0001554855-24-000207 | 20-F | XBRL Viewer

Liquid financial assets (as a percent)

$ 2,480,889

$ 2,493,940

$ 1,299,072

19.00%

9.00%

Financial liabilities, fair value as a percentage of carrying value (as a percent)

99.80%

99.20%

Reserve of cash flow hedges, continuing hedges

$ 8,100

$ 13,100

Minimum maturity period of certificates of deposits

3 months

CTA foreign exchange risk currency exposure

$ 1,100

$ 900

Information about major customers

Percentage of entity's revenue

10.00%

Allowance for doubtful accounts - trade receivables [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

$ 49,000

$ 45,500

Past due [member]

Guarantees under credit insurance [member]

679,600

544,900

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Letter of credit and other bank guarantees [member]

212,700

231,200

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Financial guarantee contracts [member] | Past due [member]

48,400

34,700

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Fixed interest rate [member]

24,400

28,100

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Total borrowings

^[3]

294,946

$ 497,889

Current borrowings

$ 271,100

Concentration risk (as a percent)

^[3]

51.00%

68.00%

Other currencies hedged to U.S. dollar [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Liquid financial assets, percentage denominated by a specific currency (as a percent)

94.00%

87.00%

Level 3 [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Total borrowings

One percent change, Argentine Peso / U.S. dollar foreign exchange risk [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

One percent change, Euro / U.S. dollar foreign exchange risk [member]

1,300

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Counterparty risk [member] | Petróleos Mexicanos Member

$ 2,000

400

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Concentration risk (as a percent)

20.00%

Liquidity risk [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Maximum maturity period of cash and cash equivalents

3 months

Commodity price risk [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Maximum period of fixed price of commodities for short-term nature

1 year

One percent change, All foreign exchange exposure vs USD dollar foreign exchange risk [member]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

One percent change, All foreign exchange exposure vs USD dollar foreign exchange risk [member] | Foreign exchange derivatives contracts [member]

$ 6,700

4,000

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]

$ 2,300

$ 200

Currency risk [member]

Percentage of variance

1.00%

[1]	During 2022 as a result of NKKTubes’ definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified with impact in the income statement. For more information see note 36“Termination of NKKTubes joint venture”.
[2]	Related to NKKTubes’ cease of operations. For more information see note 36 “Termination of NKKTubes joint venture”.
[3]	Out of the $294.9 million fixed rate borrowings, $271.1million are short-term.

Note 22 - Deferred tax assets and liabilities - Net Deferred Tax Liabilities (Assets) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Note 22 - Deferred tax assets and liabilities

Deferred tax assets

$ (789,615)

$ (208,870)

Deferred tax liabilities

631,605

269,069

Net deferred tax liability (asset)

(158,010)

60,199

Reconciliation of changes in deferred tax liability (asset) [abstract]

60,199

29,174

(89)

822

^[1]

(22,177)

(2,204)

2,673

(193,739)

27,530

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

$ (158,010)

$ 60,199

[1]	Related to the GPC, Isoplus anticorrosion coating divisionand Mattr’s pipe coating business unit acquisitions. For more information see note 34.

Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) - Number of Employees (Details) - Employees	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Number of employees	29,134	25,292	22,776
Argentina
Disclosure of geographical areas [line items]
Number of employees	6,267	6,444	5,169
Mexico
Disclosure of geographical areas [line items]
Number of employees	7,500	5,919	5,474
USA
Disclosure of geographical areas [line items]
Number of employees	3,882	3,509	2,684
Italy
Disclosure of geographical areas [line items]
Number of employees	2,187	2,136	2,011
Brazil
Disclosure of geographical areas [line items]
Number of employees	1,492	1,460	1,817
Romania
Disclosure of geographical areas [line items]
Number of employees	1,884	1,847	1,725
Colombia
Disclosure of geographical areas [line items]
Number of employees	1,112	1,183	1,009
Canada
Disclosure of geographical areas [line items]
Number of employees	1,195	944	758
Indonesia
Disclosure of geographical areas [line items]
Number of employees	1,573	495	506
Saudi Arabia
Disclosure of geographical areas [line items]
Number of employees	849	427	408
Other
Disclosure of geographical areas [line items]
Number of employees	1,193	928	1,215

