, as well as its risk management
\nobjectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an
\nongoing basis, of whether the hedging instruments are highly effective in offsetting changes in the fair value or
\ncash flow of hedged items. At December 31, 2024 and 2023, the effective portion of designated cash flow hedges
\nwhich is included in
\nOther Reserves
\n in equity amounted to $0.6 million debit and $8.1 million credit respectively.
\n
\nThe fair values of various derivative instruments used for hedging purposes and the movements of the hedging
\nreserve included within
\nOther Reserves
\n in equity are disclosed in note 26 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag239": {
"value": "\n(i) Capital risk management
\n
\nTenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates.
\nThe year-end ratio of debt to total equity (where \u201cdebt\u201d comprises financial borrowings and \u201ctotal equity\u201d is the
\nsum of financial borrowings and equity) is 0.03 as of December 31, 2024 and 2023. The Company does not have
\nto comply with regulatory capital adequacy requirements.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag240": {
"value": "\n (ii) Foreign exchange risk
\n
\nTenaris manufactures and sells its products in a number of countries throughout the world and consequently is
\nexposed to foreign exchange rate risk. Since the Company\u2019s functional currency is the U.S. dollar the purpose of
\nTenaris\u2019s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of
\nother currencies against the U.S. dollar.
\n
\nTenaris\u2019s exposure to currency fluctuations is reviewed on a periodic and consolidated basis. A number of derivative
\ntransactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges.
\nAlmost all of these transactions are forward exchange rates contracts. See note 26 to these Consolidated Financial
\nStatements.
\n
\nTenaris does not enter into derivative financial instruments for trading or other speculative purposes, other than
\nnon-material investments in structured products.
\n
\nIn the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities,
\nreported in accordance with IFRS, may not reflect entirely the management\u2019s assessment of its foreign exchange
\nrisk hedging program. Intercompany balances between Tenaris\u2019s subsidiaries may generate financial gains (losses)
\nto the extent that functional currencies differ.
\n
\nThe value of Tenaris\u2019s financial assets and liabilities is subject to changes arising from the variation of foreign
\ncurrency exchange rates. The following table provides a breakdown of Tenaris\u2019s main financial assets and liabilities
\n(including foreign exchange derivative contracts) which impact the Company\u2019s profit and loss as of December 31,
\n2024 and 2023.
\n
\n\n
\n\n\n| All amounts Long / (Short) in thousands of U.S. dollars | \nAs of December 31, | \n
\n\n| Currency Exposure / Functional currency | \n2024 | \n2023 | \n
\n\n| Euro / U.S. dollar | \n(183,985) | \n(203,608) | \n
\n\n| Saudi Arabian Riyal / U.S. dollar | \n(173,233) | \n(181,931) | \n
\n\n| Argentine Peso / U.S. dollar | \n(40,565) | \n(134,716) | \n
\n\n| Brazilian Real / U.S. dollar | \n(41,591) | \n(25,680) | \n
\n\n
\n
\nThe main relevant exposures correspond to:
\n
\n\u25aa Euro / U.S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Euro-denominated intercompany liabilities at certain
\nsubsidiaries whose functional currency is the U.S. dollar. A change of 1% in the EUR/USD exchange rate would
\nhave generated a pre-tax gain / loss of $1.8 million and $2.0 million as of December 31, 2024 and 2023,
\nrespectively, which would have been to a large extent offset by changes in currency translation adjustment
\nincluded in Tenaris\u2019s net equity position.
\n
\n\n\n\n\n\u25aa Saudi Arabian Riyal / U. S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Saudi Arabian Riyal-denominated financial and trade
\npayables. The Saudi Arabian Riyal is tied to the U.S. dollar.
\n
\n\u25aa Argentine Peso / U.S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Argentine Peso-denominated financial, trade, social
\nand fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of
\n1% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $0.4 million and $1.3 million
\nas of December 31, 2024 and 2023 respectively.
\n
\n\u25aa Brazilian Real / U.S. dollar
\n
\nAs of December 31, 2024 and 2023 consisting primarily of Brazilian Real-denominated liabilities at certain
\nBrazilian subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the BRL/USD exchange rate
\nwould have generated a pre/-tax gain / loss of $0.4 million and $0.3 million as of December 31, 2024 and 2023
\nrespectively.
\n
\nConsidering the balances held as of December 31, 2024 on financial assets and liabilities exposed to foreign
\nexchange rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% favorable / unfavorable
\nmovement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain /
\nloss of $5.8 million (including a loss / gain of $1.5 million due to foreign exchange derivative contracts), which
\nwould be partially offset by changes to Tenaris\u2019s net equity position of $1.4 million. For balances held as of
\nDecember 31, 2023, a simultaneous 1% favorable / unfavorable movement in the foreign currencies exchange rates
\nrelative to the U.S. dollar, would have generated a pre-tax gain / loss of $6.7 million (including a loss / gain of $2.3
\nmillion due to foreign exchange derivative contracts), which would have been partially offset by changes to Tenaris\u2019s
\nnet equity position of $1.1 million.
\n
\nTenaris based its foreign exchange sensitivity analysis on a 1% variance for information purposes only, enabling the
\nanalysis to any particular variance.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag244": {
"value": "\n(iv) Credit risk
\n
\nCredit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
\nexposures from customers, including outstanding receivables and committed transactions. The Company also
\nactively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize
\nits credit risk.
\n
\nThere is no concentration of credit risk and no single customer comprised more than 10% of Tenaris\u2019s net sales in
\n2024, 2023 and 2022.
\n
\nTenaris maintains a strong, longstanding relationship with Petr\u00f3leos Mexicanos (\u201cPemex\u201d), one of the world\u2019s
\nlargest crude oil and condensates producers and one of its largest customers. Over the past several months, Pemex
\nhas delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure
\nto Pemex, which represented approximately 17% of the Company\u2019s overall credit exposure as of December 31,
\n2024, and approximately 20% of the Company\u2019s overall credit exposure as of December 31, 2023. In December
\n2024, Pemex issued senior guaranteed floating rate notes due in 2025 that a financial institution purchased on the
\nissue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding
\ndebt with one of the Company\u2019s Mexican subsidiaries for approximately $200 million. The fee related to this
\ntransaction, amounting to approximately to $16 million, was borne by the Company and included in
\nOther financial
\nresults
\n.
\n
\nTenaris\u2019s credit policies related to sales of products and services are designed to identify customers with acceptable
\ncredit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments
\ndesigned to minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for
\npotential credit losses. See section II.K.
\n
\nAs of December 31, 2024, trade receivables amounted to $1,907.5 million. Trade receivables had guarantees under
\ncredit insurance of $208.5 million, letter of credit and other bank guarantees of $79.8 million. Overdue trade
\nreceivables amounted to $395.5 million, overdue guaranteed trade receivables amounted to $33.6 million; and the
\nallowance for doubtful accounts amounted to $48.1 million.
\n
\nAs of December 31, 2023, trade receivables amounted to $2,480.9 million. Trade receivables had guarantees under
\ncredit insurance of $212.7 million, letter of credit and other bank guarantees of $48.4 million. Overdue trade
\nreceivables amounted to $679.6 million, overdue guaranteed trade receivables amounted to $24.4 million; and the
\nallowance for doubtful accounts amounted to $49.0 million.
\n
\nManagement believes that both the allowance for doubtful accounts and the existing guarantees are sufficient to
\ncover doubtful trade receivables.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag245": {
"value": "\n(vi) Liquidity risk
\n
\nTenaris\u2019s financing strategy aims to maintain adequate financial resources and access to additional liquidity. During
\n2024, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its
\ntransactions.
\n
\nManagement maintains sufficient cash and marketable securities to finance normal operations and believes that
\nTenaris also has appropriate access to market for short-term working capital needs.
\n
\nLiquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 20% and
\n19% of total assets at the end of 2024 and 2023, respectively.
\n
\n\n\n\n\nTenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash
\nequivalents (cash in banks, liquidity funds and investments with a maturity of less than three months at the date of
\npurchase), and ii) other investments (fixed income securities, time deposits, and fund investments).
\n
\nTenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment
\ngrade issuers.
\n
\nTenaris holds its investments primarily in U.S. dollars. As of December 31, 2024 and 2023, U.S. dollar denominated
\nliquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately
\n93% and 94% of total liquid financial assets, respectively.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag248": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n
\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag249": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n
\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag250": {
"value": "\n
\n\n
\n\n
\n\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag251": {
"value": "\n
\n\n
\n\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag252": {
"value": "\n
\n\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\nFinancial assets or liabilities classified at fair value through profit or loss are measured under the framework
\nestablished by the IASB accounting guidance for fair value measurements and disclosures.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag253": {
"value": "\n
\n\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag254": {
"value": "\nB. Category of financial instruments and classification within the fair value hierarchy
\n
\nAs mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:
\namortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\ninstruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\nrequires a disclosure of fair value measurements by level according to the following fair value measurement
\nhierarchy:
\n
\nLevel 1:
\n Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\nLevel 2:
\n Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (that is, as prices) or indirectly (that is, derived from prices).
\n
\nLevel 3:
\n Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n\n\n\n\n\n\n\n\nThe following tables present the financial instruments by category and levels as of December 31, 2024 and 2023.
\n
\n
\n
\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \n | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2024 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n675,256 | \n320,212 | \n - | \n355,044 | \n355,044 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n2,372,999 | \n722,328 | \n1,273,673 | \n376,998 | \n1,650,671 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n722,328 | \n722,328 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n582,142 | \n582,142 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n130,034 | \n130,034 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,152 | \n10,152 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n - | \n1,273,673 | \n - | \n1,273,673 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n645,841 | \n - | \n645,841 | \n - | \n645,841 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n31,383 | \n - | \n31,383 | \n - | \n31,383 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n586,229 | \n - | \n586,229 | \n | \n586,229 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n10,220 | \n | \n10,220 | \n | \n10,220 | \n | \n | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n376,998 | \n - | \n - | \n376,998 | \n376,998 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n7,484 | \n - | \n - | \n7,484 | \n - | \n7,484 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n1,005,300 | \n140,292 | \n857,959 | \n7,049 | \n857,959 | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n - | \n857,959 | \n - | \n857,959 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial papers) | \n140,292 | \n140,292 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,049 | \n - | \n - | \n7,049 | \n - | \n - | \n7,049 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n1,907,507 | \n1,907,507 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n435,973 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n191,058 | \n191,058 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n244,915 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n3,281,397 | \n2,131,632 | \n746,575 | \n2,863,674 | \n7,484 | \n7,049 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n437,398 | \n437,398 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n880,261 | \n880,261 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n887,526 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n275,249 | \n31,985 | \n - | \n243,264 | \n - | \n - | \n243,264 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n612,277 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n144,926 | \n144,926 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n8,300 | \n - | \n - | \n8,300 | \n - | \n8,300 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,494,570 | \n - | \n251,564 | \n - | \n8,300 | \n243,264 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n | \nCarrying | \nMeasurement Categories | \nAt Fair Value | \n\n\n\n\n\n\n
\n\n| December 31, 2023 | \namount | \nAmortized | \nFVOCI | \nFVPL | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n\n\n\n\n\n\n
\n\n | \n | \nCost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Assets | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n1,637,821 | \n1,414,397 | \n - | \n223,424 | \n223,424 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n1,969,631 | \n896,166 | \n834,281 | \n239,184 | \n1,073,465 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| coupon bonds, commercial | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| papers) | \n896,166 | \n896,166 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. Sovereign Bills | \n282,225 | \n282,225 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Certificates of deposits | \n334,637 | \n334,637 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Commercial papers | \n196,708 | \n196,708 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other notes | \n82,596 | \n82,596 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n834,281 | \n - | \n834,281 | \n - | \n834,281 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| U.S. government securities | \n126,399 | \n - | \n126,399 | \n - | \n126,399 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Non-U.S. government securities | \n10,943 | \n - | \n10,943 | \n - | \n10,943 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Corporates securities | \n696,939 | \n - | \n696,939 | \n - | \n696,939 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Mutual Fund | \n239,184 | \n - | \n - | \n239,184 | \n239,184 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n9,801 | \n - | \n - | \n9,801 | \n - | \n9,801 | \n - | \n\n\n\n\n\n\n
\n\n| Other Investments Non-current | \n405,631 | \n - | \n398,220 | \n7,411 | \n398,220 | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n398,220 | \n - | \n398,220 | \n - | \n398,220 | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other investments | \n7,411 | \n - | \n - | \n7,411 | \n - | \n - | \n7,411 | \n\n\n\n\n\n\n
\n\n| Trade receivables | \n2,480,889 | \n2,480,889 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Receivables C and NC | \n414,778 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables | \n93,144 | \n93,144 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other receivables (non-financial) | \n321,634 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n4,884,596 | \n1,232,501 | \n479,820 | \n1,695,109 | \n9,801 | \n7,411 | \n\n\n\n\n\n\n
\n\n| Liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Borrowings C and NC | \n583,437 | \n583,437 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other liabilities C and NC | \n693,913 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (*) | \n86,240 | \n - | \n - | \n86,240 | \n - | \n - | \n86,240 | \n\n\n\n\n\n\n
\n\n| Other liabilities (non-financial) | \n607,673 | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Trade payables | \n1,107,567 | \n1,107,567 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Lease Liabilities C and NC | \n134,433 | \n134,433 | \n - | \n - | \n - | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Derivative financial instruments | \n11,150 | \n - | \n - | \n11,150 | \n - | \n11,150 | \n - | \n\n\n\n\n\n\n
\n\n| Total | \n | \n1,825,437 | \n - | \n97,390 | \n - | \n11,150 | \n86,240 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.
\nCertain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.
\nDue to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables (including contract assets),
\nother financial liabilities and other investments are considered to be similar to their fair values.
\n
\nThere were no transfers between levels during the year.
\n
\n\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,
\nbroker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly
\noccurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by
\nTenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and
\nsovereign debt securities.
\n
\nThe fair value of financial instruments that are not traded in an active market (such as certain debt securities,
\ncertificates of deposits with original maturity of more than three months, forward and interest rate derivative
\ninstruments) is determined by using valuation techniques which maximize the use of observable market data when
\navailable and rely as little as possible on entity specific estimates. If all significant inputs required to value an
\ninstrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in
\nthis level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied
\nvolatilities obtained from market contributors as of the valuation date.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nIf one or more of the significant inputs are not based on observable market data, the instruments are included in
\nLevel 3. The Company values its assets and liabilities in this level using management assumptions which reflect the
\nCompany\u2019s best estimate on how market participants would price the asset or liability at measurement date. As of
\nDecember 31, 2024 and 2023, main balances in this level included a liability related to the shares to be settled
\nunder the share buyback program. Unobservable inputs related to this balance include assumptions regarding
\naverage purchase prices of previous periods, and management's past experience related to the conclusion of the
\nshare buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability
\nmaterially. For more information see note 35.
\n
\n\n\n\n
\nThe following table presents the changes in Level 3 assets:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n7,411 | \n54,987 | \n\n
\n\n| Decrease (*) | \n(185) | \n(47,467) | \n\n
\n\n| Currency translation adjustment and others | \n(177) | \n(109) | \n\n
\n\n| At the end of the year | \n7,049 | \n7,411 | \n\n
\n\n\n\n
\n\n
\n
\n
\n(*)
\n For the year 2023, related to the sale of Venezuela awards. For more information see note 6.
\n
\nThe following table presents the changes in Level 3 liabilities:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| At the beginning of the year | \n86,240 | \n - | \n\n
\n\n| Settlement of share buy back program liability | \n(86,240) | \n - | \n\n
\n\n| Increase in share buyback program liability | \n243,264 | \n86,240 | \n\n
\n\n| At the end of the year | \n243,264 | \n86,240 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n
\nC. Fair value estimation
\n
\n\nFinancial assets or liabilities classified at fair value through profit or loss are measured under the framework
\nestablished by the IASB accounting guidance for fair value measurements and disclosures.
\n
\n\n\n\n
\nThe fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is
\nnot active or no market is available, fair values are established using standard valuation techniques.
\n
\nThe fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are
\nobservable in the market or can be derived from or corroborated by observable data. The fair value of forward
\nforeign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency,
\nbased on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.
\n
\n\nBorrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates
\nthat the fair value (level 2) of its main borrowings is approximately 98.3% and 99.8% of its carrying amount
\n(including interests accrued) in 2024 and 2023 respectively. Fair values were calculated using standard valuation
\ntechniques for floating rate instruments and comparable market rates for discounting cash flows.
\n
\n\n\n\n
\nThe carrying amount of investments recognized at amortized cost approximates its fair value.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag279": {
"value": "\nBorrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates
\nthat the fair value (level 2) of its main borrowings is approximately 98.3% and 99.8% of its carrying amount
\n(including interests accrued) in 2024 and 2023 respectively. Fair values were calculated using standard valuation
\ntechniques for floating rate instruments and comparable market rates for discounting cash flows.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag280": {
"value": "\n
\n\n
\n\nD. Accounting for derivative financial instruments and hedging activities
\n
\nTenaris uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates
\nand prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities
\nbased on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial
\nposition at fair value. Tenaris uses market prices or specific tools for calculation of each instrument\u2019s fair value, these
\ntools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include
\nexchange rates, deposit rates and other discount rates matching the nature of each underlying risk. Gains or losses
\narising from changes in fair value of derivatives are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement, except for derivatives that are designated and qualify for hedge accounting.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\nTenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or
\nhighly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of
\nthe fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts
\naccumulated in equity are then recognized in the income statement in the same period as the offsetting losses and
\ngains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the
\nincome statement. The fair value of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be
\nreflected in the statement of financial position.
\n
\nFor transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the
\ntransaction the relationship between hedging instruments and hedged items, as well as its risk management
\nobjectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an
\nongoing basis, of whether the hedging instruments are highly effective in offsetting changes in the fair value or
\ncash flow of hedged items. At December 31, 2024 and 2023, the effective portion of designated cash flow hedges
\nwhich is included in
\nOther Reserves
\n in equity amounted to $0.6 million debit and $8.1 million credit respectively.
\n
\nThe fair values of various derivative instruments used for hedging purposes and the movements of the hedging
\nreserve included within
\nOther Reserves
\n in equity are disclosed in note 26 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag281": {
"value": "\n
\n\nD. Accounting for derivative financial instruments and hedging activities
\n
\nTenaris uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates
\nand prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities
\nbased on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial
\nposition at fair value. Tenaris uses market prices or specific tools for calculation of each instrument\u2019s fair value, these
\ntools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include
\nexchange rates, deposit rates and other discount rates matching the nature of each underlying risk. Gains or losses
\narising from changes in fair value of derivatives are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement, except for derivatives that are designated and qualify for hedge accounting.
\n
\n\n\n\n
\n\n\n\n
\n\nTenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or
\nhighly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of
\nthe fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts
\naccumulated in equity are then recognized in the income statement in the same period as the offsetting losses and
\ngains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the
\nincome statement. The fair value of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be
\nreflected in the statement of financial position.
\n
\nFor transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the
\ntransaction the relationship between hedging instruments and hedged items, as well as its risk management
\nobjectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an
\nongoing basis, of whether the hedging instruments are highly effective in offsetting changes in the fair value or
\ncash flow of hedged items. At December 31, 2024 and 2023, the effective portion of designated cash flow hedges
\nwhich is included in
\nOther Reserves
\n in equity amounted to $0.6 million debit and $8.1 million credit respectively.
\n
\nThe fair values of various derivative instruments used for hedging purposes and the movements of the hedging
\nreserve included within
\nOther Reserves
\n in equity are disclosed in note 26 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag282": {
"value": "\nD. Accounting for derivative financial instruments and hedging activities
\n
\nTenaris uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates
\nand prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities
\nbased on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial
\nposition at fair value. Tenaris uses market prices or specific tools for calculation of each instrument\u2019s fair value, these
\ntools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include
\nexchange rates, deposit rates and other discount rates matching the nature of each underlying risk. Gains or losses
\narising from changes in fair value of derivatives are recognized in
\nFinancial Results
\n in the Consolidated Income
\nStatement, except for derivatives that are designated and qualify for hedge accounting.
\n
\n\n\n\nTenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or
\nhighly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of
\nthe fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts
\naccumulated in equity are then recognized in the income statement in the same period as the offsetting losses and
\ngains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the
\nincome statement. The fair value of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be
\nreflected in the statement of financial position.
\n
\nFor transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the
\ntransaction the relationship between hedging instruments and hedged items, as well as its risk management
\nobjectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an
\nongoing basis, of whether the hedging instruments are highly effective in offsetting changes in the fair value or
\ncash flow of hedged items. At December 31, 2024 and 2023, the effective portion of designated cash flow hedges
\nwhich is included in
\nOther Reserves
\n in equity amounted to $0.6 million debit and $8.1 million credit respectively.
\n
\nThe fair values of various derivative instruments used for hedging purposes and the movements of the hedging
\nreserve included within
\nOther Reserves
\n in equity are disclosed in note 26 to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag287": {
"value": "\n\n1 Segment information
\n
\nAs mentioned in section II.C, the Segment Information is disclosed as follows:
\n
\nReportable operating segments
\n
\n(All amounts in millions of U.S. dollars)
\n
\n\n
\n\n\n| Year ended December 31, 2024 | \nTubes | \nOther | \nTotal | \n\n\n\n\n\n\n
\n\n| Management view - operating income | \n2,391 | \n143 | \n2,534 | \n\n\n\n\n\n\n
\n\n| Difference in cost of sales | \n | \n | \n (115) | \n\n\n\n\n\n\n
\n\n| Differences in selling, general and administrative expenses | \n | \n | \n (3) | \n\n\n\n\n\n\n
\n\n| Differences in other operating income (expenses), net | \n | \n | \n3 | \n\n\n\n\n\n\n
\n\n| IFRS - operating income | \n | \n | \n2,419 | \n\n\n\n\n\n\n
\n\n| Financial income (expense), net | \n | \n | \n129 | \n\n\n\n\n\n\n
\n\n| Income before equity in earnings of non-consolidated companies and income tax | \n | \n | \n2,548 | \n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n | \n | \n9 | \n\n\n\n\n\n\n
\n\n| Income before income tax | \n | \n | \n2,557 | \n\n\n\n\n\n\n
\n\n| Net Sales | \n11,907 | \n617 | \n12,524 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortization | \n580 | \n53 | \n633 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| Year ended December 31, 2023 | \nTubes | \nOther | \nTotal | \n\n\n\n\n\n\n
\n\n| Management view - operating income | \n4,337 | \n129 | \n4,466 | \n\n\n\n\n\n\n
\n\n| Difference in cost of sales | \n | \n | \n (134) | \n\n\n\n\n\n\n
\n\n| Differences in selling, general and administrative expenses | \n | \n | \n (7) | \n\n\n\n\n\n\n
\n\n| Differences in other operating income (expenses), net | \n | \n | \n (9) | \n\n\n\n\n\n\n
\n\n| IFRS - operating income | \n | \n | \n4,316 | \n\n\n\n\n\n\n
\n\n| Financial income (expense), net | \n | \n | \n221 | \n\n\n\n\n\n\n
\n\n| Income before equity in earnings of non-consolidated companies and income tax | \n | \n | \n4,537 | \n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n | \n | \n95 | \n\n\n\n\n\n\n
\n\n| Income before income tax | \n | \n | \n4,633 | \n\n\n\n\n\n\n
\n\n| Net Sales | \n14,185 | \n684 | \n14,869 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortization | \n518 | \n31 | \n549 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| Year ended December 31, 2022 | \nTubes | \nOther | \nTotal | \n\n\n\n\n\n\n
\n\n| Management view - operating income | \n2,772 | \n75 | \n2,847 | \n\n\n\n\n\n\n
\n\n| Difference in cost of sales | \n | \n | \n44 | \n\n\n\n\n\n\n
\n\n| Differences in depreciation and amortization | \n | \n | \n2 | \n\n\n\n\n\n\n
\n\n| Differences in selling, general and administrative expenses | \n | \n | \n (4) | \n\n\n\n\n\n\n
\n\n| Differences in other operating income (expenses), net | \n | \n | \n74 | \n\n\n\n\n\n\n
\n\n| IFRS - operating income | \n | \n | \n2,963 | \n\n\n\n\n\n\n
\n\n| Financial income (expense), net | \n | \n | \n (6) | \n\n\n\n\n\n\n
\n\n| Income before equity in earnings of non-consolidated companies and income tax | \n | \n | \n2,957 | \n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n | \n | \n209 | \n\n\n\n\n\n\n
\n\n| Income before income tax | \n | \n | \n3,166 | \n\n\n\n\n\n\n
\n\n| Net Sales | \n11,133 | \n630 | \n11,763 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortization | \n588 | \n20 | \n608 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nThere are no material differences between IFRS and management view in total revenues.
\n
\nThe differences between operating income under IFRS and the management views are mainly related to the cost of
\ngoods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost
\nconsidered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other
\nminor timing differences.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\nThe main difference in
\nOther operating income (expenses), net
\n, for the year ended December 31, 2022, is
\nattributable to the effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes\u2019
\ndefinitive cease of operations, not impacting the management view.
\n
\nThe main differences in net income under the IFRS and management views arise from the impact of functional
\ncurrencies on financial result, deferred income taxes as well as the equity in earnings of non-consolidated
\ncompanies.
\n
\nFollowing the integration of coating activities into its Tubes segment, the Company represented year-to-date
\nsegment information amounts accordingly.
\n
\nGeographical information
\n
\n
\n
\n\n
\n\n\n | \n | \n | \n | \nAsia Pacific, | \n | \n | \n\n\n\n\n\n\n
\n\n | \nNorth | \nSouth | \nEurope | \nMiddle East | \nUnallocated | \nTotal | \n\n\n\n\n\n\n
\n\n | \nAmerica | \nAmerica | \n | \nand Africa | \n(**) | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n(*) | \n | \n | \n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Net sales | \n5,558,769 | \n2,621,581 | \n1,262,458 | \n3,081,126 | \n - | \n12,523,934 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment, net | \n3,578,293 | \n1,257,345 | \n832,443 | \n453,390 | \n - | \n6,121,471 | \n\n\n\n\n\n\n
\n\n| Intangible Assets, net | \n1,117,314 | \n177,934 | \n14,899 | \n47,602 | \n - | \n1,357,749 | \n\n\n\n\n\n\n
\n\n| Right of Use Assets, net | \n65,105 | \n8,255 | \n28,242 | \n47,266 | \n - | \n148,868 | \n\n\n\n\n\n\n
\n\n| Investments in non-consolidated companies | \n - | \n - | \n - | \n - | \n1,543,657 | \n1,543,657 | \n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Net sales | \n7,765,130 | \n3,382,495 | \n1,175,581 | \n2,545,654 | \n - | \n14,868,860 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment, net | \n3,676,352 | \n1,143,752 | \n794,242 | \n463,833 | \n - | \n6,078,179 | \n\n\n\n\n\n\n
\n\n| Intangible Assets, net | \n1,126,774 | \n166,450 | \n22,580 | \n61,306 | \n - | \n1,377,110 | \n\n\n\n\n\n\n
\n\n| Right of Use Assets, net | \n50,128 | \n9,241 | \n24,832 | \n47,937 | \n - | \n132,138 | \n\n\n\n\n\n\n
\n\n| Investments in non-consolidated companies | \n - | \n - | \n - | \n - | \n1,608,804 | \n1,608,804 | \n\n\n\n\n\n\n
\n\n| Year ended December 31, 2022 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Net sales | \n6,902,787 | \n2,550,402 | \n1,000,833 | \n1,308,504 | \n - | \n11,762,526 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment, net | \n3,548,844 | \n1,031,423 | \n706,539 | \n269,457 | \n - | \n5,556,263 | \n\n\n\n\n\n\n
\n\n| Intangible Assets, net | \n1,102,265 | \n147,102 | \n7,598 | \n75,543 | \n - | \n1,332,508 | \n\n\n\n\n\n\n
\n\n| Right of Use Assets, net | \n37,022 | \n12,141 | \n15,208 | \n47,370 | \n - | \n111,741 | \n\n\n\n\n\n\n
\n\n| Investments in non-consolidated companies | \n - | \n - | \n - | \n - | \n1,540,646 | \n1,540,646 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nStarting on January 1, 2023, Asia Pacific and Middle East and Africa areas were merged in a single geographical area.
\n
\n
\n(**)
\nFor the years 2024, 2023 and 2022 includes
\nInvestments in non-consolidated companies
\n. See note 14 to these Consolidated Financial
\nStatements.
\n
\nThere are no revenues from external customers attributable to the Company\u2019s country of incorporation
\n(Luxembourg).
\nThe principal countries from which the Company derives its revenues are
\n\nUSA (32%), Argentina (12%), Saudi
\nArabia, Canada, Mexico and Brazil (each less than 10%).
\n\n\n\n\n\n\n\n\n\n
\n
\nAs of December 31, 2024, 2023 and 2022 non-current assets comprising property, plant and equipment, intangible
\nassets and right of use assets attributable to the Company\u2019s country of incorporation (Luxembourg) amounted to
\n$15.6 million, $10.7 million and $2.9 million, respectively.
\n
\nRevenue is mainly recognized at a point in time to direct customers, when control has been transferred and there
\nis no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues
\nrelated to governmental institutions represent approximately 30%, 26% and 22% in 2024, 2023 and 2022
\nrespectively.
\n
\nTubes segment revenues by market:
\n
\n(All amounts in millions of U.S. dollars)
\n
\n\n
\n\n\n| Revenues Tubes | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Oil & gas | \n10,689 | \n12,488 | \n9,543 | \n\n\n\n\n\n\n
\n\n| Oil & gas processing plants | \n548 | \n818 | \n738 | \n\n\n\n\n\n\n
\n\n| Industrial, power and others | \n670 | \n879 | \n852 | \n\n\n\n\n\n\n
\n\n| Total | \n11,907 | \n14,185 | \n11,133 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nThe table above includes revenues from services performed on third party tubes of $483.5 million, $164.8 million
\nand $108.3 million for the years 2024, 2023 and 2022, respectively.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nAs of December 31, 2024 and 2023, the Company recognized contract liabilities related to customer advances in
\nthe amount of $206.2 million and $263.7 million, respectively. Contract liabilities represent obligations to perform
\nservices or deliver products in the future for cash considerations that have been received from customers. Each of
\nthese amounts are recognized as revenues during the subsequent years. In these periods, no significant adjustments
\nin revenues were performed related to previously satisfied performance obligations.