Note 14 - Investments in non-consolidated companies (Details Textual) $ / shares in Units, $ in Thousands		12 Months Ended
	May 17, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 R$ / shares	Feb. 13, 2019 USD ($)
Disclosure of unconsolidated structured entities [line items]
Total investments in subsidiaries, joint ventures and associates		$ 1,608,804	$ 1,540,646	$ 1,383,774
Bargain purchase gain		3,162
Impairment loss in non-consolidated companies			34,041
Dividends and distributions declared		$ 69,216	64,189
Proportion of ownership interest in subsidiary		50.00%
PAO Severstal [member]
Disclosure of unconsolidated structured entities [line items]
Impairment loss in non-consolidated companies		$ 14,900	14,900
Techgen S.A. [member]
Disclosure of unconsolidated structured entities [line items]
Total investments in subsidiaries, joint ventures and associates		$ 53,600
Ternium S.A. [member]
Disclosure of unconsolidated structured entities [line items]
Closing price, per ads (in dollars per share) \| $ / shares		$ 42.47
Ternium and Usiminas [member]
Disclosure of unconsolidated structured entities [line items]
Dividends and distributions declared		$ 68,800	$ 66,200
Usiminas [member]
Disclosure of unconsolidated structured entities [line items]
Proportion of voting rights held in associate		6.76%	5.19%
Fair value of investments in associates for which there are quoted market prices		$ 92,700
Total investments in subsidiaries, joint ventures and associates		$ 123,700
Proportion of ownership interest in associate		3.96%
Loss Recognised Due to Particiaption Increase in Nonconsolidated Companies	$ 25,500	$ 25,500
Impairment loss in non-consolidated companies		$ 19,100	$ 19,100
Usiminas [member] \| Ordinary shares [member]
Disclosure of unconsolidated structured entities [line items]
Closing price, per share (in BRL per share) \| (per share)		$ 1.9			R$ 9.2
Usiminas [member] \| Preference shares [member]
Disclosure of unconsolidated structured entities [line items]
Closing price, per share (in BRL per share) \| (per share)		$ 1.92			R$ 9.29
Ternium S.A. [member]
Disclosure of unconsolidated structured entities [line items]
Fair value of investments in associates for which there are quoted market prices		$ 975,600
Total investments in subsidiaries, joint ventures and associates		$ 1,430,600
Proportion of ownership interest in associate		11.46%
Techgen S.A. [member]
Disclosure of unconsolidated structured entities [line items]
Proportion of ownership interest in associate		22.00%
Exposure to transportation capacity agreements		$ 39,400
Exposure to the purchase of clean energy certificates		16,900
Techgen S.A. [member] \| Tenaris [member]
Disclosure of unconsolidated structured entities [line items]
Loans and receivables		$ 61,900
Proportion of corporate guarantee covering obligations		22.00%
Techgen S.A. [member] \| Several banks, to refinance obligations [member]
Disclosure of unconsolidated structured entities [line items]
Debt instruments issued						$ 640,000
Techgen S.A. [member] \| Tecpetrol International S.A. [member]
Disclosure of unconsolidated structured entities [line items]
Proportion of ownership interest in associate		30.00%
Techgen S.A. [member] \| Tenaris SA [member]
Disclosure of unconsolidated structured entities [line items]
Debt service coverage ratio, covered, percent		22.00%
Letters of credit, covered		$ 10,900
Techgen S.A. [member] \| Ternium S.A. [member]
Disclosure of unconsolidated structured entities [line items]
Proportion of ownership interest in associate		48.00%
Techgen S.A. [member] \| Ternium S.A. [member] \| Tecpetrol International S.A. [member] \| Tenaris [member]
Disclosure of unconsolidated structured entities [line items]
Loans and receivables		$ 281,300
Global Pipe Company [Member]
Disclosure of unconsolidated structured entities [line items]
Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination	4,500
Bargain purchase gain	$ 11,500
Global Pipe Company [Member] \| SAUDI STEEL PIPE CO. and subsidiaries [Member]
Disclosure of unconsolidated structured entities [line items]
Percentage of voting equity interests acquired	22.30%
Proportion of ownership interest in subsidiary	57.30%

Note 22 - Deferred tax assets and liabilities - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

$ 60,199

$ 29,174

(89)

822

^[1]

(22,177)

(2,204)

2,673

(193,739)

27,530

Deferred tax assets, provisions and allowances [member]

(158,010)

60,199

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

(25,817)

(25,083)

(6)

(345)

(1,374)

(4,314)

(389)

Deferred tax assets, inventory [member]

(31,511)

(25,817)

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

(180,152)

(85,037)

(24)

114

^[2]

(223)

(18,620)

(95,229)

Deferred tax assets, tax loss [member]

(199,019)

(180,152)

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

(310,589)

(485,763)

747

^[2]

(1,875)

(322,431)

174,427

Deferred tax assets, other [member]

(634,894)

(310,589)

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

(156,984)

(176,627)

(611)

(245)

^[2]

(35,941)

(2,342)

954

9,881

18,934

Deferred tax assets [member]

(185,997)

(156,984)

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

(673,542)

(772,510)

(640)

271

^[2]

(39,413)

(2,342)

954

(335,484)

97,743

Deferred tax liabilities, fixed assets [member]

(1,051,421)

(673,542)

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

575,667

669,830

(64)

^[2]

4,175

38,991

(94,099)

Deferred tax liabilities, inventory [member]

618,874

575,667

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

43,532

27,508

113

^[2]

7,563

63,127

16,009

Deferred tax liabilities, intangible assets and other [member]

114,335

43,532

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

114,542

104,346

397

600

^[2]

5,498

138

1,719

39,627

7,877

Deferred Tax liabilities [member]

160,202

114,542

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

733,741

801,684

551

^[2]

17,236

138

1,719

141,745

(70,213)

Note 7 - Financial results

$ 893,411

$ 733,741

[1]	Related to the GPC, Isoplus anticorrosion coating divisionand Mattr’s pipe coating business unit acquisitions. For more information see note 34.
[2]	Related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

Note 7 - Financial results

12 Months Ended

Dec. 31, 2023

Note 7 - Financial results

7 Financial results

	Year ended December 31,
	2023		2022		2021
Interest income	201,852		86,112		38,048
Net result on changes in FV of financial assets at FVPL	11,622		(6,092	)	-
Finance income	213,474		80,020		38,048
Finance cost	(106,862	)	(45,940	)	(23,677	)
Net foreign exchange transactions results	218,383		15,654		17,287
Net foreign exchange derivatives contracts results	(8,974	)	(25,666	)	(7,966	)
Other	(95,044	)	(30,108	)	(1,026	)
Other financial results, net	114,365		(40,120	)	8,295
Net financial results	220,977		(6,040	)	22,666

Finance Income:

In 2023, 2022 and 2021 includes $61.2 million, $33.0 million and $3.3 million of interest related to instruments carried at FVPL, respectively.

In 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement of trade receivables.

In 2021 also includes $18.0 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note 6 to these Consolidated Financial Statements.

Net foreign exchange transactions results:

In 2023 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by an increase in currency translation adjustment reserve from an Italian subsidiary.

In 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary.

In 2021 mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated net financial position at subsidiaries with functional currency U.S. dollar.

Net foreign exchange derivatives contracts results:

In 2023 includes mainly losses on derivatives covering net receivables in Brazilian real.

In 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.

In 2021 includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net receivables in Brazilian real.