\n
\nAs of December 31, 2024 and 2023, the Company recognized contract assets related to unbilled revenues in the
\namount of $50.8 million (including $14.2 million with related parties) and $47.5 million, respectively. Contract
\nassets arise from revenue earned for goods or services that is not yet billable to the customers.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag288": {
"value": "\n1 Segment information
\n
\nAs mentioned in section II.C, the Segment Information is disclosed as follows:
\n
\nReportable operating segments
\n
\n(All amounts in millions of U.S. dollars)
\n
\n\n
\n\n\n| Year ended December 31, 2024 | \nTubes | \nOther | \nTotal | \n\n\n\n\n\n\n
\n\n| Management view - operating income | \n2,391 | \n143 | \n2,534 | \n\n\n\n\n\n\n
\n\n| Difference in cost of sales | \n | \n | \n (115) | \n\n\n\n\n\n\n
\n\n| Differences in selling, general and administrative expenses | \n | \n | \n (3) | \n\n\n\n\n\n\n
\n\n| Differences in other operating income (expenses), net | \n | \n | \n3 | \n\n\n\n\n\n\n
\n\n| IFRS - operating income | \n | \n | \n2,419 | \n\n\n\n\n\n\n
\n\n| Financial income (expense), net | \n | \n | \n129 | \n\n\n\n\n\n\n
\n\n| Income before equity in earnings of non-consolidated companies and income tax | \n | \n | \n2,548 | \n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n | \n | \n9 | \n\n\n\n\n\n\n
\n\n| Income before income tax | \n | \n | \n2,557 | \n\n\n\n\n\n\n
\n\n| Net Sales | \n11,907 | \n617 | \n12,524 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortization | \n580 | \n53 | \n633 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| Year ended December 31, 2023 | \nTubes | \nOther | \nTotal | \n\n\n\n\n\n\n
\n\n| Management view - operating income | \n4,337 | \n129 | \n4,466 | \n\n\n\n\n\n\n
\n\n| Difference in cost of sales | \n | \n | \n (134) | \n\n\n\n\n\n\n
\n\n| Differences in selling, general and administrative expenses | \n | \n | \n (7) | \n\n\n\n\n\n\n
\n\n| Differences in other operating income (expenses), net | \n | \n | \n (9) | \n\n\n\n\n\n\n
\n\n| IFRS - operating income | \n | \n | \n4,316 | \n\n\n\n\n\n\n
\n\n| Financial income (expense), net | \n | \n | \n221 | \n\n\n\n\n\n\n
\n\n| Income before equity in earnings of non-consolidated companies and income tax | \n | \n | \n4,537 | \n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n | \n | \n95 | \n\n\n\n\n\n\n
\n\n| Income before income tax | \n | \n | \n4,633 | \n\n\n\n\n\n\n
\n\n| Net Sales | \n14,185 | \n684 | \n14,869 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortization | \n518 | \n31 | \n549 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| Year ended December 31, 2022 | \nTubes | \nOther | \nTotal | \n\n\n\n\n\n\n
\n\n| Management view - operating income | \n2,772 | \n75 | \n2,847 | \n\n\n\n\n\n\n
\n\n| Difference in cost of sales | \n | \n | \n44 | \n\n\n\n\n\n\n
\n\n| Differences in depreciation and amortization | \n | \n | \n2 | \n\n\n\n\n\n\n
\n\n| Differences in selling, general and administrative expenses | \n | \n | \n (4) | \n\n\n\n\n\n\n
\n\n| Differences in other operating income (expenses), net | \n | \n | \n74 | \n\n\n\n\n\n\n
\n\n| IFRS - operating income | \n | \n | \n2,963 | \n\n\n\n\n\n\n
\n\n| Financial income (expense), net | \n | \n | \n (6) | \n\n\n\n\n\n\n
\n\n| Income before equity in earnings of non-consolidated companies and income tax | \n | \n | \n2,957 | \n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n | \n | \n209 | \n\n\n\n\n\n\n
\n\n| Income before income tax | \n | \n | \n3,166 | \n\n\n\n\n\n\n
\n\n| Net Sales | \n11,133 | \n630 | \n11,763 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortization | \n588 | \n20 | \n608 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nThere are no material differences between IFRS and management view in total revenues.
\n
\nThe differences between operating income under IFRS and the management views are mainly related to the cost of
\ngoods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost
\nconsidered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other
\nminor timing differences.
\n
\n\n\n\n\n\n\n\n\n\nThe main difference in
\nOther operating income (expenses), net
\n, for the year ended December 31, 2022, is
\nattributable to the effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes\u2019
\ndefinitive cease of operations, not impacting the management view.
\n
\nThe main differences in net income under the IFRS and management views arise from the impact of functional
\ncurrencies on financial result, deferred income taxes as well as the equity in earnings of non-consolidated
\ncompanies.
\n
\nFollowing the integration of coating activities into its Tubes segment, the Company represented year-to-date
\nsegment information amounts accordingly.
\n
\nGeographical information
\n
\n
\n
\n\n
\n\n\n | \n | \n | \n | \nAsia Pacific, | \n | \n | \n\n\n\n\n\n\n
\n\n | \nNorth | \nSouth | \nEurope | \nMiddle East | \nUnallocated | \nTotal | \n\n\n\n\n\n\n
\n\n | \nAmerica | \nAmerica | \n | \nand Africa | \n(**) | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n(*) | \n | \n | \n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Net sales | \n5,558,769 | \n2,621,581 | \n1,262,458 | \n3,081,126 | \n - | \n12,523,934 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment, net | \n3,578,293 | \n1,257,345 | \n832,443 | \n453,390 | \n - | \n6,121,471 | \n\n\n\n\n\n\n
\n\n| Intangible Assets, net | \n1,117,314 | \n177,934 | \n14,899 | \n47,602 | \n - | \n1,357,749 | \n\n\n\n\n\n\n
\n\n| Right of Use Assets, net | \n65,105 | \n8,255 | \n28,242 | \n47,266 | \n - | \n148,868 | \n\n\n\n\n\n\n
\n\n| Investments in non-consolidated companies | \n - | \n - | \n - | \n - | \n1,543,657 | \n1,543,657 | \n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Net sales | \n7,765,130 | \n3,382,495 | \n1,175,581 | \n2,545,654 | \n - | \n14,868,860 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment, net | \n3,676,352 | \n1,143,752 | \n794,242 | \n463,833 | \n - | \n6,078,179 | \n\n\n\n\n\n\n
\n\n| Intangible Assets, net | \n1,126,774 | \n166,450 | \n22,580 | \n61,306 | \n - | \n1,377,110 | \n\n\n\n\n\n\n
\n\n| Right of Use Assets, net | \n50,128 | \n9,241 | \n24,832 | \n47,937 | \n - | \n132,138 | \n\n\n\n\n\n\n
\n\n| Investments in non-consolidated companies | \n - | \n - | \n - | \n - | \n1,608,804 | \n1,608,804 | \n\n\n\n\n\n\n
\n\n| Year ended December 31, 2022 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Net sales | \n6,902,787 | \n2,550,402 | \n1,000,833 | \n1,308,504 | \n - | \n11,762,526 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment, net | \n3,548,844 | \n1,031,423 | \n706,539 | \n269,457 | \n - | \n5,556,263 | \n\n\n\n\n\n\n
\n\n| Intangible Assets, net | \n1,102,265 | \n147,102 | \n7,598 | \n75,543 | \n - | \n1,332,508 | \n\n\n\n\n\n\n
\n\n| Right of Use Assets, net | \n37,022 | \n12,141 | \n15,208 | \n47,370 | \n - | \n111,741 | \n\n\n\n\n\n\n
\n\n| Investments in non-consolidated companies | \n - | \n - | \n - | \n - | \n1,540,646 | \n1,540,646 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nStarting on January 1, 2023, Asia Pacific and Middle East and Africa areas were merged in a single geographical area.
\n
\n
\n(**)
\nFor the years 2024, 2023 and 2022 includes
\nInvestments in non-consolidated companies
\n. See note 14 to these Consolidated Financial
\nStatements.
\n
\nThere are no revenues from external customers attributable to the Company\u2019s country of incorporation
\n(Luxembourg).
\nThe principal countries from which the Company derives its revenues are
\n\nUSA (32%), Argentina (12%), Saudi
\nArabia, Canada, Mexico and Brazil (each less than 10%).
\n\n\n\n\n\n\n\n\n\n
\n
\nAs of December 31, 2024, 2023 and 2022 non-current assets comprising property, plant and equipment, intangible
\nassets and right of use assets attributable to the Company\u2019s country of incorporation (Luxembourg) amounted to
\n$15.6 million, $10.7 million and $2.9 million, respectively.
\n
\nRevenue is mainly recognized at a point in time to direct customers, when control has been transferred and there
\nis no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues
\nrelated to governmental institutions represent approximately 30%, 26% and 22% in 2024, 2023 and 2022
\nrespectively.
\n
\nTubes segment revenues by market:
\n
\n(All amounts in millions of U.S. dollars)
\n
\n\n
\n\n\n| Revenues Tubes | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Oil & gas | \n10,689 | \n12,488 | \n9,543 | \n\n\n\n\n\n\n
\n\n| Oil & gas processing plants | \n548 | \n818 | \n738 | \n\n\n\n\n\n\n
\n\n| Industrial, power and others | \n670 | \n879 | \n852 | \n\n\n\n\n\n\n
\n\n| Total | \n11,907 | \n14,185 | \n11,133 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nThe table above includes revenues from services performed on third party tubes of $483.5 million, $164.8 million
\nand $108.3 million for the years 2024, 2023 and 2022, respectively.
\n
\n\n\n\n\n\n\n\n\nAs of December 31, 2024 and 2023, the Company recognized contract liabilities related to customer advances in
\nthe amount of $206.2 million and $263.7 million, respectively. Contract liabilities represent obligations to perform
\nservices or deliver products in the future for cash considerations that have been received from customers. Each of
\nthese amounts are recognized as revenues during the subsequent years. In these periods, no significant adjustments
\nin revenues were performed related to previously satisfied performance obligations.
\n
\nAs of December 31, 2024 and 2023, the Company recognized contract assets related to unbilled revenues in the
\namount of $50.8 million (including $14.2 million with related parties) and $47.5 million, respectively. Contract
\nassets arise from revenue earned for goods or services that is not yet billable to the customers.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag291": {
"value": "\nUSA (32%), Argentina (12%), Saudi \nArabia, Canada, Mexico and Brazil (each less than 10%).\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag294": {
"value": "\n
\n2 Cost of sales
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Inventories at the beginning of the year | \n3,921,097 | \n3,986,929 | \n2,672,593 | \n\n\n\n\n\n\n
\n\n| Change in inventory due to business combinations (*) | \n52,792 | \n107,588 | \n - | \n\n\n\n\n\n\n
\n\n| Plus: Charges of the year | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Raw materials, energy, consumables and other | \n4,638,681 | \n5,277,507 | \n5,772,031 | \n\n\n\n\n\n\n
\n\n| Services and fees | \n408,478 | \n437,804 | \n293,490 | \n\n\n\n\n\n\n
\n\n| Labor cost | \n1,454,924 | \n1,403,546 | \n1,160,085 | \n\n\n\n\n\n\n
\n\n| Depreciation of property, plant and equipment | \n483,535 | \n424,373 | \n465,849 | \n\n\n\n\n\n\n
\n\n| Amortization of intangible assets | \n12,193 | \n11,582 | \n11,754 | \n\n\n\n\n\n\n
\n\n| Depreciation of right-of-use assets | \n34,332 | \n30,352 | \n33,244 | \n\n\n\n\n\n\n
\n\n| Maintenance expenses | \n443,498 | \n408,410 | \n267,294 | \n\n\n\n\n\n\n
\n\n| Allowance for obsolescence | \n41,240 | \n13,581 | \n24,901 | \n\n\n\n\n\n\n
\n\n| Taxes | \n124,500 | \n272,120 | \n194,736 | \n\n\n\n\n\n\n
\n\n| Other | \n230,161 | \n216,220 | \n178,691 | \n\n\n\n\n\n\n
\n\n | \n7,924,334 | \n8,603,083 | \n8,402,075 | \n\n\n\n\n\n\n
\n\n| Less: Inventories at the end of the year | \n(3,709,942) | \n(3,921,097) | \n(3,986,929) | \n\n\n\n\n\n\n
\n\n | \n8,135,489 | \n8,668,915 | \n7,087,739 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag295": {
"value": "\n
\n3 Selling, general and administrative expenses
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n
\n\n| Services and fees | \n183,659 | \n163,723 | \n148,331 | \n\n\n\n\n\n
\n\n| Labor cost | \n705,849 | \n652,820 | \n518,500 | \n\n\n\n\n\n
\n\n| Depreciation of property, plant and equipment | \n25,668 | \n21,517 | \n21,883 | \n\n\n\n\n\n
\n\n| Amortization of intangible assets | \n41,557 | \n40,761 | \n59,018 | \n\n\n\n\n\n
\n\n| Depreciation of right-of-use assets | \n35,569 | \n19,925 | \n15,975 | \n\n\n\n\n\n
\n\n| Freights and other selling expenses | \n624,113 | \n696,705 | \n641,812 | \n\n\n\n\n\n
\n\n| Provisions for contingencies | \n30,356 | \n38,899 | \n20,606 | \n\n\n\n\n\n
\n\n| Allowances for doubtful accounts | \n(1,095) | \n3,590 | \n(223) | \n\n\n\n\n\n
\n\n| Taxes | \n152,388 | \n170,484 | \n121,410 | \n\n\n\n\n\n
\n\n| Other | \n106,764 | \n110,883 | \n87,263 | \n\n\n\n\n\n
\n\n | \n1,904,828 | \n1,919,307 | \n1,634,575 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag296": {
"value": "\n
\n4 Labor costs (included in Cost of sales and in Selling, general and administrative expenses)
\n
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Wages, salaries and social security costs | \n2,033,067 | \n1,943,825 | \n1,594,200 | \n\n\n\n\n\n\n
\n\n| Severance indemnities | \n35,608 | \n26,470 | \n29,070 | \n\n\n\n\n\n\n
\n\n| Post-employment benefits - defined contribution plans | \n16,014 | \n15,055 | \n13,256 | \n\n\n\n\n\n\n
\n\n| Post-employment benefits - defined benefit plans | \n24,259 | \n19,452 | \n16,320 | \n\n\n\n\n\n\n
\n\n| Employee retention and long-term incentive program | \n51,825 | \n51,564 | \n25,739 | \n\n\n\n\n\n\n
\n\n | \n2,160,773 | \n2,056,366 | \n1,678,585 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\nThe following table shows the geographical distribution of the employees:
\n
\n
\n\n
\n\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Mexico | \n6,042 | \n7,500 | \n5,919 | \n\n\n\n\n\n\n
\n\n| Argentina | \n5,811 | \n6,267 | \n6,444 | \n\n\n\n\n\n\n
\n\n| USA | \n3,583 | \n3,882 | \n3,509 | \n\n\n\n\n\n\n
\n\n| Italy | \n2,140 | \n2,187 | \n2,136 | \n\n\n\n\n\n\n
\n\n| Romania | \n1,885 | \n1,884 | \n1,847 | \n\n\n\n\n\n\n
\n\n| Brazil | \n1,406 | \n1,492 | \n1,460 | \n\n\n\n\n\n\n
\n\n| Canada | \n1,197 | \n1,195 | \n944 | \n\n\n\n\n\n\n
\n\n| Indonesia | \n911 | \n1,573 | \n495 | \n\n\n\n\n\n\n
\n\n| Colombia | \n893 | \n1,112 | \n1,183 | \n\n\n\n\n\n\n
\n\n| Saudi Arabia | \n759 | \n849 | \n427 | \n\n\n\n\n\n\n
\n\n| Other | \n1,247 | \n1,193 | \n928 | \n\n\n\n\n\n\n
\n\n | \n25,874 | \n29,134 | \n25,292 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag297": {
"value": "\nThe following table shows the geographical distribution of the employees:
\n
\n
\n\n
\n\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Mexico | \n6,042 | \n7,500 | \n5,919 | \n\n\n\n\n\n\n
\n\n| Argentina | \n5,811 | \n6,267 | \n6,444 | \n\n\n\n\n\n\n
\n\n| USA | \n3,583 | \n3,882 | \n3,509 | \n\n\n\n\n\n\n
\n\n| Italy | \n2,140 | \n2,187 | \n2,136 | \n\n\n\n\n\n\n
\n\n| Romania | \n1,885 | \n1,884 | \n1,847 | \n\n\n\n\n\n\n
\n\n| Brazil | \n1,406 | \n1,492 | \n1,460 | \n\n\n\n\n\n\n
\n\n| Canada | \n1,197 | \n1,195 | \n944 | \n\n\n\n\n\n\n
\n\n| Indonesia | \n911 | \n1,573 | \n495 | \n\n\n\n\n\n\n
\n\n| Colombia | \n893 | \n1,112 | \n1,183 | \n\n\n\n\n\n\n
\n\n| Saudi Arabia | \n759 | \n849 | \n427 | \n\n\n\n\n\n\n
\n\n| Other | \n1,247 | \n1,193 | \n928 | \n\n\n\n\n\n\n
\n\n | \n25,874 | \n29,134 | \n25,292 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag298": {
"value": "\n5 Impairment charge
\n
\nTenaris conducts regular assessments of the carrying values of its assets. The recoverable value is based on the value
\nin use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive,
\neconomic and regulatory factors applied to determine cash flow projections, such as oil and gas prices, average
\nnumber of active oil and gas drilling rigs (rig count) and raw material costs.
\n
\nIn December 2024, even though the Company did not identify any impairment indicators, it conducted impairment
\ntests for the CGUs with goodwill in their carrying amounts and no impairment charges were recorded. The main
\ndiscount rates used were in a range between 13.4% and 18.2% and a nominal growth rate (which includes mainly
\nthe inflation impact on prices and costs) of 2% was considered. For the CGUs carrying goodwill, a reasonably
\npossible change in key assumptions would not cause the carrying amount to exceed its recoverable amount.
\n
\nIn December 2023, considering that the recoverable amount of the CGUs obtained in prior years' tests and that the
\nassets and liabilities making up those units had not changed significantly, nor the key assumptions mentioned
\nabove, the Company concluded that impairment tests for previous years were still valid. In addition, the Company
\nhad considered the impact of updating the main discount rates, applying rates in a range between 12.5% and
\n21.4% for the CGUs under analysis. In 2023, a nominal growth rate (which included mainly the inflation impact on
\nprices and costs) of 2% was considered. Based on the facts mentioned above, the Company did not recognize any
\nimpairment charges for the year 2023.
\n
\nIn December 2022, in the presence of impairment indicators, the Company conducted impairment tests and
\nreviewed the values of certain idle assets in its subsidiaries. The aforementioned analysis resulted in impairment
\ncharges of $76.7 million, allocated in $63.1 million to the Tubes segment and $13.6 million to the Other segment.
\nThe main discount rates used were in a range between 13.4% and 20.2%. In 2022, a nominal growth rate (which
\nincluded mainly the inflation impact on prices and costs) of 2% was considered.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag299": {
"value": "\n
\n
\n\n
\n6 Other operating income and expenses
\n
\n
\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Other operating income | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Results from sundry assets | \n10,529 | \n10,960 | \n28,161 | \n\n\n\n\n\n\n
\n\n| Net rents | \n4,417 | \n4,702 | \n5,084 | \n\n\n\n\n\n\n
\n\n| Reclassification of currency translation adjustment reserve | \n - | \n878 | \n71,252 | \n\n\n\n\n\n\n
\n\n| Bargain purchase gain | \n2,212 | \n3,162 | \n - | \n\n\n\n\n\n\n
\n\n| Result on sale of Venezuela awards | \n - | \n33,341 | \n - | \n\n\n\n\n\n\n
\n\n| Other income | \n43,492 | \n - | \n - | \n\n\n\n\n\n\n
\n\n | \n60,650 | \n53,043 | \n104,497 | \n\n\n\n\n\n\n
\n\n| Other operating expenses | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Contributions to welfare projects and non-profit organizations | \n(17,657) | \n(15,538) | \n(13,668) | \n\n\n\n\n\n\n
\n\n| Allowance for doubtful receivables | \n(546) | \n(107) | \n(346) | \n\n\n\n\n\n\n
\n\n| Securities Exchange Commission investigation settlement | \n - | \n - | \n(78,100) | \n\n\n\n\n\n\n
\n\n| Provision for the ongoing litigation related to the acquisition of | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| participation in Usiminas | \n(107,215) | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other expense | \n - | \n(1,628) | \n(12,595) | \n\n\n\n\n\n\n
\n\n | \n(125,418) | \n(17,273) | \n(104,709) | \n\n\n\n\n\n\n
\n\n| Other operating income and expenses, net | \n(64,768) | \n35,770 | \n(212) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\nOther operating income
\n
\nBargain purchase gain:
\n For the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more
\ninformation see note 34.
\nFor the year 2023, related to Isoplus anticorrosion coating division acquisition.
\n
\nResult on sale of Venezuela awards:
\n For the year 2023, related to the transfer of the awards obtained in connection
\nwith the nationalizations of the Company\u2019s interests in its majority-owned subsidiaries TAVSA \u2013 Tubos de Acero de
\nVenezuela S.A., Matesi Materiales Sider\u00fargicos S.A. and Complejo Sider\u00fargico de Guayana, C.A.
\n
\nReclassification of currency translation adjustment reserve:
\n During 2022, as result of NKKTubes\u2019 definitive cease of
\noperations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the income
\nstatement.
\n
\nOther income:
\n For the year 2024, includes mainly $17.6 million related to the recovery of various legal proceedings
\nin Brazil and $7 million related to an insurance recovery.
\n
\n\n\n\n\n\n\n\n\n\n
\n\nOther operating expenses
\n
\nProvision for the ongoing litigation related to the acquisition of participation in Usiminas:
\n For the year 2024, related
\nto the provision described in note 27 \u201cContingencies, commitments and restrictions to the distribution of profits -
\nContingencies - CSN claims relating to the January 2012 acquisition of Usiminas
\n\u201d, and does not include the net
\nforeign exchange result.
\n
\nSecurities Exchange Commission investigation settlement:
\n
\nFor more information see note 27 \u201cContingencies,
\ncommitments and restrictions to the distribution of profits -
\nContingencies - Petrobras-related proceedings and
\nclaims
\n\u201d.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag300": {
"value": "\n
\n6 Other operating income and expenses
\n
\n
\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Other operating income | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Results from sundry assets | \n10,529 | \n10,960 | \n28,161 | \n\n\n\n\n\n\n
\n\n| Net rents | \n4,417 | \n4,702 | \n5,084 | \n\n\n\n\n\n\n
\n\n| Reclassification of currency translation adjustment reserve | \n - | \n878 | \n71,252 | \n\n\n\n\n\n\n
\n\n| Bargain purchase gain | \n2,212 | \n3,162 | \n - | \n\n\n\n\n\n\n
\n\n| Result on sale of Venezuela awards | \n - | \n33,341 | \n - | \n\n\n\n\n\n\n
\n\n| Other income | \n43,492 | \n - | \n - | \n\n\n\n\n\n\n
\n\n | \n60,650 | \n53,043 | \n104,497 | \n\n\n\n\n\n\n
\n\n| Other operating expenses | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Contributions to welfare projects and non-profit organizations | \n(17,657) | \n(15,538) | \n(13,668) | \n\n\n\n\n\n\n
\n\n| Allowance for doubtful receivables | \n(546) | \n(107) | \n(346) | \n\n\n\n\n\n\n
\n\n| Securities Exchange Commission investigation settlement | \n - | \n - | \n(78,100) | \n\n\n\n\n\n\n
\n\n| Provision for the ongoing litigation related to the acquisition of | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| participation in Usiminas | \n(107,215) | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other expense | \n - | \n(1,628) | \n(12,595) | \n\n\n\n\n\n\n
\n\n | \n(125,418) | \n(17,273) | \n(104,709) | \n\n\n\n\n\n\n
\n\n| Other operating income and expenses, net | \n(64,768) | \n35,770 | \n(212) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\nOther operating income
\n
\nBargain purchase gain:
\n For the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more
\ninformation see note 34.
\nFor the year 2023, related to Isoplus anticorrosion coating division acquisition.
\n
\nResult on sale of Venezuela awards:
\n For the year 2023, related to the transfer of the awards obtained in connection
\nwith the nationalizations of the Company\u2019s interests in its majority-owned subsidiaries TAVSA \u2013 Tubos de Acero de
\nVenezuela S.A., Matesi Materiales Sider\u00fargicos S.A. and Complejo Sider\u00fargico de Guayana, C.A.
\n
\nReclassification of currency translation adjustment reserve:
\n During 2022, as result of NKKTubes\u2019 definitive cease of
\noperations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the income
\nstatement.
\n
\nOther income:
\n For the year 2024, includes mainly $17.6 million related to the recovery of various legal proceedings
\nin Brazil and $7 million related to an insurance recovery.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag301": {
"value": "\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| Other operating income | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Results from sundry assets | \n10,529 | \n10,960 | \n28,161 | \n\n\n\n\n\n\n
\n\n| Net rents | \n4,417 | \n4,702 | \n5,084 | \n\n\n\n\n\n\n
\n\n| Reclassification of currency translation adjustment reserve | \n - | \n878 | \n71,252 | \n\n\n\n\n\n\n
\n\n| Bargain purchase gain | \n2,212 | \n3,162 | \n - | \n\n\n\n\n\n\n
\n\n| Result on sale of Venezuela awards | \n - | \n33,341 | \n - | \n\n\n\n\n\n\n
\n\n| Other income | \n43,492 | \n - | \n - | \n\n\n\n\n\n\n
\n\n | \n60,650 | \n53,043 | \n104,497 | \n\n\n\n\n\n\n
\n\n| Other operating expenses | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Contributions to welfare projects and non-profit organizations | \n(17,657) | \n(15,538) | \n(13,668) | \n\n\n\n\n\n\n
\n\n| Allowance for doubtful receivables | \n(546) | \n(107) | \n(346) | \n\n\n\n\n\n\n
\n\n| Securities Exchange Commission investigation settlement | \n - | \n - | \n(78,100) | \n\n\n\n\n\n\n
\n\n| Provision for the ongoing litigation related to the acquisition of | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| participation in Usiminas | \n(107,215) | \n - | \n - | \n\n\n\n\n\n\n
\n\n| Other expense | \n - | \n(1,628) | \n(12,595) | \n\n\n\n\n\n\n
\n\n | \n(125,418) | \n(17,273) | \n(104,709) | \n\n\n\n\n\n\n
\n\n| Other operating income and expenses, net | \n(64,768) | \n35,770 | \n(212) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\nOther operating expenses
\n
\nProvision for the ongoing litigation related to the acquisition of participation in Usiminas:
\n For the year 2024, related
\nto the provision described in note 27 \u201cContingencies, commitments and restrictions to the distribution of profits -
\nContingencies - CSN claims relating to the January 2012 acquisition of Usiminas
\n\u201d, and does not include the net
\nforeign exchange result.
\n
\nSecurities Exchange Commission investigation settlement:
\n
\nFor more information see note 27 \u201cContingencies,
\ncommitments and restrictions to the distribution of profits -
\nContingencies - Petrobras-related proceedings and
\nclaims
\n\u201d.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag327": {
"value": "\n
\n
\n7 Financial results
\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n229,835 | \n201,852 | \n86,112 | \n\n\n\n\n\n\n\n
\n\n| Net result on changes in FV of financial assets at FVPL | \n12,484 | \n11,622 | \n(6,092) | \n\n\n\n\n\n\n\n
\n\n| Finance income | \n242,319 | \n213,474 | \n80,020 | \n\n\n\n\n\n\n\n
\n\n| Finance cost | \n(61,212) | \n(106,862) | \n(45,940) | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange transactions results | \n61,395 | \n218,383 | \n15,654 | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange derivatives contracts results | \n(12,727) | \n(8,974) | \n(25,666) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(100,719) | \n(95,044) | \n(30,108) | \n\n\n\n\n\n\n\n
\n\n| Other financial results, net | \n(52,051) | \n114,365 | \n(40,120) | \n\n\n\n\n\n\n\n
\n\n| Net financial results | \n129,056 | \n220,977 | \n(6,040) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\nFinance Income:
\nIn 2024, 2023 and 2022 includes $40.7 million, $61.2 million and $33.0 million of interest related
\nto instruments carried at FVPL, respectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nIn 2024, 2023 and 2022 includes $88.2 million, $30.9 million and $5.1 million of interest related to instruments
\ncarried at FVOCI, respectively.
\n\n
\n\nIn 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments
\nobtained in an operation of settlement of trade receivables.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nNet foreign exchange transactions results:
\nIn 2024 mainly includes result from the Argentine peso depreciation
\nagainst the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency
\nU.S. dollar, the Brazilian real depreciation against the U.S. dollar on Brazilian denominated net financial position at
\nsubsidiaries with functional currency U.S. dollar, together with the result from Euro depreciation against the U.S.
\ndollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by
\nchanges in currency translation adjustment reserve from an Italian subsidiary.
\n
\nIn 2023 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso
\ndenominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation
\nagainst the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S.
\ndollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany
\nliabilities in subsidiaries with functional currency U.S. dollar, offset by changes in currency translation adjustment
\nreserve from an Italian subsidiary.
\n
\nIn 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on
\nArgentine peso and Japanese yen denominated net financial position at subsidiaries with functional currency U.S.
\ndollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany
\nliabilities in subsidiaries with functional currency U.S. dollar, largely offset by changes in currency translation
\nadjustment reserve from an Italian subsidiary.
\n
\nNet foreign exchange derivatives contracts results:
\nIn 2024 includes mainly losses on derivatives covering net
\nreceivables, fiscal and other liabilities in Brazilian real.
\nIn 2023 includes mainly losses on derivatives covering net receivables in Brazilian real.
\nIn 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and
\nJapanese yen.
\n
\nOther:
\nIn 2024 includes approximately $84 million related to result of U.S. dollar denominated Argentine bonds
\nused to cancel commercial debt. For more information see note 29.
\nIn 2024 also includes a $16 million loss related to a fee payable in connection with a collection involving the
\nCompany\u2019s Mexican subsidiary. See note III.A.(iv).
\nIn 2023 and 2022 includes a net loss of $94.7 million and $29.8 million, respectively, related to the transfer of
\nArgentine sovereign bonds paid as dividend in kind from Argentinian subsidiaries to its foreign shareholders.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag328": {
"value": "\n
\n
\n
\n\n
\n\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n229,835 | \n201,852 | \n86,112 | \n\n\n\n\n\n\n\n
\n\n| Net result on changes in FV of financial assets at FVPL | \n12,484 | \n11,622 | \n(6,092) | \n\n\n\n\n\n\n\n
\n\n| Finance income | \n242,319 | \n213,474 | \n80,020 | \n\n\n\n\n\n\n\n
\n\n| Finance cost | \n(61,212) | \n(106,862) | \n(45,940) | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange transactions results | \n61,395 | \n218,383 | \n15,654 | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange derivatives contracts results | \n(12,727) | \n(8,974) | \n(25,666) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(100,719) | \n(95,044) | \n(30,108) | \n\n\n\n\n\n\n\n
\n\n| Other financial results, net | \n(52,051) | \n114,365 | \n(40,120) | \n\n\n\n\n\n\n\n
\n\n| Net financial results | \n129,056 | \n220,977 | \n(6,040) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\nFinance Income:
\nIn 2024, 2023 and 2022 includes $40.7 million, $61.2 million and $33.0 million of interest related
\nto instruments carried at FVPL, respectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nIn 2024, 2023 and 2022 includes $88.2 million, $30.9 million and $5.1 million of interest related to instruments
\ncarried at FVOCI, respectively.
\n\n
\n\nIn 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments
\nobtained in an operation of settlement of trade receivables.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag329": {
"value": "\n
\n\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n229,835 | \n201,852 | \n86,112 | \n\n\n\n\n\n\n\n
\n\n| Net result on changes in FV of financial assets at FVPL | \n12,484 | \n11,622 | \n(6,092) | \n\n\n\n\n\n\n\n
\n\n| Finance income | \n242,319 | \n213,474 | \n80,020 | \n\n\n\n\n\n\n\n
\n\n| Finance cost | \n(61,212) | \n(106,862) | \n(45,940) | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange transactions results | \n61,395 | \n218,383 | \n15,654 | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange derivatives contracts results | \n(12,727) | \n(8,974) | \n(25,666) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(100,719) | \n(95,044) | \n(30,108) | \n\n\n\n\n\n\n\n
\n\n| Other financial results, net | \n(52,051) | \n114,365 | \n(40,120) | \n\n\n\n\n\n\n\n
\n\n| Net financial results | \n129,056 | \n220,977 | \n(6,040) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nFinance Income:
\nIn 2024, 2023 and 2022 includes $40.7 million, $61.2 million and $33.0 million of interest related
\nto instruments carried at FVPL, respectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\nIn 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments
\nobtained in an operation of settlement of trade receivables.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag330": {
"value": "\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n229,835 | \n201,852 | \n86,112 | \n\n\n\n\n\n\n\n
\n\n| Net result on changes in FV of financial assets at FVPL | \n12,484 | \n11,622 | \n(6,092) | \n\n\n\n\n\n\n\n
\n\n| Finance income | \n242,319 | \n213,474 | \n80,020 | \n\n\n\n\n\n\n\n
\n\n| Finance cost | \n(61,212) | \n(106,862) | \n(45,940) | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange transactions results | \n61,395 | \n218,383 | \n15,654 | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange derivatives contracts results | \n(12,727) | \n(8,974) | \n(25,666) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(100,719) | \n(95,044) | \n(30,108) | \n\n\n\n\n\n\n\n
\n\n| Other financial results, net | \n(52,051) | \n114,365 | \n(40,120) | \n\n\n\n\n\n\n\n
\n\n| Net financial results | \n129,056 | \n220,977 | \n(6,040) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nFinance Income:
\nIn 2024, 2023 and 2022 includes $40.7 million, $61.2 million and $33.0 million of interest related
\nto instruments carried at FVPL, respectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\nIn 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments
\nobtained in an operation of settlement of trade receivables.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag331": {
"value": "\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Interest income | \n229,835 | \n201,852 | \n86,112 | \n\n\n\n\n\n\n\n
\n\n| Net result on changes in FV of financial assets at FVPL | \n12,484 | \n11,622 | \n(6,092) | \n\n\n\n\n\n\n\n
\n\n| Finance income | \n242,319 | \n213,474 | \n80,020 | \n\n\n\n\n\n\n\n
\n\n| Finance cost | \n(61,212) | \n(106,862) | \n(45,940) | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange transactions results | \n61,395 | \n218,383 | \n15,654 | \n\n\n\n\n\n\n\n
\n\n| Net foreign exchange derivatives contracts results | \n(12,727) | \n(8,974) | \n(25,666) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(100,719) | \n(95,044) | \n(30,108) | \n\n\n\n\n\n\n\n
\n\n| Other financial results, net | \n(52,051) | \n114,365 | \n(40,120) | \n\n\n\n\n\n\n\n
\n\n| Net financial results | \n129,056 | \n220,977 | \n(6,040) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\nNet foreign exchange transactions results:
\nIn 2024 mainly includes result from the Argentine peso depreciation
\nagainst the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency
\nU.S. dollar, the Brazilian real depreciation against the U.S. dollar on Brazilian denominated net financial position at
\nsubsidiaries with functional currency U.S. dollar, together with the result from Euro depreciation against the U.S.
\ndollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by
\nchanges in currency translation adjustment reserve from an Italian subsidiary.
\n
\nIn 2023 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso
\ndenominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation
\nagainst the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S.
\ndollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany
\nliabilities in subsidiaries with functional currency U.S. dollar, offset by changes in currency translation adjustment
\nreserve from an Italian subsidiary.
\n
\nIn 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on
\nArgentine peso and Japanese yen denominated net financial position at subsidiaries with functional currency U.S.
\ndollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany
\nliabilities in subsidiaries with functional currency U.S. dollar, largely offset by changes in currency translation
\nadjustment reserve from an Italian subsidiary.
\n
\nNet foreign exchange derivatives contracts results:
\nIn 2024 includes mainly losses on derivatives covering net
\nreceivables, fiscal and other liabilities in Brazilian real.
\nIn 2023 includes mainly losses on derivatives covering net receivables in Brazilian real.
\nIn 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and
\nJapanese yen.
\n
\nOther:
\nIn 2024 includes approximately $84 million related to result of U.S. dollar denominated Argentine bonds
\nused to cancel commercial debt. For more information see note 29.
\nIn 2024 also includes a $16 million loss related to a fee payable in connection with a collection involving the
\nCompany\u2019s Mexican subsidiary. See note III.A.(iv).
\nIn 2023 and 2022 includes a net loss of $94.7 million and $29.8 million, respectively, related to the transfer of
\nArgentine sovereign bonds paid as dividend in kind from Argentinian subsidiaries to its foreign shareholders.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag337": {
"value": "\n8 Equity in earnings of non-consolidated companies
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Earnings from non-consolidated companies | \n8,548 | \n104,897 | \n242,743 | \n\n\n\n\n\n\n\n
\n\n| Remeasurement of previously held interest | \n - | \n4,506 | \n - | \n\n\n\n\n\n\n\n
\n\n| Bargain purchase gain | \n - | \n11,487 | \n - | \n\n\n\n\n\n\n\n
\n\n| Impairment loss on non-consolidated companies | \n - | \n - | \n(34,041) | \n\n\n\n\n\n\n\n
\n\n| Net loss related to participation increase in Usiminas | \n - | \n(25,486) | \n - | \n\n\n\n\n\n\n\n
\n\n | \n8,548 | \n95,404 | \n208,702 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\nEarnings from non-consolidated companies:
\nFor the year ended December 31, 2024, includes a loss of
\napproximately $43.3 million related to a provision for the ongoing litigation related to the acquisition of participation
\nin Usiminas.
\n
\nRemeasurement of previously held interest and Bargain purchase gain:
\nFor year ended December 31, 2023, include
\n$4.5 million and $11.5 million related to GPC acquisition.
\n
\nImpairment loss on non-consolidated companies:
\n For the year ended December 31, 2022, $19.1 million related to
\nthe investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal (\u201cSeverstal\u201d).
\n
\n
\nNet loss related to participation increase in Usiminas:
\nFor more information see note 14 \u201cInvestments in non-
\nconsolidated companies -
\nUsiminas
\n\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n13 Investments in non-consolidated companies
\n
\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n1,608,804 | \n1,540,646 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(47,840) | \n110,801 | \n\n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n8,548 | \n79,411 | \n\n\n\n\n\n\n\n
\n\n| Dividends and distributions declared | \n(71,212) | \n(69,216) | \n\n\n\n\n\n\n\n
\n\n| Acquisition of non-consolidated companies | \n - | \n22,661 | \n\n\n\n\n\n\n\n
\n\n| Decrease due to step-acquisition | \n - | \n(23,453) | \n\n\n\n\n\n\n\n
\n\n| Increase / (decrease) in equity reserves and others | \n45,357 | \n(52,046) | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n1,543,657 | \n1,608,804 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\nEquity in earnings of non-consolidated companies:
\n For the year 2023, includes a loss of $25.5 million related to the
\nparticipation increase in Usiminas and does not include $4.5 million and $11.5 million related to GPC acquisition
\nsince May 17, 2023, which is the date of its consolidation. For more information see note 8.
\n
\nDividends and distributions declared:
\n Related to Ternium and Usiminas. During 2024 and 2023 $73.8 million and
\n$68.8 million respectively were collected.
\n
\nAcquisition of non-consolidated companies:
\n For the year 2023, related to the investment in Usiminas.
\n
\nDecrease due to step-acquisition:
\n
\nFor the year 2023, related to GPC acquisition.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\nThe principal non-consolidated companies are:
\n
\n
\n
\n\n
\n\n\n | \n | \n% ownership at December 31, | \nBook value at December 31, | \n\n\n\n\n\n\n\n
\n\n| Company | \nCountry of incorporation | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| a) Ternium (*) | \nLuxembourg | \n11.46% | \n11.46% | \n1,377,911 | \n1,430,616 | \n\n\n\n\n\n\n\n
\n\n| b) Usiminas (**) | \nBrazil | \n3.96% | \n3.96% | \n102,812 | \n123,654 | \n\n\n\n\n\n\n\n
\n\n| c) Techgen | \nMexico | \n22.00% | \n22.00% | \n59,782 | \n53,556 | \n\n\n\n\n\n\n\n
\n\n| Others | \n | \n | \n | \n3,152 | \n978 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n1,543,657 | \n1,608,804 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Including treasury shares.
\n(**)
\n At December 31, 2024 and 2023, the voting rights were 6.76%.
\n
\na) Ternium
\n
\nTernium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United
\nStates and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its
\npipes business.
\n
\nAt December 31, 2024, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $29.08
\nper ADS, giving Tenaris\u2019s ownership stake a market value of approximately $668.0 million. At December 31, 2024,
\nthe carrying value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was
\napproximately $1,377.9 million. The Company reviews its participation in Ternium whenever events or
\ncircumstances indicate that the asset\u2019s carrying amount may not be recoverable. As of December 31, 2024, the
\nCompany concluded that the carrying amount does not exceed the recoverable value of the investment.
\n
\nSummarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities,
\nrevenues and profit or loss is as follows:
\n
\n
\n\n
\n\n\n | \nTernium | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Non-current assets | \n12,050,457 | \n12,148,560 | \n\n\n\n\n\n\n\n
\n\n| Current assets | \n11,078,090 | \n12,030,544 | \n\n\n\n\n\n\n\n
\n\n| Total assets | \n23,128,547 | \n24,179,104 | \n\n\n\n\n\n\n\n
\n\n| Non-current liabilities | \n3,157,819 | \n3,566,643 | \n\n\n\n\n\n\n\n
\n\n| Current liabilities | \n3,839,159 | \n3,800,602 | \n\n\n\n\n\n\n\n
\n\n| Total liabilities | \n6,996,978 | \n7,367,245 | \n\n\n\n\n\n\n\n
\n\n| Total equity | \n16,131,569 | \n16,811,859 | \n\n\n\n\n\n\n\n
\n\n| Non-controlling interests | \n4,163,383 | \n4,393,264 | \n\n\n\n\n\n\n\n
\n\n| Revenues | \n17,649,060 | \n17,610,092 | \n\n\n\n\n\n\n\n
\n\n| Gross profit | \n2,888,836 | \n3,559,355 | \n\n\n\n\n\n\n\n
\n\n| Net (loss) / income for the year attributable to shareholders' equity | \n(53,672) | \n676,043 | \n\n\n\n\n\n\n\n
\n\n| Other comprehensive income | \n211,817 | \n465,885 | \n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n158,145 | \n1,141,928 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\nb) Usiminas
\n
\nUsiminas is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other
\nindustries.
\n
\nAt December 31, 2024, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 -
\nBrasil Bolsa Balc\u00e3o S.A, was BRL5.32 ($0.86) and BRL5.32 ($0.86), respectively, giving Tenaris\u2019s ownership stake a
\nmarket value of approximately $41.9 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in
\nUsiminas was approximately $102.8 million. The difference between the carrying value of Tenaris\u2019s ownership stake
\nin Usiminas and its interest over Usiminas\u2019 shareholders\u2019 equity corresponds to the purchase price allocation
\nperformed in 2023.
\n
\nIn 2023, following the acquisition of shares referred to in note II.B.2).b) and considering the carrying value of the
\npreviously held interest, the price paid for the acquisition of the additional Usiminas shares and the fair value
\nmeasurement of the Usiminas shares (conducted at the T/T Group level) the Company recorded a net loss of $25.5
\nmillion included in
\nEquity in earnings of non-consolidated companies
\n in the Consolidated Income Statement.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\nThe Company reviews its participation in Usiminas whenever events or circumstances indicate that the asset\u2019s
\ncarrying amount may not be recoverable. As of December 31, 2024, the Company concluded that the carrying
\namount did not exceed the recoverable value of the investment.
\n
\nSummarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities,
\nrevenues and profit or loss is as follows:
\n
\n
\n\n
\n\n\n | \n Usiminas | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Non-current assets | \n3,623,996 | \n4,591,763 | \n\n\n\n\n\n\n\n
\n\n| Current assets | \n3,234,742 | \n3,589,129 | \n\n\n\n\n\n\n\n
\n\n| Total assets | \n6,858,738 | \n8,180,892 | \n\n\n\n\n\n\n\n
\n\n| Non-current liabilities | \n1,357,347 | \n1,672,676 | \n\n\n\n\n\n\n\n
\n\n| Current liabilities | \n772,412 | \n1,139,031 | \n\n\n\n\n\n\n\n
\n\n| Total liabilities | \n2,129,758 | \n2,811,706 | \n\n\n\n\n\n\n\n
\n\n| Total equity | \n4,728,980 | \n5,369,186 | \n\n\n\n\n\n\n\n
\n\n| Non-controlling interests | \n452,481 | \n556,418 | \n\n\n\n\n\n\n\n
\n\n| Revenues | \n4,800,787 | \n5,531,985 | \n\n\n\n\n\n\n\n
\n\n| Gross profit | \n308,043 | \n357,845 | \n\n\n\n\n\n\n\n
\n\n| Net (loss) / income for the year attributable to shareholders' equity | \n(27,084) | \n278,402 | \n\n\n\n\n\n\n\n
\n\n| Other comprehensive income | \n31,564 | \n(72,062) | \n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n4,480 | \n206,340 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\nc) Techgen
\n
\nTechgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer\u00eda
\narea of the State of Nuevo Le\u00f3n, Mexico, with a power capacity of 900 megawatts. As of December 31, 2024,
\nTenaris held 22% of Techgen\u2019s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San
\nFaustin), beneficially owned 48% and 30% respectively. As of December 31, 2024, the carrying value of Tenaris\u2019s
\nownership stake in Techgen was approximately $59.8 million.
\n
\nTechgen entered into certain transportation capacity agreements and an agreement for the purchase of clean
\nenergy certificates. As of December 31, 2024, Tenaris\u2019s exposure under these agreements amounted to $36.3
\nmillion and $16.6 million respectively.
\n
\nTechgen\u2019s sponsors granted certain subordinated loans to Techgen. As of December 31, 2024, the aggregate
\noutstanding principal amount under these subordinated loans was $306.5 million, of which $67.4 million
\ncorrespond to Tenaris\u2019s contribution.
\n
\nOn February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to
\nrefinance an existing loan, resulting in the release of certain corporate guarantees previously issued by Techgen\u2019s
\nshareholders to secure the replaced facility.
\n
\nThe existing syndicated loan agreement is \u201cnon-recourse\u201d on the sponsors. Techgen\u2019s obligations thereunder are
\nguaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and
\ncertain direct agreements \u2013customary for these type of transactions\u2013. The commercial terms and conditions
\ngoverning the purchase by the Company\u2019s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen
\nremain substantially unchanged.
\n
\nUnder the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service
\nbecoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the
\naccount of Techgen\u2019s sponsors in proportion to their respective participations in Techgen. Accordingly, the
\nCompany applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of
\nDecember 31, 2024, amounted to $10.9 million.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag338": {
"value": "\n9 Income tax
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Current tax | \n(651,769) | \n(868,695) | \n(589,706) | \n\n\n\n\n\n\n\n
\n\n| Deferred tax | \n172,089 | \n193,739 | \n(27,530) | \n\n\n\n\n\n\n\n
\n\n| Tax charge | \n(479,680) | \n(674,956) | \n(617,236) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nThe group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was adopted in Luxembourg,
\nthe jurisdiction in which the Company is incorporated, and came into effect as from January 1, 2024. The group
\napplies the exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar
\nTwo income taxes, as provided for in the amendments to IAS 12 issued in May 2023.
\n
\nFor the year 2024, Tenaris recognized an estimated current tax expense related to Pillar Two, amounting to $81.4
\nmillion.
\n
\nThe tax charge differs from the theoretical amount that would arise by applying the nominal tax rate valid in each
\njurisdiction to the group's pre-tax income in that jurisdiction as follows:
\n
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n\n
\n\n| Income before income tax | \n2,556,453 | \n4,632,789 | \n3,165,937 | \n\n\n\n\n\n\n\n
\n\n| Tax calculated at the tax rate in each country | \n(599,944) | \n(1,127,428) | \n(705,727) | \n\n\n\n\n\n\n\n
\n\n| Effect of currency translation on tax base | \n(340,094) | \n(346,573) | \n(187,186) | \n\n\n\n\n\n\n\n
\n\n| Changes in the tax rates | \n(24,019) | \n1,535 | \n(3,422) | \n\n\n\n\n\n\n\n
\n\n| Utilization of previously unrecognized tax losses | \n588 | \n787 | \n29,560 | \n\n\n\n\n\n\n\n
\n\n| Tax revaluation, withholding tax and others | \n483,789 | \n796,723 | \n249,539 | \n\n\n\n\n\n\n\n
\n\n| Tax charges | \n(479,680) | \n(674,956) | \n(617,236) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\nEffect of currency translation on tax base:
\n Tenaris applies the liability method to recognize deferred income tax on
\ntemporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial
\nstatements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the
\neffect of the change in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a
\nfunctional currency different than their local currency. These gains and losses are required by IFRS even though the
\nrevalued / devalued tax bases of the relevant assets will not result in any deduction / obligation for tax purposes in
\nfuture periods.
\n
\nChanges in the tax rates:
\nFor the year 2024, the effect relates to the impact of the reduction in Luxembourg's
\ncorporate income tax rate that made the blended tax rate for a company registered in Luxembourg Ville decrease
\nfrom 24.94% to 23.87%. The new blended tax rate is applicable for fiscal years beginning on or after January 1,
\n2025, but its effect over temporary differences is recognized in 2024.
\n
\n
\nTax revaluation, withholding tax and others:
\n Includes a positive effect from inflationary tax adjustments in Argentina
\nand Mexico of $368.2 million, $349.0 million and $250.4 million for the years 2024, 2023 and 2022, respectively.
\nIt also includes a charge of $20.0 million, $164.3 million and $21.0 million for the years 2024, 2023 and 2022,
\nrespectively related to withholding taxes for intra-group international operations. The years 2024 and 2023 include
\na positive effect of $186.0 million and $550.3 million, respectively, arising from the recognition of previous year\u2019s
\ntax losses carryforward deferred tax assets in the Luxembourg subsidiary. For the year 2024, the consumption of
\nsuch deferred tax assets for $86.9 million is included in the line \u201cTax calculated at the tax rate of each country\u201d.
\nFor more information see note 22. The year 2024 includes a charge of $81.4 million related to Pillar Two.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag340": {
"value": "\n10 Dividends distribution
\n
\nOn November 6, 2024, the Company\u2019s Board of Directors approved an interim dividend of $0.27 per outstanding
\nshare ($0.54 per ADS), or approximately $299 million, paid on November 20, 2024, with record date on November
\n19, 2024 and ex-dividend date of November 18, 2024 in Europe and November 19, 2024 in the United States and
\nMexico.
\n
\nOn April 30, 2024, the Company\u2019s shareholders approved an annual dividend in the amount of $0.60 per
\noutstanding share ($1.20 per ADS). The amount approved by the shareholders included the interim dividend
\npreviously paid in November 22, 2023 in the amount of $0.20 per outstanding share ($0.40 per ADS). The balance,
\namounting to $0.40 per outstanding share ($0.80 per ADS), was paid on May 22, 2024, for an amount of
\napproximately $459 million. In the aggregate, the interim dividend paid in November 2023 and the balance paid in
\nMay 2024 amounted to approximately $694 million.
\n
\nOn May 3, 2023, the Company\u2019s shareholders approved an annual dividend in the amount of $0.51 per share
\n($1.02 per ADS). The amount approved by the shareholders included the interim dividend previously paid on
\nNovember 23, 2022 in the amount of $0.17 per share ($0.34 per ADS). The balance, amounting to $0.34 per share
\n($0.68 per ADS), was paid on May 24, 2023, for an amount of approximately $401 million. In the aggregate, the
\ninterim dividend paid in November 2022 and the balance paid in May 2023 amounted to approximately $602
\nmillion.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag341": {
"value": "0.27",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-11-20T00:00:00/2024-11-21T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag342": {
"value": "\n
\n\n11 Property, plant and equipment, net
\n
\n\n
\n\n\n | \n | \nIndustrial | \nVehicles, | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand | \nbuildings, | \nfurniture | \nWork in | \nSpare | \n | \n\n\n\n\n\n\n\n
\n\n | \nand civil | \nplant and | \nand | \nprogress | \nparts and | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nbuildings | \nproduction | \nfixtures | \n | \nequipment | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \n | \nequipment | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n889,957 | \n13,538,273 | \n416,913 | \n396,103 | \n71,834 | \n15,313,080 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(5,336) | \n(94,711) | \n(2,952) | \n(4,391) | \n(350) | \n(107,740) | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n12,949 | \n(24,063) | \n - | \n653 | \n - | \n(10,461) | \n\n\n\n\n\n\n\n
\n\n| Additions | \n2,176 | \n1,028 | \n433 | \n616,218 | \n15,658 | \n635,513 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n47,989 | \n548,790 | \n31,275 | \n(633,440) | \n - | \n(5,386) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(12,031) | \n(65,775) | \n(21,627) | \n(2,153) | \n(5,704) | \n(107,290) | \n\n\n\n\n\n\n\n
\n\n| Values at the end of the year | \n935,704 | \n13,903,542 | \n424,042 | \n372,990 | \n81,438 | \n15,717,716 | \n\n\n\n\n\n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n164,894 | \n8,696,044 | \n351,309 | \n - | \n22,654 | \n9,234,901 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(699) | \n(67,918) | \n(2,686) | \n - | \n(189) | \n(71,492) | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n16,266 | \n457,264 | \n20,707 | \n - | \n14,966 | \n509,203 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(333) | \n(2,101) | \n1,594 | \n - | \n - | \n(840) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(1,834) | \n(53,249) | \n(20,444) | \n - | \n - | \n(75,527) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n178,294 | \n9,030,040 | \n350,480 | \n - | \n37,431 | \n9,596,245 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n757,410 | \n4,873,502 | \n73,562 | \n372,990 | \n44,007 | \n6,121,471 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \n | \nIndustrial | \nVehicles, | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand | \nbuildings, | \nfurniture | \nWork in | \nSpare | \n | \n\n\n\n\n\n\n\n
\n\n | \nand civil | \nplant and | \nand | \nprogress | \nparts and | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nbuildings | \nproduction | \nfixtures | \n | \nequipment | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \n | \nequipment | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n815,763 | \n12,857,494 | \n402,485 | \n252,379 | \n55,526 | \n14,383,647 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n1,863 | \n53,282 | \n1,675 | \n1,462 | \n199 | \n58,481 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n64,413 | \n256,899 | \n831 | \n71,838 | \n - | \n393,981 | \n\n\n\n\n\n\n\n
\n\n| Additions | \n330 | \n3,661 | \n820 | \n546,515 | \n19,671 | \n570,997 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n12,031 | \n435,550 | \n22,530 | \n(471,381) | \n - | \n(1,270) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(4,443) | \n(68,613) | \n(11,428) | \n(4,710) | \n(3,562) | \n(92,756) | \n\n\n\n\n\n\n\n
\n\n| Values at the end of the year | \n889,957 | \n13,538,273 | \n416,913 | \n396,103 | \n71,834 | \n15,313,080 | \n\n\n\n\n\n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n152,272 | \n8,313,971 | \n340,526 | \n - | \n20,615 | \n8,827,384 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n390 | \n38,074 | \n1,584 | \n - | \n105 | \n40,153 | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n12,256 | \n411,861 | \n19,839 | \n - | \n1,934 | \n445,890 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(16) | \n(391) | \n27 | \n - | \n - | \n(380) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(8) | \n(67,471) | \n(10,667) | \n - | \n - | \n(78,146) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n164,894 | \n8,696,044 | \n351,309 | \n - | \n22,654 | \n9,234,901 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n725,063 | \n4,842,229 | \n65,604 | \n396,103 | \n49,180 | \n6,078,179 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n(**)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s
\npipe coating business unit acquisitions.
\n
\nProperty, plant and equipment include capitalized interests for net amounts at December 31, 2024 and 2023 of
\n$27.2 million and $28.8 million, respectively. There were no new interests capitalized during 2024 and 2023.
\n
\nGovernment grants recognized as a reduction of property, plant and equipment were not material for the years
\n2024 and 2023.
\n
\nThe Company\u2019s Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d) holds certain real estate assets, with a carrying
\nvalue of $32.1 million, that are subject to a judicial mortgage aimed at securing the indemnification potentially
\npayable to Companhia Sider\u00fargica Nacional (\u201cCSN\") under a lawsuit brough by CSN against Confab and other
\nrelated companies. The litigation is currently pending, and no amount is currently owed by Confab. See note 27 (i)
\n\u201cContingencies, commitments and restrictions to the distribution of profits -
\nContingencies - CSN claims relating to
\nthe January 2012 acquisition of Usiminas
\n\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\nSee note 28 for a description of certain restricted assets with a carrying value of $56.2 million held in Saudi Arabia
\nby the Company\u2019s subsidiary SSPC, in which Tenaris holds a 47.79% interest.
\n
\nFor the year 2024 and 2023, the carrying amount of assets pledged as security for current and non-current
\nborrowings amounted to $147.9 million and $89.6 million, respectively, held in Saudi Arabia by the Company\u00b4s
\nsubsidiary GPC, in which SSPC holds a 57.3% interest.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag343": {
"value": "\n11 Property, plant and equipment, net
\n
\n\n
\n\n\n | \n | \nIndustrial | \nVehicles, | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand | \nbuildings, | \nfurniture | \nWork in | \nSpare | \n | \n\n\n\n\n\n\n\n
\n\n | \nand civil | \nplant and | \nand | \nprogress | \nparts and | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nbuildings | \nproduction | \nfixtures | \n | \nequipment | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \n | \nequipment | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n889,957 | \n13,538,273 | \n416,913 | \n396,103 | \n71,834 | \n15,313,080 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(5,336) | \n(94,711) | \n(2,952) | \n(4,391) | \n(350) | \n(107,740) | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n12,949 | \n(24,063) | \n - | \n653 | \n - | \n(10,461) | \n\n\n\n\n\n\n\n
\n\n| Additions | \n2,176 | \n1,028 | \n433 | \n616,218 | \n15,658 | \n635,513 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n47,989 | \n548,790 | \n31,275 | \n(633,440) | \n - | \n(5,386) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(12,031) | \n(65,775) | \n(21,627) | \n(2,153) | \n(5,704) | \n(107,290) | \n\n\n\n\n\n\n\n
\n\n| Values at the end of the year | \n935,704 | \n13,903,542 | \n424,042 | \n372,990 | \n81,438 | \n15,717,716 | \n\n\n\n\n\n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n164,894 | \n8,696,044 | \n351,309 | \n - | \n22,654 | \n9,234,901 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(699) | \n(67,918) | \n(2,686) | \n - | \n(189) | \n(71,492) | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n16,266 | \n457,264 | \n20,707 | \n - | \n14,966 | \n509,203 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(333) | \n(2,101) | \n1,594 | \n - | \n - | \n(840) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(1,834) | \n(53,249) | \n(20,444) | \n - | \n - | \n(75,527) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n178,294 | \n9,030,040 | \n350,480 | \n - | \n37,431 | \n9,596,245 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n757,410 | \n4,873,502 | \n73,562 | \n372,990 | \n44,007 | \n6,121,471 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \n | \nIndustrial | \nVehicles, | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand | \nbuildings, | \nfurniture | \nWork in | \nSpare | \n | \n\n\n\n\n\n\n\n
\n\n | \nand civil | \nplant and | \nand | \nprogress | \nparts and | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nbuildings | \nproduction | \nfixtures | \n | \nequipment | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \n | \nequipment | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n815,763 | \n12,857,494 | \n402,485 | \n252,379 | \n55,526 | \n14,383,647 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n1,863 | \n53,282 | \n1,675 | \n1,462 | \n199 | \n58,481 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n64,413 | \n256,899 | \n831 | \n71,838 | \n - | \n393,981 | \n\n\n\n\n\n\n\n
\n\n| Additions | \n330 | \n3,661 | \n820 | \n546,515 | \n19,671 | \n570,997 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n12,031 | \n435,550 | \n22,530 | \n(471,381) | \n - | \n(1,270) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(4,443) | \n(68,613) | \n(11,428) | \n(4,710) | \n(3,562) | \n(92,756) | \n\n\n\n\n\n\n\n
\n\n| Values at the end of the year | \n889,957 | \n13,538,273 | \n416,913 | \n396,103 | \n71,834 | \n15,313,080 | \n\n\n\n\n\n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n152,272 | \n8,313,971 | \n340,526 | \n - | \n20,615 | \n8,827,384 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n390 | \n38,074 | \n1,584 | \n - | \n105 | \n40,153 | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n12,256 | \n411,861 | \n19,839 | \n - | \n1,934 | \n445,890 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(16) | \n(391) | \n27 | \n - | \n - | \n(380) | \n\n\n\n\n\n\n\n
\n\n| Disposals / Consumptions | \n(8) | \n(67,471) | \n(10,667) | \n - | \n - | \n(78,146) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n164,894 | \n8,696,044 | \n351,309 | \n - | \n22,654 | \n9,234,901 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n725,063 | \n4,842,229 | \n65,604 | \n396,103 | \n49,180 | \n6,078,179 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n(**)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s
\npipe coating business unit acquisitions.
\n
\nProperty, plant and equipment include capitalized interests for net amounts at December 31, 2024 and 2023 of
\n$27.2 million and $28.8 million, respectively. There were no new interests capitalized during 2024 and 2023.
\n
\nGovernment grants recognized as a reduction of property, plant and equipment were not material for the years
\n2024 and 2023.
\n
\nThe Company\u2019s Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d) holds certain real estate assets, with a carrying
\nvalue of $32.1 million, that are subject to a judicial mortgage aimed at securing the indemnification potentially
\npayable to Companhia Sider\u00fargica Nacional (\u201cCSN\") under a lawsuit brough by CSN against Confab and other
\nrelated companies. The litigation is currently pending, and no amount is currently owed by Confab. See note 27 (i)
\n\u201cContingencies, commitments and restrictions to the distribution of profits -
\nContingencies - CSN claims relating to
\nthe January 2012 acquisition of Usiminas
\n\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nSee note 28 for a description of certain restricted assets with a carrying value of $56.2 million held in Saudi Arabia
\nby the Company\u2019s subsidiary SSPC, in which Tenaris holds a 47.79% interest.
\n
\nFor the year 2024 and 2023, the carrying amount of assets pledged as security for current and non-current
\nborrowings amounted to $147.9 million and $89.6 million, respectively, held in Saudi Arabia by the Company\u00b4s
\nsubsidiary GPC, in which SSPC holds a 57.3% interest.
\n
\n\n\n\n\n
\n
\n\n
\n\n
\n\n11 Intangible assets, net
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2024 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Currency translation adjustment | \n(4,049) | \n(10) | \n(67) | \n(13) | \n(4,139) | \n\n\n
\n\n| Changes due to business combinations (**) | \n - | \n - | \n(13,621) | \n(14,590) | \n(28,211) | \n\n\n
\n\n| Additions | \n43,445 | \n14,998 | \n - | \n - | \n58,443 | \n\n\n
\n\n| Transfers / Reclassifications | \n4,584 | \n70 | \n - | \n - | \n4,654 | \n\n\n
\n\n| Disposals | \n(31,262) | \n - | \n - | \n(40) | \n(31,302) | \n\n\n
\n\n| Values at the end of the year | \n661,605 | \n575,607 | \n2,474,693 | \n1,776,037 | \n5,487,942 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| Currency translation adjustment | \n(3,764) | \n(6) | \n - | \n(11) | \n(3,781) | \n\n\n
\n\n| Amortization charge | \n22,664 | \n9,100 | \n - | \n21,986 | \n53,750 | \n\n\n
\n\n| Transfers / Reclassifications | \n108 | \n - | \n - | \n - | \n108 | \n\n\n
\n\n| Disposals | \n(31,231) | \n - | \n - | \n(40) | \n(31,271) | \n\n\n
\n\n| Accumulated at the end of the year | \n564,499 | \n416,311 | \n1,384,674 | \n1,764,709 | \n4,130,193 | \n\n\n
\n\n| At December 31, 2024 | \n97,106 | \n159,296 | \n1,090,019 | \n11,328 | \n1,357,749 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2023 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n614,474 | \n550,991 | \n2,469,726 | \n1,762,042 | \n5,397,233 | \n\n\n
\n\n| Currency translation adjustment | \n2,233 | \n2 | \n39 | \n - | \n2,274 | \n\n\n
\n\n| Increase due to business combinations (***) | \n105 | \n116 | \n18,616 | \n28,638 | \n47,475 | \n\n\n
\n\n| Additions | \n39,375 | \n9,073 | \n - | \n - | \n48,448 | \n\n\n
\n\n| Transfers / Reclassifications | \n437 | \n367 | \n - | \n - | \n804 | \n\n\n
\n\n| Disposals | \n(7,737) | \n - | \n - | \n - | \n(7,737) | \n\n\n
\n\n| Values at the end of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n561,119 | \n398,417 | \n1,384,674 | \n1,720,515 | \n4,064,725 | \n\n\n
\n\n| Currency translation adjustment | \n2,140 | \n1 | \n - | \n - | \n2,141 | \n\n\n
\n\n| Amortization charge | \n21,285 | \n8,799 | \n - | \n22,259 | \n52,343 | \n\n\n
\n\n| Transfers / Reclassifications | \n(86) | \n - | \n - | \n - | \n(86) | \n\n\n
\n\n| Disposals | \n(7,736) | \n - | \n - | \n - | \n(7,736) | \n\n\n
\n\n| Accumulated at the end of the year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| At December 31, 2023 | \n72,165 | \n153,332 | \n1,103,707 | \n47,906 | \n1,377,110 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nIncludes Proprietary Technology.