Other:

In 2023 includes a net loss of $94.7 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders. For more information see note 29.

In 2022 includes a loss of $29.8 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders.

Note 24 - Non-current allowances and provisions - Liabilities (Details) - Provision for non-current liabilities [member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Reconciliation of changes in other provisions [abstract]

$ 98,126

$ 83,556

4,260

357

^[1]

1,500

Additional allowance

1,901

11,102

Reclassifications

(164)

2,229

Used and other movements

(4,170)

882

Note 18 - Current tax assets and liabilities

$ 101,453

$ 98,126

[1]	Related to Mattr’s pipe coating business unit acquisition. For more information see note 34.

Note 18 - Current tax assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about current tax assets [text block]

	Year ended December 31,
Current tax assets	2023	2022
Income tax assets	122,257	24,812
V.A.T. credits	132,972	218,009
Other prepaid taxes	1,172	315
	256,401	243,136

Disclosure of detailed information about tax liabilities [text block]

	Year ended December 31,
Current tax liabilities	2023	2022
Income tax liabilities	344,565	280,469
V.A.T. liabilities	60,047	17,228
Other taxes	83,665	78,543
	488,277	376,240

Note 32 - Principal accountant fees (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Note 32 - Principal accountant fees
Auditors remuneration for acquisition services	$ 242

Note 26 - Derivative financial instruments - Net Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]
Derivatives with positive fair values	$ 9,801	$ 30,805
Derivatives with negative fair values	(11,150)	(7,127)
Total	(1,349)	23,678
Derivatives hedging borrowings and investments [member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]
Derivatives with positive fair values		6,480
Other derivatives [member]
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]
Derivatives with positive fair values	9,801	24,325
Derivatives with negative fair values	$ (11,150)	$ (7,127)

Note 21 - Borrowings

12 Months Ended

Dec. 31, 2023

Note 21 - Borrowings

Note 21 - Borrowings

21 Borrowings

	Year ended December 31,
	2023	2022
Non-current
Bank borrowings	48,304	46,433
	48,304	46,433
Current
Bank borrowings	513,909	682,255
Bank overdrafts	21,224	94
Costs of issue of debt	-	(20	)
	535,133	682,329
Total Borrowings	583,437	728,762

The maturity of borrowings is as follows:

At December 31, 2023	1 year or less	1 - 2 years	2 – 3 years	Over 3 years	Total
Borrowings	535,133	46,804	1,500	-	583,437
Total borrowings	535,133	46,804	1,500	-	583,437

Interest to be accrued	10,510	3,533	283	-	14,326
Total	545,643	50,337	1,783	-	597,763

At December 31, 2022	1 year or less	1 - 2 years	2 – 3 years	Over 3 years	Total
Borrowings	682,329	41,933	3,000	1,500	728,762
Total borrowings	682,329	41,933	3,000	1,500	728,762

Interest to be accrued ^(*)	26,153	821	64	8	27,046
Total	708,482	42,754	3,064	1,508	755,808

(*) Includes the effect of hedge accounting.

Significant borrowings include:

In millions of U.S. dollars
Disbursement date	Borrower	Type	Final maturity	Outstanding
2023	Tubos de Acero de Mexico S.A.	Bilateral	2024	200
2023	Tenaris Tubocaribe Ltda.	Bilateral	2024	60
2023	Confab Industrial S.A.	Bilateral	2024	40
2017	Global Pipe Company	Bilateral	2024 / 2025	39

As of December 31, 2023, Tenaris was in compliance with all of its covenants, or obtained the necessary waivers from the applicable financial institution if the covenants were not met.

The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, 2023 and 2022, considering hedge accounting where applicable.