\n(**)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\n(***)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s
\npipe coating business unit acquisitions.
\n
\nThe geographical allocation of goodwill for the year ended December 31, 2024 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $1.8 million for
\nEurope.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\nThe geographical allocation of goodwill for the year ended December 31, 2023 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $15.5 million
\nfor Europe.
\n
\nThe carrying amount of goodwill allocated by CGU, as of December 31, 2024, was as follows:
\n
\n(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n\n
\n\n\n | \nTubes Segment | \n | \n\n\n\n\n\n
\n\n| CGU | \nHydril Acquisition | \nOther | \nTotal | \n\n\n\n\n\n
\n\n| Tamsa | \n346 | \n19 | \n365 | \n\n\n\n\n\n
\n\n| Siderca | \n265 | \n93 | \n358 | \n\n\n\n\n\n
\n\n| Hydril | \n309 | \n - | \n309 | \n\n\n\n\n\n
\n\n| Other | \n - | \n58 | \n58 | \n\n\n\n\n\n
\n\n| Total | \n920 | \n170 | \n1,090 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n12 Right-of-use assets, net and lease liabilities
\n
\nRight of use assets evolution
\n
\n\n
\n\n\n | \n | \nIndustrial | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand and | \nBuildings, | \nVehicles, | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nCivil | \nPlant and | \nfurniture and | \nOthers | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nBuildings | \nProduction | \nfixtures | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \n | \nEquipment | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Opening net book amount | \n66,464 | \n148,380 | \n43,217 | \n3,668 | \n261,729 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(167) | \n(439) | \n(692) | \n - | \n(1,298) | \n\n\n\n\n\n\n\n
\n\n| Additions | \n16,034 | \n52,040 | \n22,663 | \n584 | \n91,321 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(5,027) | \n5,027 | \n - | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(10,772) | \n(20,113) | \n(8,706) | \n - | \n(39,591) | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n66,532 | \n184,895 | \n56,482 | \n4,252 | \n312,161 | \n\n\n\n\n\n\n\n
\n\n| Depreciation | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n27,972 | \n75,567 | \n25,229 | \n823 | \n129,591 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(68) | \n(283) | \n(412) | \n - | \n(763) | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n20,448 | \n34,719 | \n13,786 | \n948 | \n69,901 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(1,514) | \n1,550 | \n(36) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(10,041) | \n(17,660) | \n(7,735) | \n - | \n(35,436) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n36,797 | \n93,893 | \n30,832 | \n1,771 | \n163,293 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n29,735 | \n91,002 | \n25,650 | \n2,481 | \n148,868 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \n | \nIndustrial | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand and | \nBuildings, | \nVehicles, | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nCivil | \nPlant and | \nfurniture and | \nOthers | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nBuildings | \nProduction | \nfixtures | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \n | \nEquipment | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Opening net book amount | \n43,570 | \n125,677 | \n30,291 | \n1,182 | \n200,720 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n99 | \n243 | \n263 | \n - | \n605 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (*) | \n11,803 | \n37 | \n46 | \n - | \n11,886 | \n\n\n\n\n\n\n\n
\n\n| Additions | \n13,040 | \n30,066 | \n15,732 | \n2,486 | \n61,324 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n691 | \n - | \n(691) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(2,739) | \n(7,643) | \n(2,424) | \n - | \n(12,806) | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n66,464 | \n148,380 | \n43,217 | \n3,668 | \n261,729 | \n\n\n\n\n\n\n\n
\n\n| Depreciation | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n18,933 | \n52,794 | \n17,042 | \n210 | \n88,979 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n34 | \n134 | \n200 | \n - | \n368 | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n9,663 | \n29,685 | \n10,316 | \n613 | \n50,277 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n691 | \n - | \n(691) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(1,349) | \n(7,046) | \n(1,638) | \n - | \n(10,033) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n27,972 | \n75,567 | \n25,229 | \n823 | \n129,591 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n38,492 | \n72,813 | \n17,988 | \n2,845 | \n132,138 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2023, related to the GPC and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\nDepreciation of right-of-use assets is mainly included in Tubes segment.
\n
\nLease liability evolution
\n
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Opening net book amount | \n134,433 | \n112,177 | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n(35) | \n12,148 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(4,565) | \n2,237 | \n\n\n\n\n\n\n\n
\n\n| Additions | \n91,005 | \n61,310 | \n\n\n\n\n\n\n\n
\n\n| Cancellations | \n(8,377) | \n(2,972) | \n\n\n\n\n\n\n\n
\n\n| Repayments (**) | \n(73,639) | \n(54,940) | \n\n\n\n\n\n\n\n
\n\n| Interest accrued | \n6,104 | \n4,473 | \n\n\n\n\n\n\n\n
\n\n| At December 31, | \n144,926 | \n134,433 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\nFor the year 2023, related to the GPC and Mattr\u2019s pipe coating business unit acquisitions.
\n(**)
\nFor the year 2024 includes repayments of $68.6 million in capital and $5.1 million of interest.
\nFor the year 2023 includes repayments of $51.5 million in capital and $3.4 million of interest.
\n
\nAs of December 31, 2024, the amount of remaining payments with maturities of less than 1 year, between 2 and
\n5 years and more than 5 years was approximately 31%, 46% and 23%, respectively.
\n
\nAs of December 31, 2023, the amount of remaining payments with maturities of less than 1 year, between 2 and
\n5 years and more than 5 years was approximately 28%, 45% and 27%, respectively.
\n
\nExpenses related to short-term leases, leases of low value assets and variable leases (included in
\nCost of sales and
\nSelling, general and administrative expenses
\n) were not material for the years 2024 and 2023.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag346": {
"value": "\n
\n\n
\n\n11 Intangible assets, net
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2024 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Currency translation adjustment | \n(4,049) | \n(10) | \n(67) | \n(13) | \n(4,139) | \n\n\n
\n\n| Changes due to business combinations (**) | \n - | \n - | \n(13,621) | \n(14,590) | \n(28,211) | \n\n\n
\n\n| Additions | \n43,445 | \n14,998 | \n - | \n - | \n58,443 | \n\n\n
\n\n| Transfers / Reclassifications | \n4,584 | \n70 | \n - | \n - | \n4,654 | \n\n\n
\n\n| Disposals | \n(31,262) | \n - | \n - | \n(40) | \n(31,302) | \n\n\n
\n\n| Values at the end of the year | \n661,605 | \n575,607 | \n2,474,693 | \n1,776,037 | \n5,487,942 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| Currency translation adjustment | \n(3,764) | \n(6) | \n - | \n(11) | \n(3,781) | \n\n\n
\n\n| Amortization charge | \n22,664 | \n9,100 | \n - | \n21,986 | \n53,750 | \n\n\n
\n\n| Transfers / Reclassifications | \n108 | \n - | \n - | \n - | \n108 | \n\n\n
\n\n| Disposals | \n(31,231) | \n - | \n - | \n(40) | \n(31,271) | \n\n\n
\n\n| Accumulated at the end of the year | \n564,499 | \n416,311 | \n1,384,674 | \n1,764,709 | \n4,130,193 | \n\n\n
\n\n| At December 31, 2024 | \n97,106 | \n159,296 | \n1,090,019 | \n11,328 | \n1,357,749 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2023 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n614,474 | \n550,991 | \n2,469,726 | \n1,762,042 | \n5,397,233 | \n\n\n
\n\n| Currency translation adjustment | \n2,233 | \n2 | \n39 | \n - | \n2,274 | \n\n\n
\n\n| Increase due to business combinations (***) | \n105 | \n116 | \n18,616 | \n28,638 | \n47,475 | \n\n\n
\n\n| Additions | \n39,375 | \n9,073 | \n - | \n - | \n48,448 | \n\n\n
\n\n| Transfers / Reclassifications | \n437 | \n367 | \n - | \n - | \n804 | \n\n\n
\n\n| Disposals | \n(7,737) | \n - | \n - | \n - | \n(7,737) | \n\n\n
\n\n| Values at the end of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n561,119 | \n398,417 | \n1,384,674 | \n1,720,515 | \n4,064,725 | \n\n\n
\n\n| Currency translation adjustment | \n2,140 | \n1 | \n - | \n - | \n2,141 | \n\n\n
\n\n| Amortization charge | \n21,285 | \n8,799 | \n - | \n22,259 | \n52,343 | \n\n\n
\n\n| Transfers / Reclassifications | \n(86) | \n - | \n - | \n - | \n(86) | \n\n\n
\n\n| Disposals | \n(7,736) | \n - | \n - | \n - | \n(7,736) | \n\n\n
\n\n| Accumulated at the end of the year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| At December 31, 2023 | \n72,165 | \n153,332 | \n1,103,707 | \n47,906 | \n1,377,110 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nIncludes Proprietary Technology.
\n(**)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\n(***)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s
\npipe coating business unit acquisitions.
\n
\nThe geographical allocation of goodwill for the year ended December 31, 2024 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $1.8 million for
\nEurope.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n\nThe geographical allocation of goodwill for the year ended December 31, 2023 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $15.5 million
\nfor Europe.
\n
\nThe carrying amount of goodwill allocated by CGU, as of December 31, 2024, was as follows:
\n
\n(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n\n
\n\n\n | \nTubes Segment | \n | \n\n\n\n\n\n
\n\n| CGU | \nHydril Acquisition | \nOther | \nTotal | \n\n\n\n\n\n
\n\n| Tamsa | \n346 | \n19 | \n365 | \n\n\n\n\n\n
\n\n| Siderca | \n265 | \n93 | \n358 | \n\n\n\n\n\n
\n\n| Hydril | \n309 | \n - | \n309 | \n\n\n\n\n\n
\n\n| Other | \n - | \n58 | \n58 | \n\n\n\n\n\n
\n\n| Total | \n920 | \n170 | \n1,090 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag347": {
"value": "\n
\n\n11 Intangible assets, net
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2024 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Currency translation adjustment | \n(4,049) | \n(10) | \n(67) | \n(13) | \n(4,139) | \n\n\n
\n\n| Changes due to business combinations (**) | \n - | \n - | \n(13,621) | \n(14,590) | \n(28,211) | \n\n\n
\n\n| Additions | \n43,445 | \n14,998 | \n - | \n - | \n58,443 | \n\n\n
\n\n| Transfers / Reclassifications | \n4,584 | \n70 | \n - | \n - | \n4,654 | \n\n\n
\n\n| Disposals | \n(31,262) | \n - | \n - | \n(40) | \n(31,302) | \n\n\n
\n\n| Values at the end of the year | \n661,605 | \n575,607 | \n2,474,693 | \n1,776,037 | \n5,487,942 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| Currency translation adjustment | \n(3,764) | \n(6) | \n - | \n(11) | \n(3,781) | \n\n\n
\n\n| Amortization charge | \n22,664 | \n9,100 | \n - | \n21,986 | \n53,750 | \n\n\n
\n\n| Transfers / Reclassifications | \n108 | \n - | \n - | \n - | \n108 | \n\n\n
\n\n| Disposals | \n(31,231) | \n - | \n - | \n(40) | \n(31,271) | \n\n\n
\n\n| Accumulated at the end of the year | \n564,499 | \n416,311 | \n1,384,674 | \n1,764,709 | \n4,130,193 | \n\n\n
\n\n| At December 31, 2024 | \n97,106 | \n159,296 | \n1,090,019 | \n11,328 | \n1,357,749 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2023 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n614,474 | \n550,991 | \n2,469,726 | \n1,762,042 | \n5,397,233 | \n\n\n
\n\n| Currency translation adjustment | \n2,233 | \n2 | \n39 | \n - | \n2,274 | \n\n\n
\n\n| Increase due to business combinations (***) | \n105 | \n116 | \n18,616 | \n28,638 | \n47,475 | \n\n\n
\n\n| Additions | \n39,375 | \n9,073 | \n - | \n - | \n48,448 | \n\n\n
\n\n| Transfers / Reclassifications | \n437 | \n367 | \n - | \n - | \n804 | \n\n\n
\n\n| Disposals | \n(7,737) | \n - | \n - | \n - | \n(7,737) | \n\n\n
\n\n| Values at the end of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n561,119 | \n398,417 | \n1,384,674 | \n1,720,515 | \n4,064,725 | \n\n\n
\n\n| Currency translation adjustment | \n2,140 | \n1 | \n - | \n - | \n2,141 | \n\n\n
\n\n| Amortization charge | \n21,285 | \n8,799 | \n - | \n22,259 | \n52,343 | \n\n\n
\n\n| Transfers / Reclassifications | \n(86) | \n - | \n - | \n - | \n(86) | \n\n\n
\n\n| Disposals | \n(7,736) | \n - | \n - | \n - | \n(7,736) | \n\n\n
\n\n| Accumulated at the end of the year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| At December 31, 2023 | \n72,165 | \n153,332 | \n1,103,707 | \n47,906 | \n1,377,110 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nIncludes Proprietary Technology.
\n(**)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\n(***)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s
\npipe coating business unit acquisitions.
\n
\nThe geographical allocation of goodwill for the year ended December 31, 2024 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $1.8 million for
\nEurope.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\nThe geographical allocation of goodwill for the year ended December 31, 2023 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $15.5 million
\nfor Europe.
\n
\nThe carrying amount of goodwill allocated by CGU, as of December 31, 2024, was as follows:
\n
\n(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n\n
\n\n\n | \nTubes Segment | \n | \n\n\n\n\n\n
\n\n| CGU | \nHydril Acquisition | \nOther | \nTotal | \n\n\n\n\n\n
\n\n| Tamsa | \n346 | \n19 | \n365 | \n\n\n\n\n\n
\n\n| Siderca | \n265 | \n93 | \n358 | \n\n\n\n\n\n
\n\n| Hydril | \n309 | \n - | \n309 | \n\n\n\n\n\n
\n\n| Other | \n - | \n58 | \n58 | \n\n\n\n\n\n
\n\n| Total | \n920 | \n170 | \n1,090 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag348": {
"value": "\n11 Intangible assets, net
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2024 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Currency translation adjustment | \n(4,049) | \n(10) | \n(67) | \n(13) | \n(4,139) | \n\n\n
\n\n| Changes due to business combinations (**) | \n - | \n - | \n(13,621) | \n(14,590) | \n(28,211) | \n\n\n
\n\n| Additions | \n43,445 | \n14,998 | \n - | \n - | \n58,443 | \n\n\n
\n\n| Transfers / Reclassifications | \n4,584 | \n70 | \n - | \n - | \n4,654 | \n\n\n
\n\n| Disposals | \n(31,262) | \n - | \n - | \n(40) | \n(31,302) | \n\n\n
\n\n| Values at the end of the year | \n661,605 | \n575,607 | \n2,474,693 | \n1,776,037 | \n5,487,942 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| Currency translation adjustment | \n(3,764) | \n(6) | \n - | \n(11) | \n(3,781) | \n\n\n
\n\n| Amortization charge | \n22,664 | \n9,100 | \n - | \n21,986 | \n53,750 | \n\n\n
\n\n| Transfers / Reclassifications | \n108 | \n - | \n - | \n - | \n108 | \n\n\n
\n\n| Disposals | \n(31,231) | \n - | \n - | \n(40) | \n(31,271) | \n\n\n
\n\n| Accumulated at the end of the year | \n564,499 | \n416,311 | \n1,384,674 | \n1,764,709 | \n4,130,193 | \n\n\n
\n\n| At December 31, 2024 | \n97,106 | \n159,296 | \n1,090,019 | \n11,328 | \n1,357,749 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \nInformation | \nLicenses, | \n | \nCustomer | \n | \n\n\n
\n\n | \nsystem | \npatents and | \nGoodwill | \nrelationships | \nTotal | \n\n\n
\n\n| Year ended December 31, 2023 | \nprojects | \ntrademarks (*) | \n | \n | \n | \n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n
\n\n| Values at the beginning of the year | \n614,474 | \n550,991 | \n2,469,726 | \n1,762,042 | \n5,397,233 | \n\n\n
\n\n| Currency translation adjustment | \n2,233 | \n2 | \n39 | \n - | \n2,274 | \n\n\n
\n\n| Increase due to business combinations (***) | \n105 | \n116 | \n18,616 | \n28,638 | \n47,475 | \n\n\n
\n\n| Additions | \n39,375 | \n9,073 | \n - | \n - | \n48,448 | \n\n\n
\n\n| Transfers / Reclassifications | \n437 | \n367 | \n - | \n - | \n804 | \n\n\n
\n\n| Disposals | \n(7,737) | \n - | \n - | \n - | \n(7,737) | \n\n\n
\n\n| Values at the end of the year | \n648,887 | \n560,549 | \n2,488,381 | \n1,790,680 | \n5,488,497 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated at the beginning of the | \n | \n | \n | \n | \n | \n\n\n
\n\n| year | \n561,119 | \n398,417 | \n1,384,674 | \n1,720,515 | \n4,064,725 | \n\n\n
\n\n| Currency translation adjustment | \n2,140 | \n1 | \n - | \n - | \n2,141 | \n\n\n
\n\n| Amortization charge | \n21,285 | \n8,799 | \n - | \n22,259 | \n52,343 | \n\n\n
\n\n| Transfers / Reclassifications | \n(86) | \n - | \n - | \n - | \n(86) | \n\n\n
\n\n| Disposals | \n(7,736) | \n - | \n - | \n - | \n(7,736) | \n\n\n
\n\n| Accumulated at the end of the year | \n576,722 | \n407,217 | \n1,384,674 | \n1,742,774 | \n4,111,387 | \n\n\n
\n\n| At December 31, 2023 | \n72,165 | \n153,332 | \n1,103,707 | \n47,906 | \n1,377,110 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nIncludes Proprietary Technology.
\n(**)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\n(***)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s
\npipe coating business unit acquisitions.
\n
\nThe geographical allocation of goodwill for the year ended December 31, 2024 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $1.8 million for
\nEurope.
\n
\n\n\n\n\n
\n\nThe geographical allocation of goodwill for the year ended December 31, 2023 was $944.2 million for North
\nAmerica, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $15.5 million
\nfor Europe.
\n
\nThe carrying amount of goodwill allocated by CGU, as of December 31, 2024, was as follows:
\n
\n(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n\n
\n\n\n | \nTubes Segment | \n | \n\n\n\n\n\n
\n\n| CGU | \nHydril Acquisition | \nOther | \nTotal | \n\n\n\n\n\n
\n\n| Tamsa | \n346 | \n19 | \n365 | \n\n\n\n\n\n
\n\n| Siderca | \n265 | \n93 | \n358 | \n\n\n\n\n\n
\n\n| Hydril | \n309 | \n - | \n309 | \n\n\n\n\n\n
\n\n| Other | \n - | \n58 | \n58 | \n\n\n\n\n\n
\n\n| Total | \n920 | \n170 | \n1,090 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag353": {
"value": "\n
\n\n12 Right-of-use assets, net and lease liabilities
\n
\nRight of use assets evolution
\n
\n\n
\n\n\n | \n | \nIndustrial | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand and | \nBuildings, | \nVehicles, | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nCivil | \nPlant and | \nfurniture and | \nOthers | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nBuildings | \nProduction | \nfixtures | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \n | \nEquipment | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Opening net book amount | \n66,464 | \n148,380 | \n43,217 | \n3,668 | \n261,729 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(167) | \n(439) | \n(692) | \n - | \n(1,298) | \n\n\n\n\n\n\n\n
\n\n| Additions | \n16,034 | \n52,040 | \n22,663 | \n584 | \n91,321 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(5,027) | \n5,027 | \n - | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(10,772) | \n(20,113) | \n(8,706) | \n - | \n(39,591) | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n66,532 | \n184,895 | \n56,482 | \n4,252 | \n312,161 | \n\n\n\n\n\n\n\n
\n\n| Depreciation | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n27,972 | \n75,567 | \n25,229 | \n823 | \n129,591 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n(68) | \n(283) | \n(412) | \n - | \n(763) | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n20,448 | \n34,719 | \n13,786 | \n948 | \n69,901 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n(1,514) | \n1,550 | \n(36) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(10,041) | \n(17,660) | \n(7,735) | \n - | \n(35,436) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n36,797 | \n93,893 | \n30,832 | \n1,771 | \n163,293 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n29,735 | \n91,002 | \n25,650 | \n2,481 | \n148,868 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \n | \nIndustrial | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nLand and | \nBuildings, | \nVehicles, | \n | \n | \n\n\n\n\n\n\n\n
\n\n | \nCivil | \nPlant and | \nfurniture and | \nOthers | \nTotal | \n\n\n\n\n\n\n\n
\n\n | \nBuildings | \nProduction | \nfixtures | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \n | \nEquipment | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Opening net book amount | \n43,570 | \n125,677 | \n30,291 | \n1,182 | \n200,720 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n99 | \n243 | \n263 | \n - | \n605 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (*) | \n11,803 | \n37 | \n46 | \n - | \n11,886 | \n\n\n\n\n\n\n\n
\n\n| Additions | \n13,040 | \n30,066 | \n15,732 | \n2,486 | \n61,324 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n691 | \n - | \n(691) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(2,739) | \n(7,643) | \n(2,424) | \n - | \n(12,806) | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n66,464 | \n148,380 | \n43,217 | \n3,668 | \n261,729 | \n\n\n\n\n\n\n\n
\n\n| Depreciation | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the beginning of the year | \n18,933 | \n52,794 | \n17,042 | \n210 | \n88,979 | \n\n\n\n\n\n\n\n
\n\n| Currency translation adjustment | \n34 | \n134 | \n200 | \n - | \n368 | \n\n\n\n\n\n\n\n
\n\n| Depreciation charge | \n9,663 | \n29,685 | \n10,316 | \n613 | \n50,277 | \n\n\n\n\n\n\n\n
\n\n| Transfers / Reclassifications | \n691 | \n - | \n(691) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Disposals | \n(1,349) | \n(7,046) | \n(1,638) | \n - | \n(10,033) | \n\n\n\n\n\n\n\n
\n\n| Accumulated at the end of the year | \n27,972 | \n75,567 | \n25,229 | \n823 | \n129,591 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n38,492 | \n72,813 | \n17,988 | \n2,845 | \n132,138 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2023, related to the GPC and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\nDepreciation of right-of-use assets is mainly included in Tubes segment.
\n
\nLease liability evolution
\n
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Opening net book amount | \n134,433 | \n112,177 | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n(35) | \n12,148 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(4,565) | \n2,237 | \n\n\n\n\n\n\n\n
\n\n| Additions | \n91,005 | \n61,310 | \n\n\n\n\n\n\n\n
\n\n| Cancellations | \n(8,377) | \n(2,972) | \n\n\n\n\n\n\n\n
\n\n| Repayments (**) | \n(73,639) | \n(54,940) | \n\n\n\n\n\n\n\n
\n\n| Interest accrued | \n6,104 | \n4,473 | \n\n\n\n\n\n\n\n
\n\n| At December 31, | \n144,926 | \n134,433 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\nFor the year 2023, related to the GPC and Mattr\u2019s pipe coating business unit acquisitions.
\n(**)
\nFor the year 2024 includes repayments of $68.6 million in capital and $5.1 million of interest.
\nFor the year 2023 includes repayments of $51.5 million in capital and $3.4 million of interest.
\n
\nAs of December 31, 2024, the amount of remaining payments with maturities of less than 1 year, between 2 and
\n5 years and more than 5 years was approximately 31%, 46% and 23%, respectively.
\n
\nAs of December 31, 2023, the amount of remaining payments with maturities of less than 1 year, between 2 and
\n5 years and more than 5 years was approximately 28%, 45% and 27%, respectively.
\n
\nExpenses related to short-term leases, leases of low value assets and variable leases (included in
\nCost of sales and
\nSelling, general and administrative expenses
\n) were not material for the years 2024 and 2023.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag357": {
"value": "\n
\n\n
\n13 Investments in non-consolidated companies
\n
\n
\n\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n1,608,804 | \n1,540,646 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(47,840) | \n110,801 | \n\n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n8,548 | \n79,411 | \n\n\n\n\n\n\n\n
\n\n| Dividends and distributions declared | \n(71,212) | \n(69,216) | \n\n\n\n\n\n\n\n
\n\n| Acquisition of non-consolidated companies | \n - | \n22,661 | \n\n\n\n\n\n\n\n
\n\n| Decrease due to step-acquisition | \n - | \n(23,453) | \n\n\n\n\n\n\n\n
\n\n| Increase / (decrease) in equity reserves and others | \n45,357 | \n(52,046) | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n1,543,657 | \n1,608,804 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\nEquity in earnings of non-consolidated companies:
\n For the year 2023, includes a loss of $25.5 million related to the
\nparticipation increase in Usiminas and does not include $4.5 million and $11.5 million related to GPC acquisition
\nsince May 17, 2023, which is the date of its consolidation. For more information see note 8.
\n
\nDividends and distributions declared:
\n Related to Ternium and Usiminas. During 2024 and 2023 $73.8 million and
\n$68.8 million respectively were collected.
\n
\nAcquisition of non-consolidated companies:
\n For the year 2023, related to the investment in Usiminas.
\n
\nDecrease due to step-acquisition:
\n
\nFor the year 2023, related to GPC acquisition.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nThe principal non-consolidated companies are:
\n
\n
\n
\n\n
\n\n\n | \n | \n% ownership at December 31, | \nBook value at December 31, | \n\n\n\n\n\n\n\n
\n\n| Company | \nCountry of incorporation | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| a) Ternium (*) | \nLuxembourg | \n11.46% | \n11.46% | \n1,377,911 | \n1,430,616 | \n\n\n\n\n\n\n\n
\n\n| b) Usiminas (**) | \nBrazil | \n3.96% | \n3.96% | \n102,812 | \n123,654 | \n\n\n\n\n\n\n\n
\n\n| c) Techgen | \nMexico | \n22.00% | \n22.00% | \n59,782 | \n53,556 | \n\n\n\n\n\n\n\n
\n\n| Others | \n | \n | \n | \n3,152 | \n978 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n1,543,657 | \n1,608,804 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Including treasury shares.
\n(**)
\n At December 31, 2024 and 2023, the voting rights were 6.76%.
\n
\na) Ternium
\n
\nTernium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United
\nStates and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its
\npipes business.
\n
\nAt December 31, 2024, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $29.08
\nper ADS, giving Tenaris\u2019s ownership stake a market value of approximately $668.0 million. At December 31, 2024,
\nthe carrying value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was
\napproximately $1,377.9 million. The Company reviews its participation in Ternium whenever events or
\ncircumstances indicate that the asset\u2019s carrying amount may not be recoverable. As of December 31, 2024, the
\nCompany concluded that the carrying amount does not exceed the recoverable value of the investment.
\n
\nSummarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities,
\nrevenues and profit or loss is as follows:
\n
\n
\n\n
\n\n\n | \nTernium | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Non-current assets | \n12,050,457 | \n12,148,560 | \n\n\n\n\n\n\n\n
\n\n| Current assets | \n11,078,090 | \n12,030,544 | \n\n\n\n\n\n\n\n
\n\n| Total assets | \n23,128,547 | \n24,179,104 | \n\n\n\n\n\n\n\n
\n\n| Non-current liabilities | \n3,157,819 | \n3,566,643 | \n\n\n\n\n\n\n\n
\n\n| Current liabilities | \n3,839,159 | \n3,800,602 | \n\n\n\n\n\n\n\n
\n\n| Total liabilities | \n6,996,978 | \n7,367,245 | \n\n\n\n\n\n\n\n
\n\n| Total equity | \n16,131,569 | \n16,811,859 | \n\n\n\n\n\n\n\n
\n\n| Non-controlling interests | \n4,163,383 | \n4,393,264 | \n\n\n\n\n\n\n\n
\n\n| Revenues | \n17,649,060 | \n17,610,092 | \n\n\n\n\n\n\n\n
\n\n| Gross profit | \n2,888,836 | \n3,559,355 | \n\n\n\n\n\n\n\n
\n\n| Net (loss) / income for the year attributable to shareholders' equity | \n(53,672) | \n676,043 | \n\n\n\n\n\n\n\n
\n\n| Other comprehensive income | \n211,817 | \n465,885 | \n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n158,145 | \n1,141,928 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\nb) Usiminas
\n
\nUsiminas is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other
\nindustries.
\n
\nAt December 31, 2024, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 -
\nBrasil Bolsa Balc\u00e3o S.A, was BRL5.32 ($0.86) and BRL5.32 ($0.86), respectively, giving Tenaris\u2019s ownership stake a
\nmarket value of approximately $41.9 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in
\nUsiminas was approximately $102.8 million. The difference between the carrying value of Tenaris\u2019s ownership stake
\nin Usiminas and its interest over Usiminas\u2019 shareholders\u2019 equity corresponds to the purchase price allocation
\nperformed in 2023.
\n
\nIn 2023, following the acquisition of shares referred to in note II.B.2).b) and considering the carrying value of the
\npreviously held interest, the price paid for the acquisition of the additional Usiminas shares and the fair value
\nmeasurement of the Usiminas shares (conducted at the T/T Group level) the Company recorded a net loss of $25.5
\nmillion included in
\nEquity in earnings of non-consolidated companies
\n in the Consolidated Income Statement.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nThe Company reviews its participation in Usiminas whenever events or circumstances indicate that the asset\u2019s
\ncarrying amount may not be recoverable. As of December 31, 2024, the Company concluded that the carrying
\namount did not exceed the recoverable value of the investment.
\n
\nSummarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities,
\nrevenues and profit or loss is as follows:
\n
\n
\n\n
\n\n\n | \n Usiminas | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Non-current assets | \n3,623,996 | \n4,591,763 | \n\n\n\n\n\n\n\n
\n\n| Current assets | \n3,234,742 | \n3,589,129 | \n\n\n\n\n\n\n\n
\n\n| Total assets | \n6,858,738 | \n8,180,892 | \n\n\n\n\n\n\n\n
\n\n| Non-current liabilities | \n1,357,347 | \n1,672,676 | \n\n\n\n\n\n\n\n
\n\n| Current liabilities | \n772,412 | \n1,139,031 | \n\n\n\n\n\n\n\n
\n\n| Total liabilities | \n2,129,758 | \n2,811,706 | \n\n\n\n\n\n\n\n
\n\n| Total equity | \n4,728,980 | \n5,369,186 | \n\n\n\n\n\n\n\n
\n\n| Non-controlling interests | \n452,481 | \n556,418 | \n\n\n\n\n\n\n\n
\n\n| Revenues | \n4,800,787 | \n5,531,985 | \n\n\n\n\n\n\n\n
\n\n| Gross profit | \n308,043 | \n357,845 | \n\n\n\n\n\n\n\n
\n\n| Net (loss) / income for the year attributable to shareholders' equity | \n(27,084) | \n278,402 | \n\n\n\n\n\n\n\n
\n\n| Other comprehensive income | \n31,564 | \n(72,062) | \n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n4,480 | \n206,340 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\nc) Techgen
\n
\nTechgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer\u00eda
\narea of the State of Nuevo Le\u00f3n, Mexico, with a power capacity of 900 megawatts. As of December 31, 2024,
\nTenaris held 22% of Techgen\u2019s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San
\nFaustin), beneficially owned 48% and 30% respectively. As of December 31, 2024, the carrying value of Tenaris\u2019s
\nownership stake in Techgen was approximately $59.8 million.
\n
\nTechgen entered into certain transportation capacity agreements and an agreement for the purchase of clean
\nenergy certificates. As of December 31, 2024, Tenaris\u2019s exposure under these agreements amounted to $36.3
\nmillion and $16.6 million respectively.
\n
\nTechgen\u2019s sponsors granted certain subordinated loans to Techgen. As of December 31, 2024, the aggregate
\noutstanding principal amount under these subordinated loans was $306.5 million, of which $67.4 million
\ncorrespond to Tenaris\u2019s contribution.
\n
\nOn February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to
\nrefinance an existing loan, resulting in the release of certain corporate guarantees previously issued by Techgen\u2019s
\nshareholders to secure the replaced facility.
\n
\nThe existing syndicated loan agreement is \u201cnon-recourse\u201d on the sponsors. Techgen\u2019s obligations thereunder are
\nguaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and
\ncertain direct agreements \u2013customary for these type of transactions\u2013. The commercial terms and conditions
\ngoverning the purchase by the Company\u2019s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen
\nremain substantially unchanged.
\n
\nUnder the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service
\nbecoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the
\naccount of Techgen\u2019s sponsors in proportion to their respective participations in Techgen. Accordingly, the
\nCompany applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of
\nDecember 31, 2024, amounted to $10.9 million.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n33 Principal subsidiaries
\n
\nThe following is a list of Tenaris\u2019s principal subsidiaries and its direct and indirect percentage of ownership of each
\ncontrolled company at December 31, 2024, 2023 and 2022.
\n
\n\n
\n\n\n | \nCountry of | \n | \nPercentage of ownership | \n\n\n\n
\n\n| Company | \nIncorporation | \nMain activity | \nat December 31, (*) | \n\n\n\n
\n\n | \n | \n | \n2024 | \n2023 | \n2022 | \n\n\n\n
\n\n| ALGOMA TUBES INC. | \nCanada | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| BREDERO SHAW INTERNATIONAL B.V. and | \nNetherlands | \nHolding company and supplier of pipe | \n100% | \n100% | \nNA | \n\n\n\n
\n\n| subsidiaries | \n | \ncoating services | \n | \n | \n | \n\n\n\n
\n\n| CONFAB INDUSTRIAL S.A. and subsidiaries | \nBrazil | \nManufacturing of welded steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| DALMINE S.p.A. and subsidiaries (a) | \nItaly | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| EXIROS B.V. and subsidiaries (b) | \nNetherlands | \nProcurement and trading services | \n50% | \n50% | \n50% | \n\n\n\n
\n\n| HYDRIL COMPANY | \nUSA | \nManufacturing and marketing of | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \npremium connections | \n | \n | \n | \n\n\n\n
\n\n| MAVERICK TUBE CORPORATION and subsidiaries | \nUSA | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| P.T. SEAMLESS PIPE INDONESIA JAYA | \nIndonesia | \nManufacturing of seamless steel | \n89% | \n89% | \n89% | \n\n\n\n
\n\n | \n | \nproducts | \n | \n | \n | \n\n\n\n
\n\n| SILCOTUB S.A. | \nRomania | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| SAUDI STEEL PIPE CO. and subsidiaries (c) | \nSaudi Arabia | \nManufacturing of welded steel pipes | \n48% | \n48% | \n48% | \n\n\n\n
\n\n| SIAT SOCIEDAD ANONIMA | \nArgentina | \nManufacturing of welded steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y | \nArgentina | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| COMERCIAL and subsidiaries (d) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| TALTA - TRADING E MARKETING SOCIEDADE | \nPortugal | \nHolding company | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| UNIPESSOAL LDA. | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| TENARIS BAY CITY, INC. | \nUSA | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| TENARIS CONNECTIONS BV | \nNetherlands | \nDevelopment, management and | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nlicensing of intellectual property | \n | \n | \n | \n\n\n\n
\n\n| TENARIS FINANCIAL SERVICES S.A. | \nUruguay | \nFinancial operations | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES (CANADA) INC. | \nCanada | \nMarketing of steel products | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES (U.S.A.) | \nUSA | \nMarketing of steel products | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| CORPORATION | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES (UK) LTD | \nUnited | \nHolding company and marketing of | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \nKingdom | \nsteel products | \n | \n | \n | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES S.A. and subsidiaries | \nUruguay | \nMarketing, distribution of steel products | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nand holding company | \n | \n | \n | \n\n\n\n
\n\n| TENARIS INVESTMENTS (NL) B.V. and subsidiaries | \nNetherlands | \nHolding company | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES and INVESTMENTS | \n | \nMarketing and distribution of steel | \n | \n | \n | \n\n\n\n
\n\n| S.\u00e0r.l. and subsidiaries | \nLuxembourg | \nproducts, financial operations and | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nholding company | \n | \n | \n | \n\n\n\n
\n\n| TENARIS QINGDAO STEEL PIPES LTD. | \nChina | \nProcessing of premium joints, couplings | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nand automotive components | \n | \n | \n | \n\n\n\n
\n\n| TENARIS TUBOCARIBE LTDA. | \nColombia | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| TUBOS DE ACERO DE MEXICO, S.A. and | \nMexico | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| subsidiaries | \n | \n | \n | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n(*)
\n All percentages rounded.
\nTenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja
\nTubular Services Limited, 60% of Tenaris Baogang Baotou Steel Pipes Ltd. Until 2022 held 98.4% of Tenaris Supply Chain S.A.
\n(a) Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.
\n(b) Tenaris holds 50% of the voting rights and Ternium owns the remaining 50%. Exiros provides purchase agency services and raw materials
\nand other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders\u2019
\nagreement, Tenaris recognizes Exiros\u2019 assets, liabilities, revenue and expenses in relation to its interest in the joint operation.
\n(c) Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad\u0101wul), Tenaris holds 47.79% and has the right
\nto nominate the majority of the members of the board of directors, therefore Tenaris has control over SSPC. Since May, 2023, Saudi Steel Pipe
\nCo. holds 57.3% of Global Pipe Company, therefore Tenaris has control over Global Pipe Company.
\n(d) Until its liquidation in April 2023 Siderca held 51% of NKKTubes.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag359": {
"value": "\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n1,608,804 | \n1,540,646 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(47,840) | \n110,801 | \n\n\n\n\n\n\n\n
\n\n| Equity in earnings of non-consolidated companies | \n8,548 | \n79,411 | \n\n\n\n\n\n\n\n
\n\n| Dividends and distributions declared | \n(71,212) | \n(69,216) | \n\n\n\n\n\n\n\n
\n\n| Acquisition of non-consolidated companies | \n - | \n22,661 | \n\n\n\n\n\n\n\n
\n\n| Decrease due to step-acquisition | \n - | \n(23,453) | \n\n\n\n\n\n\n\n
\n\n| Increase / (decrease) in equity reserves and others | \n45,357 | \n(52,046) | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n1,543,657 | \n1,608,804 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\nThe principal non-consolidated companies are:
\n
\n
\n
\n\n
\n\n\n | \n | \n% ownership at December 31, | \nBook value at December 31, | \n\n\n\n\n\n\n\n
\n\n| Company | \nCountry of incorporation | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| a) Ternium (*) | \nLuxembourg | \n11.46% | \n11.46% | \n1,377,911 | \n1,430,616 | \n\n\n\n\n\n\n\n
\n\n| b) Usiminas (**) | \nBrazil | \n3.96% | \n3.96% | \n102,812 | \n123,654 | \n\n\n\n\n\n\n\n
\n\n| c) Techgen | \nMexico | \n22.00% | \n22.00% | \n59,782 | \n53,556 | \n\n\n\n\n\n\n\n
\n\n| Others | \n | \n | \n | \n3,152 | \n978 | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n1,543,657 | \n1,608,804 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Including treasury shares.
\n(**)
\n At December 31, 2024 and 2023, the voting rights were 6.76%.
\n
\na) Ternium
\n
\nTernium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United
\nStates and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its
\npipes business.
\n
\nAt December 31, 2024, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $29.08
\nper ADS, giving Tenaris\u2019s ownership stake a market value of approximately $668.0 million. At December 31, 2024,
\nthe carrying value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was
\napproximately $1,377.9 million. The Company reviews its participation in Ternium whenever events or
\ncircumstances indicate that the asset\u2019s carrying amount may not be recoverable. As of December 31, 2024, the
\nCompany concluded that the carrying amount does not exceed the recoverable value of the investment.
\n
\nSummarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities,
\nrevenues and profit or loss is as follows:
\n
\n
\n\n
\n\n\n | \nTernium | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Non-current assets | \n12,050,457 | \n12,148,560 | \n\n\n\n\n\n\n\n
\n\n| Current assets | \n11,078,090 | \n12,030,544 | \n\n\n\n\n\n\n\n
\n\n| Total assets | \n23,128,547 | \n24,179,104 | \n\n\n\n\n\n\n\n
\n\n| Non-current liabilities | \n3,157,819 | \n3,566,643 | \n\n\n\n\n\n\n\n
\n\n| Current liabilities | \n3,839,159 | \n3,800,602 | \n\n\n\n\n\n\n\n
\n\n| Total liabilities | \n6,996,978 | \n7,367,245 | \n\n\n\n\n\n\n\n
\n\n| Total equity | \n16,131,569 | \n16,811,859 | \n\n\n\n\n\n\n\n
\n\n| Non-controlling interests | \n4,163,383 | \n4,393,264 | \n\n\n\n\n\n\n\n
\n\n| Revenues | \n17,649,060 | \n17,610,092 | \n\n\n\n\n\n\n\n
\n\n| Gross profit | \n2,888,836 | \n3,559,355 | \n\n\n\n\n\n\n\n
\n\n| Net (loss) / income for the year attributable to shareholders' equity | \n(53,672) | \n676,043 | \n\n\n\n\n\n\n\n
\n\n| Other comprehensive income | \n211,817 | \n465,885 | \n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n158,145 | \n1,141,928 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\nb) Usiminas
\n
\nUsiminas is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other
\nindustries.
\n
\nAt December 31, 2024, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 -
\nBrasil Bolsa Balc\u00e3o S.A, was BRL5.32 ($0.86) and BRL5.32 ($0.86), respectively, giving Tenaris\u2019s ownership stake a
\nmarket value of approximately $41.9 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in
\nUsiminas was approximately $102.8 million. The difference between the carrying value of Tenaris\u2019s ownership stake
\nin Usiminas and its interest over Usiminas\u2019 shareholders\u2019 equity corresponds to the purchase price allocation
\nperformed in 2023.
\n
\nIn 2023, following the acquisition of shares referred to in note II.B.2).b) and considering the carrying value of the
\npreviously held interest, the price paid for the acquisition of the additional Usiminas shares and the fair value
\nmeasurement of the Usiminas shares (conducted at the T/T Group level) the Company recorded a net loss of $25.5
\nmillion included in
\nEquity in earnings of non-consolidated companies
\n in the Consolidated Income Statement.
\n
\n\n\n\n\n\n\n\n\n\n\nThe Company reviews its participation in Usiminas whenever events or circumstances indicate that the asset\u2019s
\ncarrying amount may not be recoverable. As of December 31, 2024, the Company concluded that the carrying
\namount did not exceed the recoverable value of the investment.
\n
\nSummarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities,
\nrevenues and profit or loss is as follows:
\n
\n
\n\n
\n\n\n | \n Usiminas | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Non-current assets | \n3,623,996 | \n4,591,763 | \n\n\n\n\n\n\n\n
\n\n| Current assets | \n3,234,742 | \n3,589,129 | \n\n\n\n\n\n\n\n
\n\n| Total assets | \n6,858,738 | \n8,180,892 | \n\n\n\n\n\n\n\n
\n\n| Non-current liabilities | \n1,357,347 | \n1,672,676 | \n\n\n\n\n\n\n\n
\n\n| Current liabilities | \n772,412 | \n1,139,031 | \n\n\n\n\n\n\n\n
\n\n| Total liabilities | \n2,129,758 | \n2,811,706 | \n\n\n\n\n\n\n\n
\n\n| Total equity | \n4,728,980 | \n5,369,186 | \n\n\n\n\n\n\n\n
\n\n| Non-controlling interests | \n452,481 | \n556,418 | \n\n\n\n\n\n\n\n
\n\n| Revenues | \n4,800,787 | \n5,531,985 | \n\n\n\n\n\n\n\n
\n\n| Gross profit | \n308,043 | \n357,845 | \n\n\n\n\n\n\n\n
\n\n| Net (loss) / income for the year attributable to shareholders' equity | \n(27,084) | \n278,402 | \n\n\n\n\n\n\n\n
\n\n| Other comprehensive income | \n31,564 | \n(72,062) | \n\n\n\n\n\n\n\n
\n\n| Total comprehensive income | \n4,480 | \n206,340 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag366": {
"value": "\n15 Receivables non-current, net
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n
\n\n | \n2024 | \n2023 | \n\n\n
\n\n| Employee advances and loans | \n9,120 | \n7,395 | \n\n\n
\n\n| Tax credits (*) | \n66,636 | \n53,483 | \n\n\n
\n\n| Receivables from related parties | \n69,843 | \n69,820 | \n\n\n
\n\n| Legal deposits | \n6,858 | \n9,355 | \n\n\n
\n\n| Advances to suppliers and other advances | \n37,434 | \n27,043 | \n\n\n
\n\n| Others | \n15,711 | \n18,863 | \n\n\n
\n\n | \n205,602 | \n185,959 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n(*)
\n As of December 31, 2024 and 2023, included approximately $54.2 million and $40.6 million, respectively, related to ICMS (Tax on Sales and
\nServices) from Brazilian subsidiaries.
\n
\n\n\n\n\n
\n\n17 Receivables and prepayments, net
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n
\n\n | \n2024 | \n2023 | \n\n\n
\n\n| Prepaid expenses and other receivables | \n53,318 | \n56,564 | \n\n\n
\n\n| Government entities | \n2,420 | \n1,330 | \n\n\n
\n\n| Employee advances and loans | \n11,695 | \n14,316 | \n\n\n
\n\n| Advances to suppliers and other advances | \n35,965 | \n48,455 | \n\n\n
\n\n| Government tax refunds on exports | \n16,969 | \n8,210 | \n\n\n
\n\n| Receivables from related parties | \n3,585 | \n5,759 | \n\n\n
\n\n| Others | \n58,756 | \n50,173 | \n\n\n
\n\n | \n182,708 | \n184,807 | \n\n\n
\n\n| Allowance for other doubtful accounts, see note 25 (i) | \n(3,094) | \n(3,439) | \n\n\n
\n\n | \n179,614 | \n181,368 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n\n\n\n\n
\n\n\n\n\n
\n19 Trade receivables, net
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Current accounts | \n1,923,620 | \n2,471,565 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Receivables from related parties | \n32,012 | \n58,370 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n1,955,632 | \n2,529,935 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Allowance for doubtful accounts, see note 25 (i) | \n(48,125) | \n(49,046) | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n1,907,507 | \n2,480,889 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\nThe following table sets forth details of the aging of trade receivables:
\n
\n
\n\n\n
\n\n\n| At December 31, 2024 | \nTrade | \nNot Due | \nPast due | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \nReceivables | \n | \n1 - 180 days | \n> 180 days | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed | \n288,388 | \n254,777 | \n33,341 | \n270 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Not guaranteed | \n1,667,244 | \n1,305,338 | \n298,988 | \n62,918 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed and not guaranteed | \n1,955,632 | \n1,560,115 | \n332,329 | \n63,188 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Expected loss rate | \n0.03% | \n0.01% | \n0.09% | \n0.33% | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Allowance for doubtful accounts | \n(525) | \n(147) | \n(323) | \n(55) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Nominative allowance for doubtful accounts | \n(47,600) | \n - | \n(303) | \n(47,297) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net Value | \n1,907,507 | \n1,559,968 | \n331,703 | \n15,836 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| At December 31, 2023 | \nTrade | \nNot Due | \nPast due | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \nReceivables | \n | \n1 - 180 days | \n> 180 days | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed | \n261,113 | \n236,714 | \n23,991 | \n408 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Not guaranteed | \n2,268,822 | \n1,613,626 | \n590,236 | \n64,960 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed and not guaranteed | \n2,529,935 | \n1,850,340 | \n614,227 | \n65,368 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Expected loss rate | \n0.06% | \n0.02% | \n0.18% | \n0.46% | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Allowance for doubtful accounts | \n(1,636) | \n(312) | \n(1,249) | \n(75) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Nominative allowance for doubtful accounts | \n(47,410) | \n - | \n(748) | \n(46,662) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net Value | \n2,480,889 | \n1,850,028 | \n612,230 | \n18,631 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nTrade receivables are mainly denominated in U.S. dollars.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag367": {
"value": "\n16 Inventories, net
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n
\n\n | \n2024 | \n2023 | \n\n\n
\n\n| Finished goods | \n1,332,646 | \n1,401,754 | \n\n\n
\n\n| Goods in process | \n993,294 | \n1,068,956 | \n\n\n
\n\n| Raw materials | \n504,124 | \n569,837 | \n\n\n
\n\n| Supplies | \n712,059 | \n648,443 | \n\n\n
\n\n| Goods in transit | \n370,993 | \n441,217 | \n\n\n
\n\n | \n3,913,116 | \n4,130,207 | \n\n\n
\n\n| Allowance for obsolescence, see note 25 (i) | \n(203,174) | \n(209,110) | \n\n\n
\n\n | \n3,709,942 | \n3,921,097 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n17 Receivables and prepayments, net
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n
\n\n | \n2024 | \n2023 | \n\n\n
\n\n| Prepaid expenses and other receivables | \n53,318 | \n56,564 | \n\n\n
\n\n| Government entities | \n2,420 | \n1,330 | \n\n\n
\n\n| Employee advances and loans | \n11,695 | \n14,316 | \n\n\n
\n\n| Advances to suppliers and other advances | \n35,965 | \n48,455 | \n\n\n
\n\n| Government tax refunds on exports | \n16,969 | \n8,210 | \n\n\n
\n\n| Receivables from related parties | \n3,585 | \n5,759 | \n\n\n
\n\n| Others | \n58,756 | \n50,173 | \n\n\n
\n\n | \n182,708 | \n184,807 | \n\n\n
\n\n| Allowance for other doubtful accounts, see note 25 (i) | \n(3,094) | \n(3,439) | \n\n\n
\n\n | \n179,614 | \n181,368 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n18 Current tax assets and liabilities
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Current tax assets | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Income tax assets | \n135,621 | \n122,257 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| V.A.T. credits | \n195,745 | \n132,972 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other prepaid taxes | \n1,255 | \n1,172 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n332,621 | \n256,401 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Current tax liabilities | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Income tax liabilities | \n277,712 | \n344,565 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| V.A.T. liabilities | \n16,599 | \n60,047 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other taxes | \n71,981 | \n83,665 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n366,292 | \n488,277 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag372": {
"value": "\n\n
\n\n\n| At December 31, 2024 | \nTrade | \nNot Due | \nPast due | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \nReceivables | \n | \n1 - 180 days | \n> 180 days | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed | \n288,388 | \n254,777 | \n33,341 | \n270 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Not guaranteed | \n1,667,244 | \n1,305,338 | \n298,988 | \n62,918 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed and not guaranteed | \n1,955,632 | \n1,560,115 | \n332,329 | \n63,188 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Expected loss rate | \n0.03% | \n0.01% | \n0.09% | \n0.33% | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Allowance for doubtful accounts | \n(525) | \n(147) | \n(323) | \n(55) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Nominative allowance for doubtful accounts | \n(47,600) | \n - | \n(303) | \n(47,297) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net Value | \n1,907,507 | \n1,559,968 | \n331,703 | \n15,836 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| At December 31, 2023 | \nTrade | \nNot Due | \nPast due | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \nReceivables | \n | \n1 - 180 days | \n> 180 days | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed | \n261,113 | \n236,714 | \n23,991 | \n408 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Not guaranteed | \n2,268,822 | \n1,613,626 | \n590,236 | \n64,960 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Guaranteed and not guaranteed | \n2,529,935 | \n1,850,340 | \n614,227 | \n65,368 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Expected loss rate | \n0.06% | \n0.02% | \n0.18% | \n0.46% | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Allowance for doubtful accounts | \n(1,636) | \n(312) | \n(1,249) | \n(75) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Nominative allowance for doubtful accounts | \n(47,410) | \n - | \n(748) | \n(46,662) | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Net Value | \n2,480,889 | \n1,850,028 | \n612,230 | \n18,631 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n(i) Deducted from assets
\n
\n
\n\n
\n\n\n | \nAllowance for | \nAllowance for other | \nAllowance for | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \ndoubtful accounts - | \ndoubtful accounts - | \ninventory | \n\n\n\n\n\n\n\n
\n\n | \nTrade receivables | \nOther receivables | \nobsolescence | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n(49,046) | \n(3,439) | \n(209,110) | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n194 | \n324 | \n897 | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n(1,151) | \n - | \n(3,676) | \n\n\n\n\n\n\n\n
\n\n| (Additional) / reversal allowances | \n1,095 | \n(546) | \n(41,240) | \n\n\n\n\n\n\n\n
\n\n| Used and other movements | \n783 | \n567 | \n49,955 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n(48,125) | \n(3,094) | \n(203,174) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \nAllowance for | \nAllowance for other | \nAllowance for | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \ndoubtful accounts - | \ndoubtful accounts - | \ninventory | \n\n\n\n\n\n\n\n
\n\n | \nTrade receivables | \nOther receivables | \nobsolescence | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n(45,495) | \n(3,479) | \n(222,666) | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(128) | \n(88) | \n(452) | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n(899) | \n - | \n(9,179) | \n\n\n\n\n\n\n\n
\n\n| (Additional) allowances | \n(3,590) | \n(107) | \n(13,581) | \n\n\n\n\n\n\n\n
\n\n| Used | \n1,066 | \n235 | \n36,768 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n(49,046) | \n(3,439) | \n(209,110) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n(**)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag373": {
"value": "\n
\n\n20 Cash and cash equivalents and other investments
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Cash at banks | \n290,901 | \n370,487 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Liquidity funds | \n355,044 | \n223,424 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Short-term investments | \n29,311 | \n1,043,910 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n675,256 | \n1,637,821 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other investments - current | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero coupon bonds, commercial papers) | \n722,328 | \n896,166 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n834,281 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Fund investments | \n376,998 | \n239,184 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n2,372,999 | \n1,969,631 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other investments - non-current | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n398,220 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero coupon bonds, commercial papers) | \n140,292 | \n - | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Others | \n7,049 | \n7,411 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n1,005,300 | \n405,631 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
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\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"Tag374": {
"value": "\n20 Cash and cash equivalents and other investments
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Cash at banks | \n290,901 | \n370,487 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Liquidity funds | \n355,044 | \n223,424 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Short-term investments | \n29,311 | \n1,043,910 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n675,256 | \n1,637,821 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other investments - current | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero coupon bonds, commercial papers) | \n722,328 | \n896,166 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n1,273,673 | \n834,281 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Fund investments | \n376,998 | \n239,184 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n2,372,999 | \n1,969,631 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Other investments - non-current | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bonds and other fixed income | \n857,959 | \n398,220 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Fixed income (time-deposit, zero coupon bonds, commercial papers) | \n140,292 | \n - | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Others | \n7,049 | \n7,411 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n1,005,300 | \n405,631 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag375": {
"value": "\n21 Borrowings
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Non-current | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bank borrowings | \n11,399 | \n48,304 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n11,399 | \n48,304 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Current | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bank borrowings | \n411,541 | \n513,909 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Bank overdrafts | \n14,458 | \n21,224 | \n\n\n\n\n\n\n\n\n\n\n
\n\n | \n425,999 | \n535,133 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total Borrowings | \n437,398 | \n583,437 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\nThe maturity of borrowings is as follows:
\n
\n\n
\n\n\n| At December 31, 2024 | \n 1 year or less | \n1 - 2 years | \n2 \u2013 3 years | \n Over 3 years | \n Total | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Borrowings | \n425,999 | \n11,399 | \n - | \n - | \n437,398 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total borrowings | \n425,999 | \n11,399 | \n - | \n - | \n437,398 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Interest to be accrued | \n6,270 | \n672 | \n - | \n - | \n6,942 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n432,269 | \n12,071 | \n - | \n - | \n444,340 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| At December 31, 2023 | \n 1 year or less | \n1 - 2 years | \n2 \u2013 3 years | \n Over 3 years | \n Total | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Borrowings | \n535,133 | \n46,804 | \n1,500 | \n - | \n583,437 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total borrowings | \n535,133 | \n46,804 | \n1,500 | \n - | \n583,437 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Interest to be accrued | \n10,510 | \n3,533 | \n283 | \n - | \n14,326 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n545,643 | \n50,337 | \n1,783 | \n - | \n597,763 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nSignificant borrowings include:
\n
\n\n
\n\n\n| In millions of U.S. dollars | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Disbursement date | \nBorrower | \nType | \nFinal maturity | \nOutstanding | \n\n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \nTubos de Acero de Mexico S.A. | \nBilateral | \n2025 | \n200 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \nTenaris Tubocaribe Ltda. | \nBilateral | \n2025 | \n40 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| 2017 | \nGlobal Pipe Company | \nBilateral | \n2026 | \n26 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| 2023 | \nSiderca SAIC | \nBilateral | \n2025 | \n20 | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\nAs of December 31, 2024, Tenaris was in compliance with all of its covenants, or obtained the necessary waivers
\nfrom the applicable financial institution if the covenants were not met.
\n
\nThe weighted average interest rates before tax shown below were calculated using the rates set for each instrument
\nin its corresponding currency as of December 31, 2024 and 2023, considering hedge accounting where applicable.
\n
\n
\n\n
\n\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n\n
\n\n| Total borrowings | \n6.52% | \n10.56% | \n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\nBreakdown of long-term and short-term borrowings by currency and rate is as follows:
\n
\nNon-current borrowings
\n
\n
\n
\n\n
\n\n\n | \n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n
\n\n| Currency | \nInterest rates | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n
\n\n| USD | \nVariable | \n - | \n20,000 | \n\n\n\n\n\n\n\n\n\n
\n\n| SAR | \nFixed | \n9,903 | \n23,803 | \n\n\n\n\n\n\n\n\n\n
\n\n| SAR | \nVariable | \n1,496 | \n4,501 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total non-current borrowings | \n | \n11,399 | \n48,304 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\nCurrent borrowings
\n
\n
\n
\n\n
\n\n\n | \n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n\n
\n\n| Currency | \nInterest rates | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n
\n\n| USD | \nVariable | \n260,866 | \n221,008 | \n\n\n\n\n\n\n\n\n\n
\n\n| USD | \nFixed | \n9,173 | \n111,654 | \n\n\n\n\n\n\n\n\n\n
\n\n| BRL | \nVariable | \n - | \n39,947 | \n\n\n\n\n\n\n\n\n\n
\n\n| EUR | \nFixed | \n14,278 | \n25,104 | \n\n\n\n\n\n\n\n\n\n
\n\n| ARS | \nFixed | \n8,551 | \n23,462 | \n\n\n\n\n\n\n\n\n\n
\n\n| SAR | \nVariable | \n3,018 | \n3,035 | \n\n\n\n\n\n\n\n\n\n
\n\n| SAR | \nFixed | \n130,113 | \n110,923 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total current borrowings | \n | \n425,999 | \n535,133 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\nBorrowings evolution
\n
\n
\n
\n\n
\n\n\n | \nYear ended December 31, 2024 | \n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n583,437 | \n728,762 | \n\n\n\n\n\n\n\n\n
\n\n| Translation differences | \n (6,805) | \n (74,806) | \n\n\n\n\n\n\n\n\n
\n\n| Proceeds and repayments, net | \n (128,761) | \n (211,797) | \n\n\n\n\n\n\n\n\n
\n\n| Interests accrued less payments | \n (3,707) | \n (2,691) | \n\n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (*) | \n - | \n122,839 | \n\n\n\n\n\n\n\n\n
\n\n| Overdrafts variation | \n (6,766) | \n21,130 | \n\n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n437,398 | \n583,437 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n(*)
\nFor the year 2023, related to GPC acquisition.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag377": {
"value": "\n22 Deferred tax assets and liabilities
\n
\nDeferred income taxes are calculated in full on temporary differences under the liability method using the tax rate
\nof each country.
\n
\nThe evolution of deferred tax assets and liabilities during the year is as follows:
\n
\n
\nDeferred tax liabilities
\n
\n
\n
\n\n
\n\n\n | \nFixed assets | \nInventories | \nIntangible assets | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nand other | \n | \n\n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n618,874 | \n114,335 | \n160,202 | \n893,411 | \n\n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(194) | \n(72) | \n(174) | \n(440) | \n\n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n1,223 | \n - | \n2,033 | \n3,256 | \n\n\n\n\n\n\n\n\n
\n\n| Charged to other comprehensive income | \n - | \n - | \n(904) | \n(904) | \n\n\n\n\n\n\n\n\n
\n\n| Income statement credit | \n(51,265) | \n(39,033) | \n(46,940) | \n(137,238) | \n\n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n568,638 | \n75,230 | \n114,217 | \n758,085 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n\n\n | \nFixed assets | \nInventories | \nIntangible assets | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nand other | \n | \n\n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n575,667 | \n43,532 | \n114,542 | \n733,741 | \n\n\n\n\n\n\n\n\n
\n\n| Translation differences | \n41 | \n113 | \n397 | \n551 | \n\n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n4,175 | \n7,563 | \n5,498 | \n17,236 | \n\n\n\n\n\n\n\n\n
\n\n| Charged to other comprehensive income | \n - | \n - | \n138 | \n138 | \n\n\n\n\n\n\n\n\n
\n\n| Income statement charge | \n38,991 | \n63,127 | \n39,627 | \n141,745 | \n\n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n618,874 | \n114,335 | \n160,202 | \n893,411 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n(**)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n
\nDeferred tax assets
\n
\n
\n
\n\n
\n\n\n | \nProvisions | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n | \nand | \nInventories | \nTax losses | \nOther | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \nallowances | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n31,511 | \n199,019 | \n634,894 | \n185,997 | \n1,051,421 | \n\n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(22) | \n(277) | \n(76) | \n(829) | \n(1,204) | \n\n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n - | \n88 | \n(414) | \n1,821 | \n1,495 | \n\n\n\n\n\n\n\n\n
\n\n| Charged to other comprehensive income | \n - | \n - | \n(2,006) | \n885 | \n(1,121) | \n\n\n\n\n\n\n\n\n
\n\n| Income statement credit / (charge) | \n24,436 | \n(44,915) | \n82,400 | \n(27,070) | \n34,851 | \n\n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n55,925 | \n153,915 | \n714,798 | \n160,804 | \n1,085,442 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n\n\n | \nProvisions | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n | \nand | \nInventories | \nTax losses | \nOther | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \nallowances | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n25,817 | \n180,152 | \n310,589 | \n156,984 | \n673,542 | \n\n\n\n\n\n\n\n\n
\n\n| Translation differences | \n6 | \n24 | \n(1) | \n611 | \n640 | \n\n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n1,374 | \n223 | \n1,875 | \n35,941 | \n39,413 | \n\n\n\n\n\n\n\n\n
\n\n| Charged to other comprehensive income | \n - | \n - | \n - | \n2,342 | \n2,342 | \n\n\n\n\n\n\n\n\n
\n\n| Income statement credit / (charge) | \n4,314 | \n18,620 | \n322,431 | \n(9,881) | \n335,484 | \n\n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n31,511 | \n199,019 | \n634,894 | \n185,997 | \n1,051,421 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n(**)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nDeferred tax assets related to tax losses of Tenaris subsidiaries are recognized to the extent it is probable that future
\ntaxable profits will be available, against which such losses can be utilized. The utilization of such tax losses may also
\nbe restricted by the nature of the profit, expiration dates and / or potential limitations on their yearly consumption.
\nIn determining the amount of deferred taxes to be recognized, Tenaris considered existing evidence, both positive
\nand negative, including the historical taxable profits and the projections of future taxable profits prepared by
\nmanagement to assess the probability that the deferred tax assets will be realized. Management applies significant
\njudgment in assessing the likelihood that future taxable profits will be available.
\n
\nDeferred tax assets related to tax losses as of the end of 2024 and 2023 include $623.8 million and $550.3 million
\nrespectively, recognized in its Luxembourg subsidiary mainly due to impairment charges over certain undertakings
\nin the past years. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward
\nindefinitely and are not subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried
\nforward for a maximum of 17 years.
\n
\nTenaris has concluded as of end 2024 and 2023 that it is probable that sufficient future taxable profits will be
\ngenerated by business carried out by its Luxembourg subsidiary which has expanded its activities including sales,
\ndistribution, logistics and marketing of steel products and other related services, against which the above-mentioned
\ntax losses could be utilized prior to their expiration.
\n
\nDeferred tax assets related to tax losses as of the end of 2024 and 2023 also include $79.4 million and $77.9 million
\nrespectively, from U.S. subsidiaries mainly related to the acquisition of IPSCO in 2020. Tenaris has concluded that
\nthese deferred tax assets will be recoverable based on the business plans and budgets.
\n
\nApproximately 97% of the recognized tax losses have an expiration date in more than 5 years or do not expire.