	2023			2022
Total borrowings	10.56%			9.45%

Breakdown of long-term borrowings by currency and rate is as follows:

Non-current borrowings

		Year ended December 31,
Currency	Interest rates	2023	2022
USD	Variable	20,000	20,000
SAR	Fixed	23,803	18,933
SAR	Variable	4,501	7,500
Total non-current borrowings		48,304	46,433

Current borrowings

		Year ended December 31,
Currency	Interest rates	2023	2022
USD	Variable	221,008	200,350
USD	Fixed	111,654	206,336
BRL	Variable	39,947	-
EUR	Fixed	25,104	26,829
MXN	Fixed	-	141,802
ARS	Fixed	23,462	74,025
SAR	Variable	3,035	3,023
SAR	Fixed	110,923	29,964
Total current borrowings		535,133	682,329

Borrowings evolution

	Year ended December 31, 2023
	Non-current		Current
At the beginning of the year	46,433		682,329
Translation differences	45		(74,851	)
Proceeds and repayments, net	20,000		(231,797	)
Interests accrued less payments	11		(2,702	)
Reclassifications	(18,185	)	18,185
Increase due to business combinations ^(*)	-		122,839
Overdrafts variation	-		21,130
At the end of the year	48,304		535,133

(*) Related to the GPC acquisition, for more information see note 34 to these Consolidated Financial Statements.

CONSOLIDATED INCOME STATEMENTS - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CONSOLIDATED INCOME STATEMENTS

Selling, general and administrative expenses

$ 14,868,860

$ 11,762,526

$ 6,521,207

Cost of sales

(8,668,915)

(7,087,739)

(4,611,602)

Gross profit

6,199,945

4,674,787

1,909,605

(1,919,307)

(1,634,575)

(1,206,569)

Income before equity in earnings of non-consolidated companies and income tax

(76,725)

(57,075)

Other operating income

53,043

104,497

68,245

Other operating expenses

(17,273)

(104,709)

(6,697)

Operating income

4,316,408

2,963,275

707,509

Finance income

213,474

80,020

38,048

Finance cost

(106,862)

(45,940)

(23,677)

Other financial results

114,365

(40,120)

8,295

4,537,385

2,957,235

730,175

Equity in earnings of non-consolidated companies

95,404

208,702

512,591

Income before income tax

4,632,789

3,165,937

1,242,766

Income tax

(674,956)

(617,236)

(189,448)

Income for the year

3,957,833

2,548,701

1,053,318

Attributable to:

Shareholders' equity

3,918,065

2,553,280

1,100,191

Non-controlling interests

39,768

(4,579)

(46,873)

Income for the year

$ 3,957,833

$ 2,548,701

$ 1,053,318

Earnings per share attributable to shareholders' equity during the year:

Weighted average number of outstanding ordinary shares (thousands) (in shares)

1,178,738

1,180,537

Basic earnings per share (U.S. dollars per share)

$ 3.32

$ 2.16

$ 0.93

Diluted earnings per share (U.S. dollars per share)

3.32

2.16

0.93

American Depositary Shares (“ADSs”)

Earnings per share attributable to shareholders' equity during the year:

Basic earnings per share (U.S. dollars per share)

^[1]

6.65

4.33

1.86

Diluted earnings per share (U.S. dollars per share)

^[1]

$ 6.65

$ 4.33

$ 1.86

[1]	Each ADS equals two shares.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Authorized share capital (in shares)	2,500,000,000	2,500,000,000	2,500,000,000
Number of shares outstanding at end of period (in shares)	1,167,888,739	1,180,536,830	1,180,536,830
Nominal value (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Shares issued (in shares)	1,180,536,830	1,180,536,830	1,180,536,830
Treasury shares [member]
Number of shares outstanding at end of period (in shares)	12,648,091

Note 37 - Share Buyback Program

12 Months Ended

Dec. 31, 2023

Note 37 - Share Buyback Program

Note 37 - Share Buyback Program

37 Share Buyback Program

On November 1, 2023, the Company’s board of directors approved a share buyback program of up to $1.2 billion (which, at the closing price of November 1, 2023 on the Milan Stock Exchange, would represent approximately 75.4 million shares, or 6.4% of the outstanding shares), to be executed within a year, with the intention to cancel the ordinary shares acquired through the program.