\n
\nAs of December 31, 2024, the unrecognized deferred tax assets originating in tax losses or tax credits amounted to
\n$2,683.5 million.
\n
\nApproximately 98% of the unrecognized deferred tax assets have an expiration date in more than 5 years or do not
\nexpire.
\n
\nThe estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into
\nconsideration management assumptions and estimates, is as follows:
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n
\n\n | \n2024 | \n2023 | \n\n\n
\n\n| Deferred tax assets to be recovered after 12 months | \n755,743 | \n655,415 | \n\n\n
\n\n| Deferred tax liabilities to be settled after 12 months | \n696,693 | \n689,976 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nDeferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current
\ntax assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority
\non either the same taxable entity or different taxable entities where there is an intention to settle the balances on
\na net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement
\nof Financial Position:
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n
\n\n | \n2024 | \n2023 | \n\n\n
\n\n| Deferred tax assets | \n831,298 | \n789,615 | \n\n\n
\n\n| Deferred tax liabilities | \n503,941 | \n631,605 | \n\n\n
\n\n | \n327,357 | \n158,010 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n\n\n\n\nThe movement in the net deferred income tax asset / (liability) account is as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n158,010 | \n (60,199) | \n\n\n\n\n\n\n\n\n
\n\n| Translation differences | \n (764) | \n89 | \n\n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n (1,761) | \n22,177 | \n\n\n\n\n\n\n\n\n
\n\n| Charged to other comprehensive income | \n (217) | \n2,204 | \n\n\n\n\n\n\n\n\n
\n\n| Income statement credit | \n172,089 | \n193,739 | \n\n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n327,357 | \n158,010 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisitions. For more information see note 34.
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag380": {
"value": "\n
\n23 Other liabilities
\n
\n\n(i)
\n
\nOther liabilities \u2013 Non-current
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Post-employment benefits | \n131,564 | \n117,506 | \n\n\n\n\n\n\n\n
\n\n| Other long-term benefits | \n101,260 | \n91,435 | \n\n\n\n\n\n\n\n
\n\n| Miscellaneous | \n68,927 | \n62,327 | \n\n\n\n\n\n\n\n
\n\n | \n301,751 | \n271,268 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nPost-employment benefits
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Unfunded | \n129,032 | \n112,532 | \n\n\n\n\n\n\n\n
\n\n| Funded | \n2,532 | \n4,974 | \n\n\n\n\n\n\n\n
\n\n | \n131,564 | \n117,506 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nAt December 31, 2024 and 2023 the weighted average duration of liabilities related to post-employment benefits
\nwas 7 and 6 years, respectively.
\n
\n\u25aa Unfunded
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n112,532 | \n103,822 | \n\n\n\n\n\n\n\n
\n\n| Current service cost | \n7,206 | \n6,537 | \n\n\n\n\n\n\n\n
\n\n| Interest cost | \n14,692 | \n11,707 | \n\n\n\n\n\n\n\n
\n\n| Curtailments and settlements | \n (131) | \n (675) | \n\n\n\n\n\n\n\n
\n\n| Remeasurements (*) | \n7,506 | \n8,899 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n (6,865) | \n (12,687) | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n - | \n4,531 | \n\n\n\n\n\n\n\n
\n\n| Benefits paid from the plan | \n (8,345) | \n (8,762) | \n\n\n\n\n\n\n\n
\n\n| Other | \n2,437 | \n (840) | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n129,032 | \n112,532 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n(*)
\n For the year 2024 a loss of $1.6 million is attributable to demographic assumptions and a loss of $5.9 million to financial assumptions.
\nFor the year 2023 a loss of $0.6 million is attributable to demographic assumptions and a loss of $8.3 million to financial assumptions.
\n(**)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThe actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Discount rate | \n3% - 8% | \n3% - 7% | \n\n\n\n\n\n\n\n
\n\n| Rate of compensation increase | \n2% - 6% | \n2% - 5% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nAs of December 31, 2024, an increase / (decrease) of 1% in the discount rate assumption of the main plans would
\nhave generated a (decrease) / increase on the defined benefit obligation of $6.6 million and $5.7 million respectively,
\nand an increase / (decrease) of 1% in the rate of compensation assumption of the main plans would have generated
\nan increase / (decrease) impact on the defined benefit obligation of $4.3 million and $4.8 million respectively. The
\nabove sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other
\nassumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be
\ncorrelated.
\n
\n\u25aa Funded
\n
\nThe amounts recognized in the statement of financial position for the current annual period and the previous annual
\nperiod are as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Present value of funded obligations | \n91,698 | \n123,234 | \n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets | \n(102,653) | \n(134,052) | \n\n\n\n\n\n\n\n
\n\n| Asset (*) | \n(10,955) | \n(10,818) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n(*)
\n In 2024 and 2023, $13.5 million and $15.8 million corresponding to plans with surplus balances that were reclassified within other non-
\ncurrent assets, respectively, consequently the net post-employment benefits funded exposed as liabilities amounted to $2.5 million and $5.0
\nmillion respectively.
\n
\nThe movement in the present value of funded obligations is as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n123,234 | \n116,617 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(5,627) | \n1,940 | \n\n\n\n\n\n\n\n
\n\n| Current service cost | \n176 | \n - | \n\n\n\n\n\n\n\n
\n\n| Interest cost | \n5,424 | \n5,715 | \n\n\n\n\n\n\n\n
\n\n| Remeasurements (*) | \n(182) | \n2,142 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n - | \n4,708 | \n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n(8,300) | \n (8,459) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(23,027) | \n571 | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n91,698 | \n123,234 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n(*)
\n For the year 2024 a loss of $0.1 million is attributable to demographic assumptions and a loss of $0.1 million to financial assumptions.
\nFor the year 2023 a loss of $0.9 million is attributable to demographic assumptions and a loss of $1.3 million to financial assumptions.
\n(**)
\nFor the years 2024 and 2023, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\nThe movement in the fair value of plan assets is as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n (134,052) | \n (126,842) | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n7,047 | \n (1,897) | \n\n\n\n\n\n\n\n
\n\n| Return on plan assets | \n(6,010) | \n (6,121) | \n\n\n\n\n\n\n\n
\n\n| Remeasurements | \n(302) | \n (4,225) | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (*) | \n - | \n (3,903) | \n\n\n\n\n\n\n\n
\n\n| Contributions paid to the plan | \n(1,269) | \n - | \n\n\n\n\n\n\n\n
\n\n| Benefits paid from the plan | \n8,300 | \n8,459 | \n\n\n\n\n\n\n\n
\n\n| Other | \n23,633 | \n477 | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n (102,653) | \n (134,052) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n(*)
\nFor the years 2024 and 2023, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nThe major categories of plan assets as a percentage of total plan assets are as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n3% | \n18% | \n\n\n\n\n\n\n\n
\n\n| Debt instruments | \n60% | \n33% | \n\n\n\n\n\n\n\n
\n\n| Others (*) | \n37% | \n49% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n(*)
\nFor the years 2024 and 2023, mainly include annuities purchased from an insurance company for the benefit of current and future retirees.
\n
\nThere are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans.
\n
\nThe actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Discount rate | \n5% - 6% | \n5% - 5% | \n\n\n\n\n\n\n\n
\n\n| Rate of compensation increase | \n3% - 3% | \n0% - 3% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\nThe expected return on plan assets is determined by considering the expected returns available on the assets
\nunderlying the current investment policy. Expected return on plan assets is determined based on long-term,
\nprospective rates of return as of the end of the reporting period.
\n
\nAs of December 31, 2024, an increase / (decrease) of 1% in the discount rate assumption of the main plans would
\nhave generated a (decrease) / increase on the defined benefit obligation of $8.8 million and $7.4 million respectively,
\nand an increase / (decrease) of 1% in the compensation rate assumption of the main plans would have generated
\nan increase / (decrease) on the defined benefit obligation of $0.6 million and $0.7 million respectively. The above
\nsensitivity analyses are based on a change in discount rate and rate of compensation while holding all other
\nassumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be
\ncorrelated.
\n
\nThe expected employer contributions for the year 2025 are not material.
\n
\nThe methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the
\nprevious period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n(ii)
\n
\nOther liabilities \u2013 Current
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Payroll and social security payable | \n270,016 | \n301,213 | \n\n\n\n\n\n\n\n
\n\n| Shares to be settled under buyback program | \n243,264 | \n86,240 | \n\n\n\n\n\n\n\n
\n\n| Miscellaneous | \n72,495 | \n35,192 | \n\n\n\n\n\n\n\n
\n\n | \n585,775 | \n422,645 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag381": {
"value": "\n(i)
\n
\nOther liabilities \u2013 Non-current
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Post-employment benefits | \n131,564 | \n117,506 | \n\n\n\n\n\n\n\n
\n\n| Other long-term benefits | \n101,260 | \n91,435 | \n\n\n\n\n\n\n\n
\n\n| Miscellaneous | \n68,927 | \n62,327 | \n\n\n\n\n\n\n\n
\n\n | \n301,751 | \n271,268 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nPost-employment benefits
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Unfunded | \n129,032 | \n112,532 | \n\n\n\n\n\n\n\n
\n\n| Funded | \n2,532 | \n4,974 | \n\n\n\n\n\n\n\n
\n\n | \n131,564 | \n117,506 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nAt December 31, 2024 and 2023 the weighted average duration of liabilities related to post-employment benefits
\nwas 7 and 6 years, respectively.
\n
\n\u25aa Unfunded
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n112,532 | \n103,822 | \n\n\n\n\n\n\n\n
\n\n| Current service cost | \n7,206 | \n6,537 | \n\n\n\n\n\n\n\n
\n\n| Interest cost | \n14,692 | \n11,707 | \n\n\n\n\n\n\n\n
\n\n| Curtailments and settlements | \n (131) | \n (675) | \n\n\n\n\n\n\n\n
\n\n| Remeasurements (*) | \n7,506 | \n8,899 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n (6,865) | \n (12,687) | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n - | \n4,531 | \n\n\n\n\n\n\n\n
\n\n| Benefits paid from the plan | \n (8,345) | \n (8,762) | \n\n\n\n\n\n\n\n
\n\n| Other | \n2,437 | \n (840) | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n129,032 | \n112,532 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n(*)
\n For the year 2024 a loss of $1.6 million is attributable to demographic assumptions and a loss of $5.9 million to financial assumptions.
\nFor the year 2023 a loss of $0.6 million is attributable to demographic assumptions and a loss of $8.3 million to financial assumptions.
\n(**)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Discount rate | \n3% - 8% | \n3% - 7% | \n\n\n\n\n\n\n\n
\n\n| Rate of compensation increase | \n2% - 6% | \n2% - 5% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nAs of December 31, 2024, an increase / (decrease) of 1% in the discount rate assumption of the main plans would
\nhave generated a (decrease) / increase on the defined benefit obligation of $6.6 million and $5.7 million respectively,
\nand an increase / (decrease) of 1% in the rate of compensation assumption of the main plans would have generated
\nan increase / (decrease) impact on the defined benefit obligation of $4.3 million and $4.8 million respectively. The
\nabove sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other
\nassumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be
\ncorrelated.
\n
\n\u25aa Funded
\n
\nThe amounts recognized in the statement of financial position for the current annual period and the previous annual
\nperiod are as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Present value of funded obligations | \n91,698 | \n123,234 | \n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets | \n(102,653) | \n(134,052) | \n\n\n\n\n\n\n\n
\n\n| Asset (*) | \n(10,955) | \n(10,818) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n(*)
\n In 2024 and 2023, $13.5 million and $15.8 million corresponding to plans with surplus balances that were reclassified within other non-
\ncurrent assets, respectively, consequently the net post-employment benefits funded exposed as liabilities amounted to $2.5 million and $5.0
\nmillion respectively.
\n
\nThe movement in the present value of funded obligations is as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n123,234 | \n116,617 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(5,627) | \n1,940 | \n\n\n\n\n\n\n\n
\n\n| Current service cost | \n176 | \n - | \n\n\n\n\n\n\n\n
\n\n| Interest cost | \n5,424 | \n5,715 | \n\n\n\n\n\n\n\n
\n\n| Remeasurements (*) | \n(182) | \n2,142 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n - | \n4,708 | \n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n(8,300) | \n (8,459) | \n\n\n\n\n\n\n\n
\n\n| Other | \n(23,027) | \n571 | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n91,698 | \n123,234 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n(*)
\n For the year 2024 a loss of $0.1 million is attributable to demographic assumptions and a loss of $0.1 million to financial assumptions.
\nFor the year 2023 a loss of $0.9 million is attributable to demographic assumptions and a loss of $1.3 million to financial assumptions.
\n(**)
\nFor the years 2024 and 2023, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\nThe movement in the fair value of plan assets is as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| At the beginning of the year | \n (134,052) | \n (126,842) | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n7,047 | \n (1,897) | \n\n\n\n\n\n\n\n
\n\n| Return on plan assets | \n(6,010) | \n (6,121) | \n\n\n\n\n\n\n\n
\n\n| Remeasurements | \n(302) | \n (4,225) | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (*) | \n - | \n (3,903) | \n\n\n\n\n\n\n\n
\n\n| Contributions paid to the plan | \n(1,269) | \n - | \n\n\n\n\n\n\n\n
\n\n| Benefits paid from the plan | \n8,300 | \n8,459 | \n\n\n\n\n\n\n\n
\n\n| Other | \n23,633 | \n477 | \n\n\n\n\n\n\n\n
\n\n| At the end of the year | \n (102,653) | \n (134,052) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n(*)
\nFor the years 2024 and 2023, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe major categories of plan assets as a percentage of total plan assets are as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n3% | \n18% | \n\n\n\n\n\n\n\n
\n\n| Debt instruments | \n60% | \n33% | \n\n\n\n\n\n\n\n
\n\n| Others (*) | \n37% | \n49% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n(*)
\nFor the years 2024 and 2023, mainly include annuities purchased from an insurance company for the benefit of current and future retirees.
\n
\nThere are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans.
\n
\nThe actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Discount rate | \n5% - 6% | \n5% - 5% | \n\n\n\n\n\n\n\n
\n\n| Rate of compensation increase | \n3% - 3% | \n0% - 3% | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\nThe expected return on plan assets is determined by considering the expected returns available on the assets
\nunderlying the current investment policy. Expected return on plan assets is determined based on long-term,
\nprospective rates of return as of the end of the reporting period.
\n
\nAs of December 31, 2024, an increase / (decrease) of 1% in the discount rate assumption of the main plans would
\nhave generated a (decrease) / increase on the defined benefit obligation of $8.8 million and $7.4 million respectively,
\nand an increase / (decrease) of 1% in the compensation rate assumption of the main plans would have generated
\nan increase / (decrease) on the defined benefit obligation of $0.6 million and $0.7 million respectively. The above
\nsensitivity analyses are based on a change in discount rate and rate of compensation while holding all other
\nassumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be
\ncorrelated.
\n
\nThe expected employer contributions for the year 2025 are not material.
\n
\nThe methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the
\nprevious period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag386": {
"value": "\n(ii)
\n
\nOther liabilities \u2013 Current
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Payroll and social security payable | \n270,016 | \n301,213 | \n\n\n\n\n\n\n\n
\n\n| Shares to be settled under buyback program | \n243,264 | \n86,240 | \n\n\n\n\n\n\n\n
\n\n| Miscellaneous | \n72,495 | \n35,192 | \n\n\n\n\n\n\n\n
\n\n | \n585,775 | \n422,645 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag387": {
"value": "\n24 Non-current allowances and provisions
\n
\nLiabilities
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n101,453 | \n98,126 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(11,718) | \n4,260 | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n(900) | \n1,500 | \n\n\n\n\n\n\n\n
\n\n| Additional allowance | \n10,077 | \n1,901 | \n\n\n\n\n\n\n\n
\n\n| Reclassifications | \n(9,839) | \n(164) | \n\n\n\n\n\n\n\n
\n\n| Used and other movements | \n(6,967) | \n(4,170) | \n\n\n\n\n\n\n\n
\n\n| Values at the end of the year | \n82,106 | \n101,453 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\nNon-current allowances and provisions related to liabilities include lawsuits and other legal proceedings, including employee, tax and
\nenvironmental-related claims.
\n(*)
\nFor the years 2024 and 2023, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n25 Current allowances and provisions
\n
\n\n(i) Deducted from assets
\n
\n
\n\n
\n\n\n | \nAllowance for | \nAllowance for other | \nAllowance for | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \ndoubtful accounts - | \ndoubtful accounts - | \ninventory | \n\n\n\n\n\n\n\n
\n\n | \nTrade receivables | \nOther receivables | \nobsolescence | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n(49,046) | \n(3,439) | \n(209,110) | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n194 | \n324 | \n897 | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (*) | \n(1,151) | \n - | \n(3,676) | \n\n\n\n\n\n\n\n
\n\n| (Additional) / reversal allowances | \n1,095 | \n(546) | \n(41,240) | \n\n\n\n\n\n\n\n
\n\n| Used and other movements | \n783 | \n567 | \n49,955 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n(48,125) | \n(3,094) | \n(203,174) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \nAllowance for | \nAllowance for other | \nAllowance for | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \ndoubtful accounts - | \ndoubtful accounts - | \ninventory | \n\n\n\n\n\n\n\n
\n\n | \nTrade receivables | \nOther receivables | \nobsolescence | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n(45,495) | \n(3,479) | \n(222,666) | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(128) | \n(88) | \n(452) | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations (**) | \n(899) | \n - | \n(9,179) | \n\n\n\n\n\n\n\n
\n\n| (Additional) allowances | \n(3,590) | \n(107) | \n(13,581) | \n\n\n\n\n\n\n\n
\n\n| Used | \n1,066 | \n235 | \n36,768 | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n(49,046) | \n(3,439) | \n(209,110) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n(*)
\nFor the year 2024, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n(**)
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr\u2019s pipe coating business unit acquisitions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n(ii) Liabilities
\n
\n
\n
\n\n
\n\n\n | \n | \nOther claims and | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2024 | \nSales risks | \ncontingencies (*) | \nTotal | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n19,940 | \n16,019 | \n35,959 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n(1,301) | \n(18,978) | \n(20,279) | \n\n\n\n\n\n\n\n
\n\n| Changes due to business combinations (**) | \n - | \n722 | \n722 | \n\n\n\n\n\n\n\n
\n\n| Additional provisions | \n21,296 | \n106,198 | \n127,494 | \n\n\n\n\n\n\n\n
\n\n| Reclassifications | \n - | \n9,839 | \n9,839 | \n\n\n\n\n\n\n\n
\n\n| Used | \n(23,564) | \n(10,827) | \n(34,391) | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2024 | \n16,371 | \n102,973 | \n119,344 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \n | \nOther claims and | \n | \n\n\n\n\n\n\n\n
\n\n| Year ended December 31, 2023 | \nSales risks | \ncontingencies (*) | \nTotal | \n\n\n\n\n\n\n\n
\n\n| Values at the beginning of the year | \n3,186 | \n7,999 | \n11,185 | \n\n\n\n\n\n\n\n
\n\n| Translation differences | \n285 | \n(208) | \n77 | \n\n\n\n\n\n\n\n
\n\n| Increase due to business combinations(**) | \n - | \n5,317 | \n5,317 | \n\n\n\n\n\n\n\n
\n\n| Additional provisions | \n30,057 | \n6,941 | \n36,998 | \n\n\n\n\n\n\n\n
\n\n| Reclassifications | \n - | \n164 | \n164 | \n\n\n\n\n\n\n\n
\n\n| Used | \n(13,588) | \n(4,194) | \n(17,782) | \n\n\n\n\n\n\n\n
\n\n| At December 31, 2023 | \n19,940 | \n16,019 | \n35,959 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n(*)
\n Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.
\nFor the year 2024, includes $89.4 million related the ongoing litigation related to the acquisition of participation in Usiminas. For more
\ninformation see note 27 (i).
\n(**)
\nFor the years 2024 and 2023, related to Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag390": {
"value": "\n26 Derivative financial instruments
\n
\nNet fair values of derivative financial instruments
\n
\nThe net fair values of derivative financial instruments, in accordance with IFRS 13, are:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| Other derivatives | \n7,484 | \n9,801 | \n\n\n\n\n\n\n\n
\n\n| Contracts with positive fair values | \n7,484 | \n9,801 | \n\n\n\n\n\n\n\n
\n\n| Other derivatives | \n (8,300) | \n (11,150) | \n\n\n\n\n\n\n\n
\n\n| Contracts with negative fair values | \n (8,300) | \n (11,150) | \n\n\n\n\n\n\n\n
\n\n| Total | \n (816) | \n (1,349) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\nOther derivatives include contracts which are designated to hedge positions other than borrowings and investments.
\n
\n
\nForeign exchange and commodities derivative contracts and hedge accounting
\n
\nTenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair
\nvalues of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December
\n31, 2024 and 2023 were as follows:
\n
\n\n
\n\n\n| Purchase currency | \nSell currency | \nTerm | \nFair Value | \nHedge Accounting Reserve | \n\n\n\n\n\n\n\n
\n\n | \n | \n | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| BRL | \nUSD | \n2025 | \n (2,818) | \n49 | \n1,776 | \n49 | \n\n\n\n\n\n\n\n
\n\n| EUR | \nUSD | \n2025 | \n (2,551) | \n5,557 | \n (2,091) | \n624 | \n\n\n\n\n\n\n\n
\n\n| USD | \nBRL | \n2025 | \n1,579 | \n (1,009) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nCAD | \n2025 | \n1,465 | \n (836) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nEUR | \n2025 | \n1,089 | \n (2,966) | \n383 | \n7,142 | \n\n\n\n\n\n\n\n
\n\n| MXN | \nUSD | \n2025 | \n770 | \n - | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nKWD | \n2025 | \n569 | \n (50) | \n - | \n (388) | \n\n\n\n\n\n\n\n
\n\n| USD | \nMXN | \n2025 | \n (282) | \n (2,125) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nNGN | \n2025 | \n (212) | \n - | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nCOP | \n2025 | \n202 | \n - | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nGBP | \n2025 | \n134 | \n (51) | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| USD | \nCNY | \n2025 | \n73 | \n (335) | \n - | \n501 | \n\n\n\n\n\n\n\n
\n\n| RON | \nUSD | \n2025 | \n (31) | \n261 | \n - | \n - | \n\n\n\n\n\n\n\n
\n\n| Others | \n | \n2025 | \n5 | \n (49) | \n120 | \n - | \n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n (8) | \n (1,554) | \n188 | \n7,928 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n\n\n| Commodity Derivatives | \nTerm | \nFair Value | \nHedge Accounting Reserve | \n\n\n\n\n\n\n\n
\n\n | \n | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n\n\n
\n\n| LME Scrap | \n2025 | \n (1,974) | \n1,376 | \n (1,974) | \n1,376 | \n\n\n\n\n\n\n\n
\n\n| PSV Gas | \n2025 | \n1,097 | \n (2,566) | \n1,097 | \n (2,566) | \n\n\n\n\n\n\n\n
\n\n| Nickel | \n2025 | \n52 | \n1,966 | \n52 | \n1,966 | \n\n\n\n\n\n\n\n
\n\n| Houston Ship Channel Gas | \n2025 | \n34 | \n (231) | \n34 | \n (231) | \n\n\n\n\n\n\n\n
\n\n| Electric Energy | \n2025 | \n (17) | \n (340) | \n (17) | \n (340) | \n\n\n\n\n\n\n\n
\n\n| Total | \n | \n (808) | \n205 | \n (808) | \n205 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\nFollowing is a summary of the hedge reserve evolution:
\n
\n
\n\n
\n\n\n | \nEquity Reserve | \nMovements | \nEquity Reserve | \nMovements | \nEquity Reserve | \n\n\n\n\n\n\n\n
\n\n | \nDec-2022 | \n2023 | \nDec-2023 | \n2024 | \nDec-2024 | \n\n\n\n\n\n\n\n
\n\n| Foreign Exchange & Commodities | \n13,122 | \n (4,989) | \n8,133 | \n (8,753) | \n (620) | \n\n\n\n\n\n\n\n
\n\n| Total Cash flow Hedge | \n13,122 | \n (4,989) | \n8,133 | \n (8,753) | \n (620) | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\nTenaris estimates that the majority of the cash flow hedge reserve corresponding to derivatives instruments at
\nDecember 31, 2024 will be recycled to the Consolidated Income Statement during 2025. For information on hedge
\naccounting reserve, see section III.D to these Consolidated Financial Statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag303": {
"value": "\n
\n27 Contingencies, commitments and restrictions on the distribution of profits
\n
\n\n(i) Contingencies
\n
\nTenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,
\nemployee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,
\nreimbursement for losses, or indemnity. Management, with the assistance of legal counsel, periodically reviews the
\nstatus of each significant matter and assesses potential financial exposure.
\n
\nSome of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues
\nare subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are
\ndifficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal
\nproceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from
\nultimate resolution of the proceeding. In those situations, the Company has not accrued a provision for the potential
\noutcome of these cases.
\n
\nIf a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be
\nreasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the
\nlosses to be incurred based on information available to management as of the date of preparation of the financial
\nstatements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases,
\nthe Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending
\non the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that
\npublication of this information on a case-by-case basis would seriously prejudice the Tenaris\u2019s position in the
\nongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has
\ndisclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range
\nof potential loss.
\n
\nThe Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial
\nStatements are adequate based upon currently available information. However, if management\u2019s estimates prove
\nincorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could
\nhave a material adverse effect on its results of operations, financial condition, net worth and cash flows.
\n
\nBelow is a summary description of Tenaris\u2019s material legal proceedings which are outstanding as of the date of
\nthese Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of
\nwhich is believed to be material.
\n
\n\u25aa
\nCSN claims relating to the January 2012 acquisition of Usiminas
\n
\n
\nThe Company is party to a longstanding lawsuit filed in Brazil by Companhia Sider\u00fargica Nacional (\u201cCSN\u201d), and
\nvarious entities affiliated with CSN against the Company\u2019s Brazilian subsidiary Confab and three subsidiaries of
\nTernium, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named in
\nthe CSN lawsuit had acquired participations in Usiminas in January 2012. The CSN lawsuit alleges that, under
\napplicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-
\ncontrolling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in
\nsuch acquisition, or BRL28.8, and sought an order to compel the acquirers to launch an offer at that price plus
\ninterest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging
\nto Usiminas\u2019 control group. Confab\u2019s share in the offer would be 17.9%.
\n
\nOn September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of
\nappeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the
\nSuperior Court of Justice (\u201cSCJ\u201d) seeking the review and reversal of the decision issued by the Court of Appeals.
\nOn September 10, 2019, the SCJ declared CSN\u2019s appeal admissible. On March 7, 2023, the SCJ, by majority vote,
\nrejected CSN\u2019s appeal.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nCSN made several submissions in connection with the SCJ\u2019s March 7, 2023 decision, including a motion for
\nclarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote. At an
\nOctober 17, 2023 session, two justices of the SCJ voted in favor of remanding the case to the first instance for it to
\nbe retried following production and assessment of the new evidence, and two justices of the SCJ voted, without
\nrequiring any further evidence, in favor of granting CSN\u2019s motion for clarification and reversing the March 7, 2023
\ndecision that rejected CSN\u2019s appeal; because the fifth member of SCJ excused himself from voting, a justice from
\nanother panel at the SCJ was summoned to produce the tie-breaking vote. On June 18, 2024, the SCJ completed
\nits voting on CSN\u2019s motion for clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved
\nthat Confab and the three subsidiaries of Ternium should pay CSN an indemnification in connection with the
\nacquisition by the T/T Group of a participation in Usiminas in January 2012, with CSN being allowed to retain
\nownership of the Usiminas ordinary shares it currently owns.
\n
\nOn August 1, 2024, Confab and the other T/T Group entities filed a motion for clarification against the SCJ decision
\nand, subsequently, CSN filed its reply. On December 6, 2024, the SCJ rejected this motion for clarification,
\nconfirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the
\n2012 acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to
\nmodify the applicable monetary adjustment mechanism and to cap the applicable attorney\u2019s fees, thereby lowering
\nthe aggregate amount that would be payable if CSN ultimately prevails in this claim. Based on such SCJ decision,
\nassuming monetary adjustment thorough December 31, 2024, and attorney\u2019s fees in the amount of BRL5 million,
\nthe revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims, would be of
\napproximately BRL553.4 million (approximately $89.4 million at the BRL/$ rate as of such date).
\n
\nThe Company continues to believe that all of CSN's claims and allegations are unsupported and without merit, as
\nconfirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator in
\nFebruary 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ
\ndecision referred to above, and that in connection with the Usiminas acquisition the T/T Group was not required
\neither to launch a tender offer or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and
\nthe other T/T Group entities filed an extraordinary appeal against the SCJ decisions that ordered an indemnification
\npayment, seeking their review and reversal by the Supreme Federal Tribunal. The Company, however, cannot predict
\nthe ultimate resolution of the matter.
\n
\n\u25aa
\nVeracel celulose accident litigation
\n
\nOn September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (\u201cVeracel\u201d) in connection
\nwith a rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident
\nallegedly resulted in material damages to Veracel. Ita\u00fa Seguros S.A. (\u201cIta\u00fa\u201d), Veracel\u2019s insurer at the time of the
\nVeracel accident and then replaced by Chubb Seguros Brasil S/A (\u201cChubb\u201d), initiated a lawsuit against Confab
\nseeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a
\nsecond lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to
\nthe Veracel accident and other amounts not covered by insurance. Ita\u00fa and Veracel claimed that the Veracel accident
\nwas caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes
\nthat the Veracel accident was caused by the improper handling by Veracel\u2019s personnel of the equipment supplied
\nby Confab in violation of Confab\u2019s instructions. The two lawsuits were consolidated and are considered by the 6
\nth
\n
\nCivil Court of S\u00e3o Caetano do Sul. However, each lawsuit will be adjudicated separately.
\n
\nOn September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October
\n9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the
\naccident or the claim.
\n
\nOn October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were
\nunfavorable to Confab:
\n
\n\u25aa With respect to Chubb\u2019s claim, the court subsequently homologated the above-mentioned settlement and,
\naccordingly, the claim was finalized.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\u25aa With respect to Veracel\u2019s claim, Confab was ordered to pay the insurance deductible and other concepts
\nnot covered by insurance, currently estimated to amount to BRL110.5 million (approximately $17.8 million)
\nincluding interest, fees and expenses. Both parties filed motions for clarification against the court\u2019s decision,
\nwhich were partially granted. Although the contract between Confab and Veracel expressly provided that
\nConfab would not be liable for damages arising from lost profits, the court award would appear to include
\nBRL94.8 million (approximately $15.3 million) of damages arising therefrom. Confab has additional defence
\narguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the
\nfirst instance court decision, and on April 30, 2019, Veracel filed its response to the appeal. In June 2022,
\nthe court resolved that it lacked jurisdiction to decide on the appeal, which was re-allocated to another
\ncourt. On August 26, 2024, the court issued a decision rejecting certain procedural objections and ordering
\nthat new expert evidence be produced. As a result, the trial was redirected to the first instance court for
\nnew technical evidence to be produced by a new expert. On September 9, 2024, Veracel filed a motion for
\nclarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this
\nstage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an
\nunfavourable outcome.
\n
\n\u25aa
\nPetrobras-related proceedings and claims
\n
\nUpon learning that Brazilian, Italian and Swiss authorities were investigating whether certain payments were made
\nprior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly
\nlinked to individuals related to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) and whether any such payments were intended
\nto benefit the Company\u2019s Brazilian subsidiary Confab, the Audit Committee of the Company's Board of Directors
\nengaged external counsel in connection with the Company\u2019s review of these matters. In addition, the Company
\nvoluntarily notified the U.S. Securities and Exchange Commission (\u201cSEC\u201d) and the U.S. Department of Justice
\n(\u201cDOJ\u201d) in October 2016. The Company conducted, with the assistance of external counsel, an internal investigation
\nand found no evidence corroborating any involvement by the Company or its directors, officers or employees in
\nrespect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that
\nConfab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including
\nimproperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ
\ninformed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the
\nCompany neither admits nor denies the SEC\u2019s findings and on June 24, 2022, paid $53.1 million in disgorgement
\nand prejudgment interest and $25 million for a civil penalty to conclude the matter.
\n
\nIn July 2019, the Company learned that the public prosecutors\u2019 office of Milan, Italy, had completed a preliminary
\ninvestigation into the same alleged payments and had included in the investigation, among other persons, the
\nCompany\u2019s Chairman and chief executive officer, two other board members, Gianfelice Rocca and Roberto Bonatti,
\nand the Company\u2019s controlling shareholder, San Faustin. The Company was not a party to the proceedings. On
\nMarch 22, 2022, upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-
\ninstance court in Milan in charge of the case to impose sanctions on our Chairman and chief executive officer, on
\nthe other two board members, and on San Faustin. On May 26, 2022, the first-instance court dismissed the case
\nbrought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal
\nproceeding should not have been initiated. On February 22, 2024, the court of appeals referred the case to the
\ncourt of cassation, which, on May 23, 2024, confirmed the decision of the first-instance court and closed the case.
\n
\nIn June 2020, the Brazilian public prosecutors\u2019 office requested the indictment of several individuals, including three
\nexecutives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes
\nof corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to
\npayments between 2009 and 2013. On December 11, 2024, the Confab executives were acquitted. The acquittal
\nhas already been appealed, so the criminal proceedings continue to be underway. Neither the Company nor Confab
\nis a party to these criminal proceedings.
\n
\nIn addition, Petrobras and the Brazilian public prosecutors filed civil claims for alleged damages arising from the
\nsame events against, among others, Confab and the Confab executives named in the criminal proceedings referred
\nto above. Confab became aware of these civil claims in September 2022. As of December 31, 2024, the aggregate
\namount of these claims was estimated at BRL193.2 million (or approximately $31.2 million). The plaintiffs also seek
\nthat Confab be prohibited from contracting with, or receiving benefits or exemptions from, the Brazilian state for
\nan unspecified term. Confab believes these claims do not address either the defence arguments or the evidence
\navailable to the plaintiffs in Brazil and presented in other jurisdictions and is contesting them. At this stage, the
\nCompany cannot predict the outcome of these civil proceedings.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nIn late March 2024, the Company became aware of a resolution of Brazil\u2019s General Controllers Office, which opened
\nadministrative responsibility proceedings against Confab and other non-Tenaris affiliates and formed an
\ninvestigative commission charged with investigating the same purported irregularities. Confab received notice of
\nthese proceedings in February 2025, and believes that the General Controllers\u2019 Office\u2019s allegations do not address
\neither the defence arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions.
\nAlthough the Company is defending itself, it cannot predict the outcome of these administrative proceedings.
\n
\n\u25aa
\nAdministrative proceeding concerning Brazilian tax credits
\n
\nConfab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an
\namount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The
\nproceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly
\nundue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative
\ndecision denying Confab\u2019s appeal, thereby upholding the tax determination and the fine against Confab. On
\nJanuary 28, 2019, Confab challenged such administrative decision. Special appeals were filed by Confab in July
\n2023 and by the Brazilian General Tax Attorney in September 2023. The parties are currently awaiting a resolution.
\nIn case of an unfavorable resolution, Confab may appeal before the courts. The estimated amount of this claim is
\nBRL62.1 million (approximately $10.0 million). At this stage, the Company cannot predict the outcome of this claim.
\n
\n\u25aa
\nU.S. patent infringement litigation
\n
\nTenaris Coiled Tubes, LLC (\u201cTCT\u201d), a U.S. subsidiary of the Company, was sued in 2017 by its competitor Global
\nTubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not
\ninfringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by
\nTCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed
\nan amended complaint (including the Company as defendant), alleging, among other things, that TCT and the
\nCompany had misled the patent office. On March 20, 2023, the judge granted summary judgment in favor of
\nGlobal Tubing, concluding that the patents at issue are unenforceable due to inequitable conduct during the patent
\nprosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge. Global
\nTubing also filed a brief seeking to recover attorneys\u2019 fees, without specifying the amount of those fees. Although
\nit is not possible to predict the final outcome of this matter, the Company believes that any potential losses arising
\nfrom this case will not be material.
\n
\n\u25aa
\nU.S. Antidumping Duty Investigations
\n
\nOn October 27, 2021, the U.S. Department of Commerce (\u201cDOC\u201d) initiated antidumping duty investigations of oil
\ncountry tubular goods (\u201cOCTG\u201d) from Argentina, Mexico, and Russia. After the DOC issued affirmative preliminary
\nand final antidumping determinations with respect to imports from Argentina, Mexico and Russia on October 27,
\n2022, the International Trade Commission (\u201cITC\u201d) determined that the imports under investigation caused injury to
\nthe U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation
\nto the Court of International Trade, and, with respect to certain claims, to the Court of Appeals for the Federal
\nCircuit. In addition, in response to a request from the Government of Argentina, the World Trade Organization
\n(\u201cWTO\u201d) established a panel of experts to consider whether the DOC\u2019s antidumping order applicable to Argentina
\nis consistent with the international obligations of the United States. As a result of the investigation, and unless
\noverturned on appeal, Tenaris is required to pay antidumping duty deposits (at a rate of 78.30% for imports from
\nArgentina and 44.93% for imports from Mexico) until such time the imports are reviewed by the DOC to determine
\nwhether final duties are necessary for the specific period under review. Tenaris has been paying such deposits since
\nMay 11, 2022, reflecting the amount of such deposits in its costs. The deposit rates may be reset periodically based
\non the results of the review process. It is possible that, through the periodic review process, the deposits may be
\neither returned to Tenaris in whole or in part, or may be increased.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n(ii)
\n
\nCommitments and guarantees
\n
\nSet forth is a description of the Tenaris\u2019s main outstanding commitments:
\n
\n\u25aa Certain subsidiaries of the Company entered into a long-term contract with Praxair S.A. for the service of oxygen
\nand nitrogen supply. As of December 31, 2024, the aggregate amount to take or pay the committed volumes for
\nan original 14-year term totaled approximately $28.1 million.
\n
\n\u25aa A Mexican subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through
\nDecember 1, 2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen\u2019s capacity).
\nMonthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and
\ntransmission charges. As of the seventh contract year (as long as Techgen\u2019s existing or replacing bank facility has
\nbeen repaid in full), the Company\u2019s subsidiary has the right to suspend or early terminate the contract if the rate
\npayable under the agreement is higher than the rate charged by the Mexican
\nComisi\u00f3n Federal de Electricidad
\n
\n(\u201cCFE\u201d) or its successors. The Company\u2019s subsidiary may instruct Techgen to sell to any affiliate, to CFE, or to any
\nother third party all or any part of unused contracted energy under the agreement and the Company\u2019s subsidiary
\nwill benefit from the proceeds of such sale.
\n
\n\u25aa A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it is
\ncommitted to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly
\nadjustments. The contract became effective in April 2021, with an original duration of 3 years. In September 2023,
\nthe parties agreed to extend its term until December 31, 2024 and in October 2024, agreed a renovation until
\nDecember 31,2025. As of December 31, 2024, the estimated aggregate contract amount calculated at current
\nprices, was approximately $57.7 million. The contract gives the subsidiary of the Company the right to temporarily
\nreduce the quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of
\nmaterial adverse changes in prevailing economic or market conditions.
\n
\n\u25aa In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year
\nmaster distribution agreement (the \u201cMDA\u201d) with PAO TMK (\u201cTMK\u201d) whereby, since January 2, 2020, Tenaris
\nbecame the exclusive distributor of TMK\u2019s OCTG and line pipe products in United States and Canada. At the end
\nof the MDA\u2019s 6-year term, TMK would have the option to extend the duration of its term for an additional 12-
\nmonth period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-
\nmanufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product
\ncategory in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that
\nthere would be no minimum yearly purchase requirement for the OCTG product category for 2022, and there
\nwould be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for 2022,
\nnor for any subsequent contract year until expiration of the MDA\u2019s term. In addition, no purchases of TMK
\nproducts were made during 2023 or 2024.
\n
\n\u25aa Certain subsidiaries of the Company entered into a long-term contract with the supplier JFE Steel Corporation for
\nthe purchase of tubular material, including 13 chrome alloy products. Such contract foresees a penalty for a
\nmaximum amount of $25.1 million in case of early termination. The contract is valid until June 30, 2029.
\n
\n\u25aa Certain subsidiaries of the Company entered into short-term agreements with Vestas Group for the supply of
\nmaterials and services related to the construction of a wind farm in Argentina. As of December 31, 2024, the
\namount related to these commitments was $90.1 million.
\n
\n\u25aa An Argentine subsidiary of the Company entered into short-term agreements with COARCO S.A. for execution
\nof civil and electrical works, including auxiliary services, related with the construction of a wind farm in Argentina.
\nAs of December 31, 2024, the amount related to these commitments was $39.9 million.
\n
\n\u25aa A U.S. subsidiary of the Company entered into a one-year agreement with U.S. Steel Corporation under which it
\nis committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated
\non a monthly basis. As of December 31, 2024, the estimated aggregate contract amount, calculated at current
\nprices, stands at approximately $31.2 million.
\n
\n\u25aa An Argentine subsidiary of the Company entered into a contract with Usiminas from which it committed to
\npurchase steel coils for a remaining amount of approximately $88.2 million to use for manufacturing welded pipes
\nfor the VMOS project in the Vaca Muerta shale in Argentina.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nIn addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain
\nobligations of Techgen as described in note 14 (c) and (ii) issued performance guarantees mainly related to long-
\nterm commercial contracts with several customers and Tenaris companies for approximately $4.1 billion as of
\nDecember 31, 2024.
\n
\n\n\n\n\n\n\n\n\n\n
\n(iii) Restrictions on the distribution of profits and payment of dividends
\n
\nIn accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% of its net profit for
\neach financial year to a legal reserve is until such reserve equals 10% of the issued share capital.
\n
\nOn April 30, 2024, the extraordinary general meeting of shareholders approved the cancelation of 17,779,302
\nordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital of the
\nCompany and, accordingly, the legal reserve was proportionally reduced. As of December 31, 2024, this reserve
\nremains fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends
\nmay not be paid out of the legal reserve.
\n
\nThe Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings
\ncalculated in accordance with Luxembourg law and regulations.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag304": {
"value": "\n(i) Contingencies
\n
\nTenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,
\nemployee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,
\nreimbursement for losses, or indemnity. Management, with the assistance of legal counsel, periodically reviews the
\nstatus of each significant matter and assesses potential financial exposure.
\n
\nSome of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues
\nare subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are
\ndifficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal
\nproceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from
\nultimate resolution of the proceeding. In those situations, the Company has not accrued a provision for the potential
\noutcome of these cases.
\n
\nIf a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be
\nreasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the
\nlosses to be incurred based on information available to management as of the date of preparation of the financial
\nstatements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases,
\nthe Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending
\non the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that
\npublication of this information on a case-by-case basis would seriously prejudice the Tenaris\u2019s position in the
\nongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has
\ndisclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range
\nof potential loss.
\n
\nThe Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial
\nStatements are adequate based upon currently available information. However, if management\u2019s estimates prove
\nincorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could
\nhave a material adverse effect on its results of operations, financial condition, net worth and cash flows.
\n
\nBelow is a summary description of Tenaris\u2019s material legal proceedings which are outstanding as of the date of
\nthese Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of
\nwhich is believed to be material.
\n
\n\u25aa
\nCSN claims relating to the January 2012 acquisition of Usiminas
\n
\n
\nThe Company is party to a longstanding lawsuit filed in Brazil by Companhia Sider\u00fargica Nacional (\u201cCSN\u201d), and
\nvarious entities affiliated with CSN against the Company\u2019s Brazilian subsidiary Confab and three subsidiaries of
\nTernium, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named in
\nthe CSN lawsuit had acquired participations in Usiminas in January 2012. The CSN lawsuit alleges that, under
\napplicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-
\ncontrolling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in
\nsuch acquisition, or BRL28.8, and sought an order to compel the acquirers to launch an offer at that price plus
\ninterest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging
\nto Usiminas\u2019 control group. Confab\u2019s share in the offer would be 17.9%.
\n
\nOn September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of
\nappeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the
\nSuperior Court of Justice (\u201cSCJ\u201d) seeking the review and reversal of the decision issued by the Court of Appeals.
\nOn September 10, 2019, the SCJ declared CSN\u2019s appeal admissible. On March 7, 2023, the SCJ, by majority vote,
\nrejected CSN\u2019s appeal.
\n
\n\n\n\n\n\n\n\n\n\nCSN made several submissions in connection with the SCJ\u2019s March 7, 2023 decision, including a motion for
\nclarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote. At an
\nOctober 17, 2023 session, two justices of the SCJ voted in favor of remanding the case to the first instance for it to
\nbe retried following production and assessment of the new evidence, and two justices of the SCJ voted, without
\nrequiring any further evidence, in favor of granting CSN\u2019s motion for clarification and reversing the March 7, 2023
\ndecision that rejected CSN\u2019s appeal; because the fifth member of SCJ excused himself from voting, a justice from
\nanother panel at the SCJ was summoned to produce the tie-breaking vote. On June 18, 2024, the SCJ completed
\nits voting on CSN\u2019s motion for clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved
\nthat Confab and the three subsidiaries of Ternium should pay CSN an indemnification in connection with the
\nacquisition by the T/T Group of a participation in Usiminas in January 2012, with CSN being allowed to retain
\nownership of the Usiminas ordinary shares it currently owns.
\n
\nOn August 1, 2024, Confab and the other T/T Group entities filed a motion for clarification against the SCJ decision
\nand, subsequently, CSN filed its reply. On December 6, 2024, the SCJ rejected this motion for clarification,
\nconfirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the
\n2012 acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to
\nmodify the applicable monetary adjustment mechanism and to cap the applicable attorney\u2019s fees, thereby lowering
\nthe aggregate amount that would be payable if CSN ultimately prevails in this claim. Based on such SCJ decision,
\nassuming monetary adjustment thorough December 31, 2024, and attorney\u2019s fees in the amount of BRL5 million,
\nthe revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims, would be of
\napproximately BRL553.4 million (approximately $89.4 million at the BRL/$ rate as of such date).
\n
\nThe Company continues to believe that all of CSN's claims and allegations are unsupported and without merit, as
\nconfirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator in
\nFebruary 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ
\ndecision referred to above, and that in connection with the Usiminas acquisition the T/T Group was not required
\neither to launch a tender offer or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and
\nthe other T/T Group entities filed an extraordinary appeal against the SCJ decisions that ordered an indemnification
\npayment, seeking their review and reversal by the Supreme Federal Tribunal. The Company, however, cannot predict
\nthe ultimate resolution of the matter.
\n
\n\u25aa
\nVeracel celulose accident litigation
\n
\nOn September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (\u201cVeracel\u201d) in connection
\nwith a rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident
\nallegedly resulted in material damages to Veracel. Ita\u00fa Seguros S.A. (\u201cIta\u00fa\u201d), Veracel\u2019s insurer at the time of the
\nVeracel accident and then replaced by Chubb Seguros Brasil S/A (\u201cChubb\u201d), initiated a lawsuit against Confab
\nseeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a
\nsecond lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to
\nthe Veracel accident and other amounts not covered by insurance. Ita\u00fa and Veracel claimed that the Veracel accident
\nwas caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes
\nthat the Veracel accident was caused by the improper handling by Veracel\u2019s personnel of the equipment supplied
\nby Confab in violation of Confab\u2019s instructions. The two lawsuits were consolidated and are considered by the 6
\nth
\n
\nCivil Court of S\u00e3o Caetano do Sul. However, each lawsuit will be adjudicated separately.
\n
\nOn September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October
\n9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the
\naccident or the claim.
\n
\nOn October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were
\nunfavorable to Confab:
\n
\n\u25aa With respect to Chubb\u2019s claim, the court subsequently homologated the above-mentioned settlement and,
\naccordingly, the claim was finalized.
\n
\n\n\n\n\n\n\n\n\n\n\u25aa With respect to Veracel\u2019s claim, Confab was ordered to pay the insurance deductible and other concepts
\nnot covered by insurance, currently estimated to amount to BRL110.5 million (approximately $17.8 million)
\nincluding interest, fees and expenses. Both parties filed motions for clarification against the court\u2019s decision,
\nwhich were partially granted. Although the contract between Confab and Veracel expressly provided that
\nConfab would not be liable for damages arising from lost profits, the court award would appear to include
\nBRL94.8 million (approximately $15.3 million) of damages arising therefrom. Confab has additional defence
\narguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the
\nfirst instance court decision, and on April 30, 2019, Veracel filed its response to the appeal. In June 2022,
\nthe court resolved that it lacked jurisdiction to decide on the appeal, which was re-allocated to another
\ncourt. On August 26, 2024, the court issued a decision rejecting certain procedural objections and ordering
\nthat new expert evidence be produced. As a result, the trial was redirected to the first instance court for
\nnew technical evidence to be produced by a new expert. On September 9, 2024, Veracel filed a motion for
\nclarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this
\nstage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an
\nunfavourable outcome.
\n
\n\u25aa
\nPetrobras-related proceedings and claims
\n
\nUpon learning that Brazilian, Italian and Swiss authorities were investigating whether certain payments were made
\nprior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly
\nlinked to individuals related to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) and whether any such payments were intended
\nto benefit the Company\u2019s Brazilian subsidiary Confab, the Audit Committee of the Company's Board of Directors
\nengaged external counsel in connection with the Company\u2019s review of these matters. In addition, the Company
\nvoluntarily notified the U.S. Securities and Exchange Commission (\u201cSEC\u201d) and the U.S. Department of Justice
\n(\u201cDOJ\u201d) in October 2016. The Company conducted, with the assistance of external counsel, an internal investigation
\nand found no evidence corroborating any involvement by the Company or its directors, officers or employees in
\nrespect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that
\nConfab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including
\nimproperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ
\ninformed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the
\nCompany neither admits nor denies the SEC\u2019s findings and on June 24, 2022, paid $53.1 million in disgorgement
\nand prejudgment interest and $25 million for a civil penalty to conclude the matter.
\n
\nIn July 2019, the Company learned that the public prosecutors\u2019 office of Milan, Italy, had completed a preliminary
\ninvestigation into the same alleged payments and had included in the investigation, among other persons, the
\nCompany\u2019s Chairman and chief executive officer, two other board members, Gianfelice Rocca and Roberto Bonatti,
\nand the Company\u2019s controlling shareholder, San Faustin. The Company was not a party to the proceedings. On
\nMarch 22, 2022, upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-
\ninstance court in Milan in charge of the case to impose sanctions on our Chairman and chief executive officer, on
\nthe other two board members, and on San Faustin. On May 26, 2022, the first-instance court dismissed the case
\nbrought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal
\nproceeding should not have been initiated. On February 22, 2024, the court of appeals referred the case to the
\ncourt of cassation, which, on May 23, 2024, confirmed the decision of the first-instance court and closed the case.
\n
\nIn June 2020, the Brazilian public prosecutors\u2019 office requested the indictment of several individuals, including three
\nexecutives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes
\nof corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to
\npayments between 2009 and 2013. On December 11, 2024, the Confab executives were acquitted. The acquittal
\nhas already been appealed, so the criminal proceedings continue to be underway. Neither the Company nor Confab
\nis a party to these criminal proceedings.
\n
\nIn addition, Petrobras and the Brazilian public prosecutors filed civil claims for alleged damages arising from the
\nsame events against, among others, Confab and the Confab executives named in the criminal proceedings referred
\nto above. Confab became aware of these civil claims in September 2022. As of December 31, 2024, the aggregate
\namount of these claims was estimated at BRL193.2 million (or approximately $31.2 million). The plaintiffs also seek
\nthat Confab be prohibited from contracting with, or receiving benefits or exemptions from, the Brazilian state for
\nan unspecified term. Confab believes these claims do not address either the defence arguments or the evidence
\navailable to the plaintiffs in Brazil and presented in other jurisdictions and is contesting them. At this stage, the
\nCompany cannot predict the outcome of these civil proceedings.
\n
\n\n\n\n\n\n\n\n\n\nIn late March 2024, the Company became aware of a resolution of Brazil\u2019s General Controllers Office, which opened
\nadministrative responsibility proceedings against Confab and other non-Tenaris affiliates and formed an
\ninvestigative commission charged with investigating the same purported irregularities. Confab received notice of
\nthese proceedings in February 2025, and believes that the General Controllers\u2019 Office\u2019s allegations do not address
\neither the defence arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions.
\nAlthough the Company is defending itself, it cannot predict the outcome of these administrative proceedings.
\n
\n\u25aa
\nAdministrative proceeding concerning Brazilian tax credits
\n
\nConfab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an
\namount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The
\nproceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly
\nundue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative
\ndecision denying Confab\u2019s appeal, thereby upholding the tax determination and the fine against Confab. On
\nJanuary 28, 2019, Confab challenged such administrative decision. Special appeals were filed by Confab in July
\n2023 and by the Brazilian General Tax Attorney in September 2023. The parties are currently awaiting a resolution.
\nIn case of an unfavorable resolution, Confab may appeal before the courts. The estimated amount of this claim is
\nBRL62.1 million (approximately $10.0 million). At this stage, the Company cannot predict the outcome of this claim.
\n
\n\u25aa
\nU.S. patent infringement litigation
\n
\nTenaris Coiled Tubes, LLC (\u201cTCT\u201d), a U.S. subsidiary of the Company, was sued in 2017 by its competitor Global
\nTubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not
\ninfringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by
\nTCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed
\nan amended complaint (including the Company as defendant), alleging, among other things, that TCT and the
\nCompany had misled the patent office. On March 20, 2023, the judge granted summary judgment in favor of
\nGlobal Tubing, concluding that the patents at issue are unenforceable due to inequitable conduct during the patent
\nprosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge. Global
\nTubing also filed a brief seeking to recover attorneys\u2019 fees, without specifying the amount of those fees. Although
\nit is not possible to predict the final outcome of this matter, the Company believes that any potential losses arising
\nfrom this case will not be material.
\n
\n\u25aa
\nU.S. Antidumping Duty Investigations
\n
\nOn October 27, 2021, the U.S. Department of Commerce (\u201cDOC\u201d) initiated antidumping duty investigations of oil
\ncountry tubular goods (\u201cOCTG\u201d) from Argentina, Mexico, and Russia. After the DOC issued affirmative preliminary
\nand final antidumping determinations with respect to imports from Argentina, Mexico and Russia on October 27,
\n2022, the International Trade Commission (\u201cITC\u201d) determined that the imports under investigation caused injury to
\nthe U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation
\nto the Court of International Trade, and, with respect to certain claims, to the Court of Appeals for the Federal
\nCircuit. In addition, in response to a request from the Government of Argentina, the World Trade Organization
\n(\u201cWTO\u201d) established a panel of experts to consider whether the DOC\u2019s antidumping order applicable to Argentina
\nis consistent with the international obligations of the United States. As a result of the investigation, and unless
\noverturned on appeal, Tenaris is required to pay antidumping duty deposits (at a rate of 78.30% for imports from
\nArgentina and 44.93% for imports from Mexico) until such time the imports are reviewed by the DOC to determine
\nwhether final duties are necessary for the specific period under review. Tenaris has been paying such deposits since
\nMay 11, 2022, reflecting the amount of such deposits in its costs. The deposit rates may be reset periodically based
\non the results of the review process. It is possible that, through the periodic review process, the deposits may be
\neither returned to Tenaris in whole or in part, or may be increased.
\n
\n\n\n\n\n\n\n\n\n",
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"language": "en",
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"Tag312": {
"value": "\n(ii)
\n
\nCommitments and guarantees
\n
\nSet forth is a description of the Tenaris\u2019s main outstanding commitments:
\n
\n\u25aa Certain subsidiaries of the Company entered into a long-term contract with Praxair S.A. for the service of oxygen
\nand nitrogen supply. As of December 31, 2024, the aggregate amount to take or pay the committed volumes for
\nan original 14-year term totaled approximately $28.1 million.
\n
\n\u25aa A Mexican subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through
\nDecember 1, 2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen\u2019s capacity).
\nMonthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and
\ntransmission charges. As of the seventh contract year (as long as Techgen\u2019s existing or replacing bank facility has
\nbeen repaid in full), the Company\u2019s subsidiary has the right to suspend or early terminate the contract if the rate
\npayable under the agreement is higher than the rate charged by the Mexican
\nComisi\u00f3n Federal de Electricidad
\n
\n(\u201cCFE\u201d) or its successors. The Company\u2019s subsidiary may instruct Techgen to sell to any affiliate, to CFE, or to any
\nother third party all or any part of unused contracted energy under the agreement and the Company\u2019s subsidiary
\nwill benefit from the proceeds of such sale.
\n
\n\u25aa A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it is
\ncommitted to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly
\nadjustments. The contract became effective in April 2021, with an original duration of 3 years. In September 2023,
\nthe parties agreed to extend its term until December 31, 2024 and in October 2024, agreed a renovation until
\nDecember 31,2025. As of December 31, 2024, the estimated aggregate contract amount calculated at current
\nprices, was approximately $57.7 million. The contract gives the subsidiary of the Company the right to temporarily
\nreduce the quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of
\nmaterial adverse changes in prevailing economic or market conditions.
\n
\n\u25aa In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year
\nmaster distribution agreement (the \u201cMDA\u201d) with PAO TMK (\u201cTMK\u201d) whereby, since January 2, 2020, Tenaris
\nbecame the exclusive distributor of TMK\u2019s OCTG and line pipe products in United States and Canada. At the end
\nof the MDA\u2019s 6-year term, TMK would have the option to extend the duration of its term for an additional 12-
\nmonth period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-
\nmanufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product
\ncategory in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that
\nthere would be no minimum yearly purchase requirement for the OCTG product category for 2022, and there
\nwould be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for 2022,
\nnor for any subsequent contract year until expiration of the MDA\u2019s term. In addition, no purchases of TMK
\nproducts were made during 2023 or 2024.
\n
\n\u25aa Certain subsidiaries of the Company entered into a long-term contract with the supplier JFE Steel Corporation for
\nthe purchase of tubular material, including 13 chrome alloy products. Such contract foresees a penalty for a
\nmaximum amount of $25.1 million in case of early termination. The contract is valid until June 30, 2029.
\n
\n\u25aa Certain subsidiaries of the Company entered into short-term agreements with Vestas Group for the supply of
\nmaterials and services related to the construction of a wind farm in Argentina. As of December 31, 2024, the
\namount related to these commitments was $90.1 million.
\n
\n\u25aa An Argentine subsidiary of the Company entered into short-term agreements with COARCO S.A. for execution
\nof civil and electrical works, including auxiliary services, related with the construction of a wind farm in Argentina.
\nAs of December 31, 2024, the amount related to these commitments was $39.9 million.
\n
\n\u25aa A U.S. subsidiary of the Company entered into a one-year agreement with U.S. Steel Corporation under which it
\nis committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated
\non a monthly basis. As of December 31, 2024, the estimated aggregate contract amount, calculated at current
\nprices, stands at approximately $31.2 million.
\n
\n\u25aa An Argentine subsidiary of the Company entered into a contract with Usiminas from which it committed to
\npurchase steel coils for a remaining amount of approximately $88.2 million to use for manufacturing welded pipes
\nfor the VMOS project in the Vaca Muerta shale in Argentina.
\n
\n\n\n\n\n\n\n\n\n\nIn addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain
\nobligations of Techgen as described in note 14 (c) and (ii) issued performance guarantees mainly related to long-
\nterm commercial contracts with several customers and Tenaris companies for approximately $4.1 billion as of
\nDecember 31, 2024.
\n
\n\n\n\n\n\n\n\n\n",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag315": {
"value": "\n28 Cancellation of title deed in Saudi Steel Pipe Company
\n
\nIn early 2021, the Company learned through the Saudi Ministry of Justice\u2019s online portal that the electronic title
\ndeeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court
\norder.
\n
\nThe affected land plots, with a total surface of 811,284 square meters, are located in Dammam, Saudi Arabia, and
\nwere purchased from a private entity on February 2010, pursuant to a written purchase agreement duly executed
\nby SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase of the land occurred before
\nTenaris\u2019s acquisition of a 47.79% interest in SSPC in 2019. The affected plots are not part of the production facility
\nof SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris\u2019s financial statements of
\n$56.2 million.
\n
\nAs of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been
\nmade public by the authorities, and the legal basis for the court order is unknown. On May 4, 2021, SSPC filed a
\npetition with an ad-hoc created special committee at the Saudi Ministry of Justice, seeking to have its title deeds
\nreinstated. At this time, it is not possible to predict the outcome of this matter.
\n
\n\n\n\n\n\n\n\n\n\n29 Foreign exchange control measures in Argentina
\n
\nBetween September 2019 and December 13, 2023, the Argentine government imposed significant restrictions on
\nforeign exchange transactions. Although after a new administration took office in Argentina in December 2023
\ncertain restrictions were eased and other changes to such regulations are expected, at the date of these
\nConsolidated Financial Statements the application of existing foreign exchange regulations remains uncertain, and
\nthe scope and timing of upcoming changes remain unknown. The main currently applicable measures are described
\nbelow:
\n
\n\u25aa Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange
\nmarket (\u201cMULC\u201d) and converted into Argentine pesos within 60 days (if made to related parties) or 180 days
\n(if made to unrelated parties) from shipment date, or, if collected earlier, within five days of collection. Foreign
\ncurrency proceeds from exports of services must be sold into the MULC and converted into Argentine pesos
\nwithin five business days of collection. As from December 13, 2023, up to 20% of export proceeds can be
\nsold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate, as
\ndescribed further below. This percentage has remained stable during the twelve-month period ended
\nDecember 31, 2024, but it is unclear if it will be further modified in the short term.
\n
\n\u25aa Access to the MULC to pay for imports of services that were rendered or accrued as from December 13,
\n2023, does not require government approval, but payment is deferred for 30 calendar days as from the date
\nof supply or accrual of the service (if the service was rendered by a non-related party) or 180 calendar days
\n(if rendered by a related party).
\n
\n\n\n\n\n\n\n\n\n\n\u25aa Access to the MULC to pay for imports of goods with customs clearance as from December 13, 2023, does
\nnot require government approval. Payment of the price of such imports is deferred for varying periods of
\ntime depending on the date of customs clearance; in the case of imports of goods with customs clearance
\non or after October 21, 2024, the price may be paid in full as from the 30
\nth
\n calendar day as from the date of
\ncustom clearance. Advance payments or at sight cannot be made. In December 2024, the government
\neliminated the tax on imports.
\n
\n\u25aa Access to the MULC to make dividend payments requires prior Argentine Central Bank approval. When
\nrequired, Argentine Central Bank approvals are rarely, if ever, granted.
\n
\nThe above-described measures substantially limit the ability of Argentine companies to obtain foreign currency and
\nmake certain payments and distributions out of Argentina through the MULC at the official exchange rate.
\n
\nAccess to foreign currency and transfers out of Argentina can be achieved, however, through securities transactions
\ninvolving bonds or shares with multiple listings, resulting in a different implicit exchange rate, generally higher than
\nthe official exchange rate. Such transactions are subject to certain restrictions and limits, which change from time
\nto time, and often result in a financial loss being generated at the time of making any such transaction. For example,
\nin the past, the Argentine Securities Commission imposed several additional restrictions on such securities
\ntransactions, including a requirement to give prior notice to the Argentine government of any proposed transfer of
\nsecurities outside of Argentina and a limitation on the amount of any such transfers. It is still unclear if or when the
\nnew Argentine Securities Commission\u2019s authorities will eliminate or loosen the remaining restrictions.
\n
\nThe exchange rate of the Argentine peso against the U.S. dollar devaluated by more than 100% upon the change
\nof government in December 2023. Since then and until December 2024, the new Administration maintains a
\n\u201ccrawling peg\u201d policy by devaluating the Argentine currency at a rate of approximately 2% per month, rate which
\nwill be reduced to 1% per month as from February 1, 2025. The extent and rate of the crawling peg remains
\nunclear. Tenaris\u2019s financial position in Argentine pesos as of December 31, 2024, amounted to a net short exposure
\nof approximately $40.6 million. In the event of an additional devaluation, our Argentine subsidiaries, which hold
\nU.S. dollar-denominated Argentine bonds for an aggregated value of $217.9 million, may be adversely affected,
\nand will also suffer a loss on deferred tax charge as a result of a deterioration on the tax value of their fixed assets.