The buyback program is being carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, which may be renewed or extended, up to a maximum of 10% of the Company’s shares. The buybacks may be ceased, paused and continued at any time, subject to compliance with applicable laws and regulations.

The program is divided into tranches. For purposes of carrying out the first tranche of the buyback program, Tenaris entered into a non-discretionary buyback agreement with a primary financial institution that makes trading decisions concerning the timing of the purchases of Tenaris’s ordinary shares independently of and uninfluenced by Tenaris and must act in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Under the buyback agreement, purchases of shares may continue during any blackout periods.

During 2023, the Company purchased 12,648,091 shares, for a value of $213.7 million. As of December 31, 2023, the Company held a liability in connection to the shares to be settled under the first tranche of the buyback program that amounted to $86.2 million. On January 12, 2024, the first tranche of the share buyback program was completed.

Further information on the buyback transactions is available on Tenaris’s corporate website under the Share Buyback Program Section.

Note 1 - Segment Information - Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Net Sales	$ 14,868,860	$ 11,762,526	$ 6,521,207
Operating income	4,316,408	2,963,275	707,509
Financial income (expense), net	220,977	(6,040)	22,666
Income before equity in earnings of non-consolidated companies and income tax	4,537,385	2,957,235	730,175
Equity in earnings of non-consolidated companies	95,404	208,702	512,591
Income before income tax	4,632,789	3,165,937	1,242,766
Depreciation and amortization	548,510	607,723	594,721
Tubes [member]
Disclosure of operating segments [line items]
Net Sales	14,185,000	11,133,000	5,994,000
Management view - operating income (loss)	4,337,000	2,772,000	178,000
Depreciation and amortization	518,000	588,000	575,000
All other segments [member]
Disclosure of operating segments [line items]
Net Sales	684,000	630,000	528,000
Management view - operating income (loss)	129,000	75,000	65,000
Depreciation and amortization	31,000	20,000	20,000
Reportable segments [member]
Disclosure of operating segments [line items]
Net Sales	14,869,000	11,763,000	6,521,000
Management view - operating income (loss)	4,466,000	2,847,000	243,000
Difference in cost of sales	(134,000)	44,000	473,000
Differences in depreciation and amortization		2,000	(1,000)
Differences in selling, general and administrative expenses	(7,000)	(4,000)
Differences in other operating income (expenses), net	(9,000)	74,000	(8,000)
Operating income	4,316,000	2,963,000	707,000
Financial income (expense), net	221,000	(6,000)	23,000
Income before equity in earnings of non-consolidated companies and income tax	4,537,000	2,957,000	730,000
Equity in earnings of non-consolidated companies	95,000	209,000	513,000
Income before income tax	4,633,000	3,166,000	1,243,000
Depreciation and amortization	$ 549,000	$ 608,000	$ 595,000

Note 8 - Equity in earnings of non-consolidated companies

12 Months Ended

Dec. 31, 2023

Note 8 - Equity in earnings of non-consolidated companies

Note 8 - Equity in earnings of non-consolidated companies

8 Equity in earnings of non-consolidated companies

	Year ended December 31,
	2023		2022		2021
From non-consolidated companies	104,897		242,743		512,591
Remeasurement of previously held interest	4,506		-		-
Bargain purchase gain	11,487		-		-
Impairment loss on non-consolidated companies	-		(34,041	)	-
Net loss related to participation increase in Usiminas	(25,486	)	-		-
	95,404		208,702		512,591

Remeasurement of previously held interest and Bargain purchase gain: For year ended December 31, 2023, include $4.5 million and $11.5 million related to GPC acquisition. For more information see note 34 “Business Combinations - Acquisition of Global Pipe Company”.

Impairment loss on non-consolidated companies: For year ended December 31, 2022, $19.1 related to the investment in Usiminas and $14.9 related to the joint venture with PAO Severstal (“Severstal”).