\nAt this time, the Company is unable to estimate all impacts of a new devaluation of the Argentine peso against the
\nU.S. dollar.
\n
\nAs of December 31, 2024, the total equity of Argentine subsidiaries represented approximately 11% of Tenaris\u2019s
\ntotal equity and the sales made by Argentine subsidiaries during the period ended December 31, 2024, amounted
\napproximately to 19% of Tenaris\u2019s total sales. Assets and liabilities denominated in Argentine peso as of December
\n31, 2024, are valued at the prevailing official exchange rate.
\n
\nThis context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial
\nStatements. Management continues to monitor closely the evolution of the main variables affecting its business,
\nidentifying the potential impact thereof on its financial and economic situation and determining the appropriate
\ncourse of action in each case. These Consolidated Financial Statements should be read taking into account these
\ncircumstances.
\n
\n\n\n\n\n\n\n\n\n\n35 Share Buyback Programs
\n
\nFirst Share Buyback Program
\n
\nOn November 1, 2023, the Company\u2019s board of directors approved a share buyback program of up to $1.2 billion,
\nto be executed within a year, with the intention to cancel the ordinary shares acquired through the program.
\n
\nThe share buyback program was carried out under the authority granted by the annual general meeting of
\nshareholders held on June 2, 2020, up to a maximum of 10% of the Company\u2019s shares.
\n
\nFor purposes of carrying out each tranche of the first share buyback program, Tenaris entered into non-discretionary
\nbuyback agreements with primary financial institutions that made trading decisions concerning the timing of the
\npurchases of Tenaris\u2019s ordinary shares independently of and uninfluenced by Tenaris and acted in compliance with
\napplicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated
\nRegulation (EU) 2016/1052.
\n
\nDuring the first share buyback program, which was divided into four tranches and ran from November 5, 2023, to
\n(and including) August 2, 2024, the Company purchased 71,679,768 ordinary shares, representing 6.07% of the
\nCompany\u2019s issued share capital at the beginning of the program, for a total consideration of $1.2 billion.
\n
\nSecond Share Buyback Program
\n
\nOn November 6, 2024 the Company\u2019s board of directors approved a follow-on share buyback program of up to
\n$700 million, with the intention to cancel the ordinary shares acquired through the program, under the authority
\ngranted by the annual general meeting of shareholders held on June 2, 2020, up to a maximum of 10% of the
\nCompany\u2019s shares.
\n
\nThis follow-on share buyback program will cover up to $700 million (excluding incidental transaction fees), subject
\nto a maximum of 46,373,915 ordinary shares representing the remainder 3.93% of the Company\u2019s issued share
\ncapital (measured also as at the launch of the first share buyback program), to complete the maximum of 10% of
\nthe share capital that may be repurchased by the Company).
\n
\nDuring the year ended December 31, 2024, the Company purchased 83,616,548 shares, for $1,441.8 million (net
\nof a performance amount of $7.4 million), out of which, $1,439.6 were paid. During the year ended December 31,
\n2023, the Company purchased 12,648,091 shares, for a value of $213.7 million (net of a performance amount of
\n$0.7 million) out of which, $213.7 were paid.
\n
\nFor purposes of carrying out the second share buyback program, Tenaris entered into non-discretionary buyback
\nagreement with a primary financial institution that will make trading decisions concerning the timing of the
\npurchases of Tenaris\u2019s ordinary shares independently of and uninfluenced by Tenaris and will act in compliance with
\napplicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated
\nRegulation (EU) 2016/1052.
\n
\nOn April 30, 2024, the extraordinary shareholders meeting approved the cancellation of 17,779,302 ordinary shares
\nheld in treasury by the Company, which had been acquired throughout the first tranche of the first share buyback
\nprogram, and resolved to approve the corresponding reduction of the issued share capital of the Company and the
\ncorresponding amendment of the first paragraph of article 5 of the Company\u2019s articles of association. As a result,
\neffective April 30, 2024, the share capital of the Company was reduced from $1,180,536,830 (represented by
\n1,180,536,830 shares with a par value of $1 per share) to $1,162,757,528 (represented by 1,162,757,528 shares
\nwith a par value of $1 per share).
\n
\nAs of December 31, 2024, the Company held 78,485,337 shares as treasury shares. The Company intends to cancel
\nall treasury shares purchased under the share buyback programs in due course.
\n
\nAs of December 31, 2024 and 2023, the Company held a liability in connection to the shares to be settled under
\nthe share buyback programs that amounted to $243.3 million and $86.2 million, respectively, valued at fair value.
\n
\nFurther information on the buyback transactions is available on Tenaris\u2019s corporate website under the Share Buyback
\nProgram Section.
\n
\n\n\n\n\n\n36 Climate change
\n
\nTenaris carefully assesses the potential impact of climate change and energy transition on its business and on the
\nrisks to its markets and its tangible and intangible assets, and adapts its business strategy accordingly.
\n
\nIn February 2021 Tenaris set a medium-term target to reduce its carbon emissions intensity rate by 30% by 2030,
\ncompared to a 2018 baseline, considering Scopes 1 and 2 emissions plus Scope 3 emissions related to raw materials
\nand steel purchased from third parties. In February 2025, the baseline for this medium-term target was reset to take
\ninto account the expanded perimeter of Tenaris through various acquisitions since 2018, the inclusion of intermill
\ntransportation emissions within the target scope, and additions and other changes in raw material emission factors
\nto more accurately represent their use in its operations. The Company aims to achieve this target by using a higher
\nproportion of recycled steel scrap in the metallic mix, by making investments to increase energy efficiency and the
\nuse of renewable energy in its energy requirements, and selective sourcing for raw material and steel purchases.
\n
\nIn particular, a large proportion of these investments in projects aimed at reducing emissions are being directed to
\ninstalling renewable energy capacity for use in the Company\u2019s operations. In October 2023, following an investment
\nof approximately $200 million, Tenaris put into operation a wind farm in Argentina, which supplies, through the
\ninterconnected grid, 103.2 MW of power, or close to 50% of their total electric power requirements, to its industrial
\nfacilities in Campana. In November 2023, the Company\u2019s Board of Directors approved an investment plan to build
\na second wind farm in Argentina at a cost of approximately $214 million, which would supply a further 30% of the
\ncurrent energy requirements of its facilities in Campana.
\n
\nTenaris encourages the use of sustainable practices among its suppliers and, in March 2023, it adopted a Sustainable
\nSourcing Policy to enhance its efforts in this area. The new Sustainability Sourcing Policy will help Tenaris to
\nunderstand better the real emission levels of its suppliers and identify opportunities for improvement in line with its
\nreduction target.
\n
\nThe medium-term target forms part of a broader objective of decarbonizing the Company\u2019s operations and reaching
\ncarbon neutrality. At the same time, the Company is increasing its sales for low-carbon energy applications, such
\nas hydrogen, geothermal and CCS. These sales currently account for a relatively small proportion of overall sales
\nbut are expected to grow in the coming years.
\n
\n
\nIn its assessment of climate change and energy transition potential impact on operations, Tenaris also considers that
\nthe countries in which it operates and its customers are also establishing their own decarbonization strategies and
\nobjectives, and that some customers are requesting specific information from their suppliers, including Tenaris,
\nconcerning the carbon emissions and Environmental, Social and Governance (\u201cESG\u201d) practices in their supply chain,
\nand that they may adjust their supply practices in light of that information.
\n
\nThe recoverable value assessments performed by the Company for purposes of the preparation of these financial
\nstatements reflects management\u2019s views on the energy transition and climate change and their potential medium-
\nand long-term impact on Tenaris\u2019s operations and its sales. In addition, the Company carefully monitors the
\nmedium- and long-term outlook scenarios published by leading industry experts on how the energy transition could
\naffect global demand for energy and oil and gas and how this could affect the global demand for tubular products
\nand its sales. Furthermore, estimates and assumptions used in the Company\u2019s impairment tests over long-lived
\nassets and goodwill, useful lives of assets, capital and research and development expenditures, inventory valuation,
\nrecovery of deferred tax assets and provisions, and contingent liabilities are based on available information and
\ncurrent government regulations on energy transition and climate-related matters, as well as on Tenaris\u2019s current
\nshort-term investment plans. As of the date of these financial statements, the Company does not believe that
\nclimate-related matters should trigger any material adjustments to the conclusions of its impairment tests or the
\nvaluation of the above mentioned areas.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag318": {
"value": "\n30 Cash flow disclosures
\n
\n
\n
\n\n
\n\n\n | \n | \nYear ended December 31, | \n\n\n\n\n\n\n
\n\n | \n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n\n
\n\n| (i) | \nChanges in working capital (*) | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \nInventories | \n184,996 | \n186,903 | \n(1,329,865) | \n\n\n\n\n\n\n
\n\n | \nReceivables and prepayments, contract assets and current tax assets | \n(60,456) | \n64,000 | \n(155,449) | \n\n\n\n\n\n\n
\n\n | \nTrade receivables | \n550,334 | \n153,920 | \n(1,208,278) | \n\n\n\n\n\n\n
\n\n | \nOther liabilities | \n(100,133) | \n28,275 | \n57,389 | \n\n\n\n\n\n\n
\n\n | \nCustomer advances | \n(71,100) | \n(101,646) | \n151,066 | \n\n\n\n\n\n\n
\n\n | \nTrade payables | \n(216,724) | \n(149,024) | \n353,892 | \n\n\n\n\n\n\n
\n\n | \n | \n286,917 | \n182,428 | \n(2,131,245) | \n\n\n\n\n\n\n
\n\n| (ii) | \nIncome tax accruals less payments | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \nTax accrued | \n479,680 | \n674,956 | \n617,236 | \n\n\n\n\n\n\n
\n\n | \nTaxes paid | \n(702,190) | \n(818,347) | \n(359,585) | \n\n\n\n\n\n\n
\n\n | \n | \n(222,510) | \n(143,391) | \n257,651 | \n\n\n\n\n\n\n
\n\n| (iii) | \nInterest accruals less payments, net | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \nInterest accrued, net | \n(181,107) | \n(106,612) | \n(34,080) | \n\n\n\n\n\n\n
\n\n | \nInterest received | \n240,809 | \n147,473 | \n68,335 | \n\n\n\n\n\n\n
\n\n | \nInterest paid | \n(60,769) | \n(94,341) | \n(32,775) | \n\n\n\n\n\n\n
\n\n | \n | \n(1,067) | \n(53,480) | \n1,480 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(*)
\nChanges in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional
\ncurrencies different from the U.S. dollar.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag319": {
"value": "\n
\n31 Related party transactions
\n
\nAs of December 31, 2024:
\n
\n\u25aa San Faustin S.A., a Luxembourg
\nsoci\u00e9t\u00e9 anonyme
\n, owned 713,605,187 shares in the Company, representing
\n61.37% of the Company\u2019s share capital and 65.81% of the voting rights.
\n
\n\u25aa San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings
\nS.\u00e0.r.l., a Luxembourg
\nsoci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e
\n (\u201cTechint\u201d), who is the holder of record of the above-
\nmentioned Tenaris shares.
\n
\n\u25aa Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the
\nNetherlands (Stichting) (\u201cRP STAK\u201d) held voting shares in San Faustin sufficient in number to control San
\nFaustin.
\n
\n\u25aa No person or group of persons controls RP STAK.
\n
\n\nBased on the information most recently available to the Company, Tenaris\u2019s directors and senior management as a
\ngroup owned 0.07% of the Company\u2019s share capital and 0.08% of the voting rights.
\n
\n\n\n\n\n\n\n\n\n\n
\nTransactions and balances disclosed as with \u201cassociated companies\u201d are those with companies over which Tenaris
\nexerts significant influence in accordance with IFRS, but does not have control. Transactions and balances disclosed
\nas with \u201cjoint ventures\u201d are those with companies over which Tenaris exerts joint control in accordance with IFRS,
\nbut does not have control. All other transactions and balances with related parties which are not non-consolidated
\nparties and which are not consolidated are disclosed as \u201cother related parties\u201d.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n | \nYear ended December 31, | \n\n\n\n
\n\n| (i) | \nTransactions | \n2024 | \n2023 | \n2022 | \n\n\n\n
\n\n | \n(a) Sales of goods, services and other transactions | \n | \n | \n | \n\n\n\n
\n\n | \nSales of goods to associated companies | \n37,551 | \n56,152 | \n100,019 | \n\n\n\n
\n\n | \nSales of goods to other related parties | \n83,250 | \n121,679 | \n151,884 | \n\n\n\n
\n\n | \nSales of services and others to associated companies | \n3,456 | \n1,564 | \n1,472 | \n\n\n\n
\n\n | \nSales of services and others to joint ventures | \n139 | \n135 | \n131 | \n\n\n\n
\n\n | \nSales of services and others to other related parties | \n127,940 | \n109,553 | \n109,123 | \n\n\n\n
\n\n | \n | \n252,336 | \n289,083 | \n362,629 | \n\n\n\n
\n\n | \n(b) Purchases of goods, services and other transactions | \n | \n | \n | \n\n\n\n
\n\n | \nPurchases of goods to associated companies | \n154,772 | \n324,556 | \n555,257 | \n\n\n\n
\n\n | \nPurchases of goods to joint ventures | \n23,466 | \n72,741 | \n101,620 | \n\n\n\n
\n\n | \nPurchases of goods to other related parties | \n70,425 | \n61,366 | \n51,040 | \n\n\n\n
\n\n | \nPurchases of services and others to associated companies | \n17,544 | \n13,349 | \n13,759 | \n\n\n\n
\n\n | \nPurchases of services and others to other related parties | \n55,576 | \n76,751 | \n36,767 | \n\n\n\n
\n\n | \n | \n321,783 | \n548,763 | \n758,443 | \n\n\n\n
\n\n | \n(c) Financial Results | \n | \n | \n | \n\n\n\n
\n\n | \nIncome from joint ventures | \n6,218 | \n5,645 | \n3,804 | \n\n\n\n
\n\n | \n | \n6,218 | \n5,645 | \n3,804 | \n\n\n\n
\n\n | \n(d) Dividends | \n | \n | \n | \n\n\n\n
\n\n | \nDividends received from associated companies | \n71,211 | \n69,216 | \n64,189 | \n\n\n\n
\n\n | \nDividends distributed to Techint Holdings S.\u00e0r.l. | \n478,115 | \n385,347 | \n321,122 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n | \n | \nAt December 31, | \n\n\n\n\n\n
\n\n| (ii) | \nPeriod-end balances | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n | \n(a) Arising from sales / purchases of goods / services and other | \n | \n | \n\n\n\n\n\n
\n\n | \ntransactions | \n | \n | \n\n\n\n\n\n
\n\n | \nReceivables from associated companies | \n3,133 | \n7,589 | \n\n\n\n\n\n
\n\n | \nReceivables from joint ventures | \n68,759 | \n63,374 | \n\n\n\n\n\n
\n\n | \nReceivables from other related parties | \n47,713 | \n62,986 | \n\n\n\n\n\n
\n\n | \nPayables to associated companies | \n (23,531) | \n (21,012) | \n\n\n\n\n\n
\n\n | \nPayables to joint ventures | \n (52) | \n (28,361) | \n\n\n\n\n\n
\n\n | \nPayables to other related parties | \n (12,165) | \n (11,488) | \n\n\n\n\n\n
\n\n | \n | \n83,857 | \n73,088 | \n\n\n\n\n\n
\n\n | \n(b) Financial debt | \n | \n | \n\n\n\n\n\n
\n\n | \nFinance lease liabilities from associated companies | \n (1,026) | \n (1,459) | \n\n\n\n\n\n
\n\n | \nFinance lease liabilities from other related parties | \n (260) | \n (375) | \n\n\n\n\n\n
\n\n | \n | \n(1,286) | \n(1,834) | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nIn addition to the tables above, the Company issued various guarantees in favor of Techgen; for further details,
\nplease see note 14 (c) and note 27 (ii) to these Consolidated Financial Statements. No other material guarantees
\nwere issued in favor of other related parties.
\n
\n\n\n\n\n\n
\n\nDirectors and senior management compensation
\n
\nDuring the years ended December 31, 2024, 2023 and 2022, the cash compensation of Directors and Senior
\nmanagers amounted to $33.4 million, $47.5 million and $35.2 million respectively. These amounts include cash
\nbenefits paid to certain senior managers in connection with the pre-existing retirement plans. In addition, Directors
\nand Senior managers received 448, 388 and 437 thousand units for a total amount of $6.9 million, $5.6 million
\nand $5.1 million respectively in connection with the Employee retention and long-term incentive program
\nmentioned in note II.P.3 \u201cEmployee benefits \u2013
\nOther long-term benefits\u201d
\n to these Consolidated Financial
\nStatements.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag320": {
"value": "San Faustin",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag321": {
"value": "RP STAK",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag322": {
"value": "\nBased on the information most recently available to the Company, Tenaris\u2019s directors and senior management as a
\ngroup owned 0.07% of the Company\u2019s share capital and 0.08% of the voting rights.
\n
\n\n\n\n\n\n\n\n\n\nDirectors and senior management compensation
\n
\nDuring the years ended December 31, 2024, 2023 and 2022, the cash compensation of Directors and Senior
\nmanagers amounted to $33.4 million, $47.5 million and $35.2 million respectively. These amounts include cash
\nbenefits paid to certain senior managers in connection with the pre-existing retirement plans. In addition, Directors
\nand Senior managers received 448, 388 and 437 thousand units for a total amount of $6.9 million, $5.6 million
\nand $5.1 million respectively in connection with the Employee retention and long-term incentive program
\nmentioned in note II.P.3 \u201cEmployee benefits \u2013
\nOther long-term benefits\u201d
\n to these Consolidated Financial
\nStatements.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag326": {
"value": "\n32 Principal accountant fees
\n
\nTotal fees accrued for professional services rendered to Tenaris S.A. and its subsidiaries by Ernst & Young S.A. (\u201cEY\u201d)
\nfor the year 2024 and by PricewaterhouseCoopers, Soci\u00e9t\u00e9 coop\u00e9rative (\u201cPwC\u201d) for the years 2023 and 2022
\nare detailed as follows:
\n
\n
\n\n
\n\n\n | \nYear ended December 31, | \n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n2022 | \n\n\n\n\n\n
\n\n| Audit fees | \n4,569 | \n4,386 | \n3,966 | \n\n\n\n\n\n
\n\n| Audit-related fees | \n51 | \n273 | \n255 | \n\n\n\n\n\n
\n\n| Tax fees | \n78 | \n148 | \n - | \n\n\n\n\n\n
\n\n| All other fees | \n - | \n14 | \n11 | \n\n\n\n\n\n
\n\n| Total | \n4,698 | \n4,821 | \n4,232 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\nIn addition, in the year 2023, PwC rendered $242 thousand for tax services to the recently acquired Mattr\u2019s pipe
\ncoating business unit.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag466": {
"value": "\n33 Principal subsidiaries
\n
\nThe following is a list of Tenaris\u2019s principal subsidiaries and its direct and indirect percentage of ownership of each
\ncontrolled company at December 31, 2024, 2023 and 2022.
\n
\n\n
\n\n\n | \nCountry of | \n | \nPercentage of ownership | \n\n\n\n
\n\n| Company | \nIncorporation | \nMain activity | \nat December 31, (*) | \n\n\n\n
\n\n | \n | \n | \n2024 | \n2023 | \n2022 | \n\n\n\n
\n\n| ALGOMA TUBES INC. | \nCanada | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| BREDERO SHAW INTERNATIONAL B.V. and | \nNetherlands | \nHolding company and supplier of pipe | \n100% | \n100% | \nNA | \n\n\n\n
\n\n| subsidiaries | \n | \ncoating services | \n | \n | \n | \n\n\n\n
\n\n| CONFAB INDUSTRIAL S.A. and subsidiaries | \nBrazil | \nManufacturing of welded steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| DALMINE S.p.A. and subsidiaries (a) | \nItaly | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| EXIROS B.V. and subsidiaries (b) | \nNetherlands | \nProcurement and trading services | \n50% | \n50% | \n50% | \n\n\n\n
\n\n| HYDRIL COMPANY | \nUSA | \nManufacturing and marketing of | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \npremium connections | \n | \n | \n | \n\n\n\n
\n\n| MAVERICK TUBE CORPORATION and subsidiaries | \nUSA | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| P.T. SEAMLESS PIPE INDONESIA JAYA | \nIndonesia | \nManufacturing of seamless steel | \n89% | \n89% | \n89% | \n\n\n\n
\n\n | \n | \nproducts | \n | \n | \n | \n\n\n\n
\n\n| SILCOTUB S.A. | \nRomania | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| SAUDI STEEL PIPE CO. and subsidiaries (c) | \nSaudi Arabia | \nManufacturing of welded steel pipes | \n48% | \n48% | \n48% | \n\n\n\n
\n\n| SIAT SOCIEDAD ANONIMA | \nArgentina | \nManufacturing of welded steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y | \nArgentina | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| COMERCIAL and subsidiaries (d) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| TALTA - TRADING E MARKETING SOCIEDADE | \nPortugal | \nHolding company | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| UNIPESSOAL LDA. | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| TENARIS BAY CITY, INC. | \nUSA | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| TENARIS CONNECTIONS BV | \nNetherlands | \nDevelopment, management and | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nlicensing of intellectual property | \n | \n | \n | \n\n\n\n
\n\n| TENARIS FINANCIAL SERVICES S.A. | \nUruguay | \nFinancial operations | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES (CANADA) INC. | \nCanada | \nMarketing of steel products | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES (U.S.A.) | \nUSA | \nMarketing of steel products | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| CORPORATION | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES (UK) LTD | \nUnited | \nHolding company and marketing of | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \nKingdom | \nsteel products | \n | \n | \n | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES S.A. and subsidiaries | \nUruguay | \nMarketing, distribution of steel products | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nand holding company | \n | \n | \n | \n\n\n\n
\n\n| TENARIS INVESTMENTS (NL) B.V. and subsidiaries | \nNetherlands | \nHolding company | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| TENARIS GLOBAL SERVICES and INVESTMENTS | \n | \nMarketing and distribution of steel | \n | \n | \n | \n\n\n\n
\n\n| S.\u00e0r.l. and subsidiaries | \nLuxembourg | \nproducts, financial operations and | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nholding company | \n | \n | \n | \n\n\n\n
\n\n| TENARIS QINGDAO STEEL PIPES LTD. | \nChina | \nProcessing of premium joints, couplings | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nand automotive components | \n | \n | \n | \n\n\n\n
\n\n| TENARIS TUBOCARIBE LTDA. | \nColombia | \nManufacturing of welded and seamless | \n100% | \n100% | \n100% | \n\n\n\n
\n\n | \n | \nsteel pipes | \n | \n | \n | \n\n\n\n
\n\n| TUBOS DE ACERO DE MEXICO, S.A. and | \nMexico | \nManufacturing of seamless steel pipes | \n100% | \n100% | \n100% | \n\n\n\n
\n\n| subsidiaries | \n | \n | \n | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n(*)
\n All percentages rounded.
\nTenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja
\nTubular Services Limited, 60% of Tenaris Baogang Baotou Steel Pipes Ltd. Until 2022 held 98.4% of Tenaris Supply Chain S.A.
\n(a) Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.
\n(b) Tenaris holds 50% of the voting rights and Ternium owns the remaining 50%. Exiros provides purchase agency services and raw materials
\nand other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders\u2019
\nagreement, Tenaris recognizes Exiros\u2019 assets, liabilities, revenue and expenses in relation to its interest in the joint operation.
\n(c) Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad\u0101wul), Tenaris holds 47.79% and has the right
\nto nominate the majority of the members of the board of directors, therefore Tenaris has control over SSPC. Since May, 2023, Saudi Steel Pipe
\nCo. holds 57.3% of Global Pipe Company, therefore Tenaris has control over Global Pipe Company.
\n(d) Until its liquidation in April 2023 Siderca held 51% of NKKTubes.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag467": {
"value": "\n34 Business combinations
\n
\nAcquisition of the Pipe Coating Business Unit of Mattr
\n
\n
\n\u25aa
\nAcquisition and price determination
\n
\nOn November 30, 2023, Tenaris completed the acquisition of Mattr\u2019s pipe coating business unit and other specific
\nassets for $182.6 million paid in cash. Under the purchase contract, the acquisition price was paid based on an
\nestimated closing statement and the final price was subject to a true-up adjustment based on actual amounts of
\ncash, indebtedness, working capital and certain other items as of the closing date. On July 31, 2024, the parties
\nentered into a settlement agreement, pursuant to which the parties agreed that the aggregate shortfall payment
\npayable by Mattr to Tenaris amounted to $32.3 million and, accordingly, the final purchase price was $150.2 million.
\n
\nThe business acquired includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE and the U.S.
\nand several mobile concrete plants. The business also includes world-class R&D facilities in Toronto and Norway and
\na wide IP/product portfolio.
\n
\nThe Company consolidated the balances and results of operations of the acquired business as from November 30,
\n2023.
\nFor the twelve-month period ended December 31, 2024, the acquired business contributed revenues of $347.1
\nmillion, represented a minor contribution to Tenaris\u2019s results, and was initially assigned to the Other segment but
\nsubsequently reclassified to the Tubes segment.
\n
\n\u25aa
\nFair value of net assets acquired
\n
\nThe application of the acquisition method requires certain estimates and assumptions, mainly concerning the
\ndetermination of the fair values of the acquired intangible assets, property, plant and equipment as well as the
\nliabilities assumed at the date of the acquisition, including the timing and amounts of cash flow projections, the
\nrevenue growth rates, the customer attrition rates and the discount rate. The fair values determined at the
\nacquisition date are based on discounted cash flows and other valuation techniques.
\n
\nThe purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS 3, during
\nthe twelve month following the acquisition date, the Company continued reviewing the allocation and, based on
\nnew information related to events or circumstances existing at the acquisition date, made certain adjustments over
\nthe value of the identifiable assets acquired such as property, plant and equipment, intangible assets, working
\ncapital and other assets and liabilities.
\n
\nThe allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:
\n
\n
\n
\n\n
\n\n\n| Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) | \nFinal | \nPreliminary | \n\n\n\n
\n\n| in Millions of USD: | \n | \n | \n\n\n\n
\n\n| Property, Plant and Equipment | \n115 | \n126 | \n\n\n\n
\n\n| Intangible assets | \n14 | \n29 | \n\n\n\n
\n\n| Working capital | \n(2) | \n (13) | \n\n\n\n
\n\n| Cash and Cash Equivalents | \n20 | \n21 | \n\n\n\n
\n\n| Provisions | \n(7) | \n (7) | \n\n\n\n
\n\n| Other assets and liabilities, net | \n11 | \n13 | \n\n\n\n
\n\n| Net assets acquired | \n152 | \n169 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\nThe fair value of the net assets acquired shown above amounted to approximately $152.5 million. The preliminary
\npurchase price allocation resulted in a goodwill of approximately $13.6 million. However, following the completion
\nof the previously mentioned purchase price allocation and a concurrent price adjustment, the business combination
\nresulted in a bargain purchase of approximately $2.2 million, recorded in
\nOther operating income
\n.
\n
\nAcquisition-related costs for the year ended December 31, 2024 and 2023, amounted to $1.3 million and $1.1
\nmillion, respectively and were included in general and administrative expenses.
\n
\nThe price purchase allocation of the remaining business combinations that occurred during 2023 were finalized during
\nthe year ended December 31, 2024 without any further adjustments.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag472": {
"value": "\n37 Events after the reporting period
\n11
\n
\n
\nRecently Announced 25% Tariff on Steel Imports in the United States
\n
\nEarly in 2025, the U.S. government imposed a 25% tariff on virtually all imports of steel and steel derivatives,
\nrevoking previously negotiated country-specific exemptions and quota arrangements. As a result, all previously
\nexempted or quota-managed countries became subject to the full 25% tariff on their steel exports to the United
\nStates.
\n
\nIn addition, on February 1, 2025, the U.S. government announced the imposition, through the International
\nEmergency Economic Powers Act (\u201cIEEPA\u201d), of across-the-board tariffs applicable to all products imported from
\nMexico, Canada and China (with the exception, as of the date of this Consolidated Financial Statements), of Mexican
\nand Canadian products that comply with USMCA preferential rules of origin). These tariffs could apply to certain
\nproducts that Tenaris and other companies are currently importing under previously granted exclusions or tariff-free
\nquotas.
\n
\nIn light of the foregoing uncertainties, at this time, Tenaris is unable to predict the evolution or ultimate outcome
\nof these developments or to quantify the impact that the new tariffs and measures could have on its business or
\nfinancial condition.
\n
\n
\nAnnual Dividend Proposal
\n
\nUpon approval of the Company\u00b4s annual accounts on April 1, 2025, the Board of Directors intends to propose, for
\nthe approval of the Annual General Shareholders' meeting to be held on May 6, 2025, the payment of an annual
\ndividend of $0.83 per outstanding share ($1.66 per ADS), or approximately $0.9 billion, which includes the interim
\ndividend of $0.27 per outstanding share ($0.54 per ADS) or approximately $0.3 billion, paid on November 20, 2024.
\nIf the annual dividend is approved by the shareholders, a dividend of $0.56 per outstanding share ($1.12 per ADS),
\nor approximately $0.6 billion will be paid on May 21, 2025, with record date on May 20, 2025. These Consolidated
\nFinancial Statements do not reflect this dividend payable.
\n
\n
\nShare buyback Second Program Completion
\n
\nOn March 4, 2025, the Company announced the completion of its second Share Buyback Program. During the
\nProgram, which ran from November 11, 2024, until March 4, 2025, the Company purchased a total of 36,862,132
\nordinary shares, for a total consideration of approximately $691.6 million (net of a performance amount of
\napproximately $8.4 million). As of March 4, 2025, the Company held 90,762,598 treasury shares. The Company
\nintends to cancel all treasury shares purchased under the share buyback programs in due course.
\n
\n
\n
\nAlicia M\u00f3ndolo
\nChief Financial Officer
\n
\n
\n11
\n This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company\u2019s Board of Directors on
\nFebruary 19, 2025.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag470": {
"value": "0.83",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2025-05-06T00:00:00/2025-05-07T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag471": {
"value": "900000000.0",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2025-05-06T00:00:00/2025-05-07T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag875": {
"value": "\n26, Boulevard Royal - 4\nth\n Floor \nL-2449 - Luxembourg \nR.C.S. Luxembourg: B 85203\n\n\n",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300Y7C05BKC4HZB40",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"footnote9": {
"value": "For the year 2024, related to the Mattr\u2019s pipe coating business unit acquisition. For more information see note 34.
\nFor the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC\u2019s OCTG pipe processing facility and Mattr\u2019s pipe
\ncoating business unit acquisitions.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote9",
"language": "en"
}
},
"footnote3": {
"value": "The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 27 (iii) to these Consolidated Financial Statements.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3",
"language": "en"
}
},
"footnote6": {
"value": "The Company had an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2022 there were 1,180,536,830 shares issued. All issued shares were fully
\npaid.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote6",
"language": "en"
}
},
"footnote8": {
"value": "Related to NKKTubes\u2019 cease of operations.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote8",
"language": "en"
}
},
"footnote4": {
"value": "On April 30, 2024, the extraordinary general meeting of shareholders approved the cancellation of (17,779,302) ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital
\nof the Company and, accordingly, the legal reserve was proportionally reduced.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4",
"language": "en"
}
},
"footnote7": {
"value": "Other Reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow
\nhedges and the changes in financial instruments measured at fair value through other comprehensive income.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote7",
"language": "en"
}
},
"footnote0": {
"value": "Number of outstanding shares as of December 31, 2024 and 2023 were 1,084,272,191 and 1,167,888,739, respectively. ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote0",
"language": "en"
}
},
"footnote2": {
"value": "Other Reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow
\nhedges and the changes in financial instruments measured at fair value through other comprehensive income, and the changes in the share buyback program liability.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote5": {
"value": "Mainly related to Global Pipe Company (\u201cGPC\u201d) acquisition.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote5",
"language": "en"
}
},
"footnote1": {
"value": "Each ADS equals two shares.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
}
}
}