Net loss related to participation increase in Usiminas: For more information see note 14 “Investments in non-consolidated companies - Usiminas”.

II. ACCOUNTING POLICIES (Details Textual) R$ / shares in Units, $ / shares in Units, $ in Thousands, R$ in Millions		12 Months Ended
	Dec. 31, 2023 USD ($) Subsidiaries $ / shares shares	Dec. 31, 2023 USD ($) Subsidiaries $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2017	Jul. 03, 2023 shares	Jul. 03, 2023	Jul. 03, 2023 BRL (R$)	Jul. 03, 2023 d	Jul. 03, 2023 USD ($)	Jul. 03, 2023 $ / shares	Jul. 03, 2023 Directors	Jul. 03, 2023 Officers	Mar. 30, 2023 R$ / shares shares	Dec. 31, 2020 $ / shares
Disclosure of associates [line items]
Minimum applicable tax rate		15.00%
Number of subsidiaries acquired \| Subsidiaries	2	2
Forecast period of revenue projections		3 years
Goodwill or intangible assets recognized in relation to investments in non consolidated companies under the equity method	$ 0	$ 0
Number of major business segments	1	1
Total intangible assets and goodwill	$ 1,377,110	$ 1,377,110	$ 1,332,508
Research and development expense		$ 60,000	$ 50,700	$ 45,300
Number of shares authorised (in shares) \| shares	2,500,000,000	2,500,000,000	2,500,000,000	2,500,000,000
Par value per share (in dollars per share) \| $ / shares	$ 1	$ 1	$ 1	$ 1											$ 1
Total number of shares issued (in shares) \| shares	1,180,536,830	1,180,536,830	1,180,536,830	1,180,536,830
Number of votes, per share	1	1	1
Employee benefits, unit vesting period (Year)		4 years			4 years
Employee benefits, company redemption period (Year)		7 years			10 years
Employee benefits, early redemption period (Year)					7 years
Carrying value of units granted	$ 144,000	$ 144,000	$ 123,900
Dilutive effect of share options on number of ordinary shares (in shares) \| shares		0
Maximum period of lease term of short term leases		12 months
Forecast period of cash flow projections		5 years
Nominal growth rate	2.00%	2.00%
Maximum maturity period of fair value through other comprehensive income instruments for short-term nature		12 months
Other current Non-current benefits	$ 119,600	$ 119,600	94,400
Information system projects [member]
Disclosure of associates [line items]
Total intangible assets and goodwill	72,165	72,165	53,355
Licenses, patents, trademarks, and proprietary technology [member]
Disclosure of associates [line items]
Total intangible assets and goodwill	86,700	86,700	86,700	$ 86,700
Customer-related intangible assets [member]
Disclosure of associates [line items]
Total intangible assets and goodwill	$ 47,906	$ 47,906	41,527
Customer-related intangible assets [member] \| Maverick Tube Corporation [member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		14 years
Customer-related intangible assets [member] \| Hydrill Company [member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		10 years
Customer-related intangible assets [member] \| SAUDI STEEL PIPE CO. and subsidiaries [Member]
Disclosure of associates [line items]
Selling, general and administrative expenses, additional amortization of intangible assets			$ 4,100
Finite-lived intangible asset, useful life (Year)		9 years	3 years	5 years
Finite-lived intangible asset, residual useful life (Year)	1 year 9 months
Customer-related intangible assets [member] \| Ipsco Tubulars Inc [Member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		3 years
Finite-lived intangible asset, residual value	$ 26,400	$ 26,400
Customer-related intangible assets [member] \| Mattrs Pipe Coating Business Unit [Member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		4 months
Finite-lived intangible asset, residual value	$ 21,500	$ 21,500
Finite-lived intangible asset, residual useful life (Year)	3 months
Top of range [member]
Disclosure of associates [line items]
Discount rate used in current estimate of value in use	21.40%	21.40%	20.20%	18.80%
Percentage of voting rights held in unconsolidated entities	50.00%	50.00%
Top of range [member] \| Information system projects [member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		3 years
Top of range [member] \| Licenses, patents, trademarks, and proprietary technology [member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		20 years
Bottom of range [member]
Disclosure of associates [line items]
Discount rate used in current estimate of value in use	12.50%	12.50%	13.40%	10.90%
Percentage of voting rights held in unconsolidated entities	20.00%	20.00%
Bottom of range [member] \| Licenses, patents, trademarks, and proprietary technology [member]
Disclosure of associates [line items]
Finite-lived intangible asset, useful life (Year)		3 years
Usiminas [member] \| The new SHA [member]
Disclosure of associates [line items]
Shares bound to SHA (in shares) \| shares	483,600,000	483,600,000
Percent of company voting capital	68.60%	68.60%
T/T Group [member] \| The new SHA [member]
Disclosure of associates [line items]
Percent of company voting capital	61.30%	61.30%
Ternium entitites [member] \| The new SHA [member]
Disclosure of associates [line items]
Percent of company voting capital	51.50%	51.50%
Confab [member] \| The new SHA [member]
Disclosure of associates [line items]
Percent of company voting capital	9.80%	9.80%
NSSMC [member] \| The new SHA [member]
Disclosure of associates [line items]
Percent of company voting capital	31.70%	31.70%
Previdencia Usiminas [member] \| The new SHA [member]
Disclosure of associates [line items]
Percent of company voting capital	7.00%	7.00%
Usiminas [member]
Disclosure of associates [line items]
Proportion of voting rights held in associate		6.76%	5.19%
Usiminas [member] \| Preference shares [member]
Disclosure of associates [line items]
Number of shares subscribed to (in shares) \| shares	1,300,000	1,300,000
Usiminas [member] \| Ordinary shares [member]
Disclosure of associates [line items]
Number of shares subscribed to (in shares) \| shares	47,500,000	47,500,000
Major purchases of assets [member] \| Usiminas [member] \| The new SHA [member]
Disclosure of associates [line items]
Majority percentage of control group shares							55.00%
Major purchases of assets [member] \| Usiminas [member] \| T/T Group [member]
Disclosure of associates [line items]
Percentage of voting capital increased in control group							9.80%
Major purchases of assets [member] \| Usiminas [member] \| T/T Group [member] \| The new SHA [member]
Disclosure of associates [line items]
Number of Board members can be appointed through the shareholders agreement \| Officers													4
Major purchases of assets [member] \| Usiminas [member] \| Tenaris [member] \| The new SHA [member]
Disclosure of associates [line items]
Number of Board members can be appointed through the shareholders agreement												1	1
Major purchases of assets [member] \| Usiminas [member] \| Ordinary shares [member] \| T/T Group [member] \| The new SHA [member]
Disclosure of associates [line items]
Number of shares outstanding in control group \| shares														68,700,000
Number of shares subscribed to (in shares) \| shares						11,000,000
Shares subscribed to, price per share (in BRL per share) \| R$ / shares														R$ 10
Thresold number of trading days immediately prior to date of exercising option \| d									40
Shares subscribed to, value								R$ 110		$ 22,700
Major purchases of assets [member] \| Usiminas [member] \| Ordinary shares [member] \| T/T Group [member] \| The new SHA [member] \| From two years anniversary right to buy [Member]
Disclosure of associates [line items]
Shares subscribed to, price per share (in BRL per share) \| $ / shares											$ 10
Major purchases of assets [member] \| Usiminas [member] \| Ordinary shares [member] \| NSSMC [member] \| The new SHA [member]
Disclosure of associates [line items]
Number of trading days to calculate moving average share price \| d									40
Major purchases of assets [member] \| Usiminas [member] \| Ordinary shares [member] \| NSSMC [member] \| The new SHA [member] \| From two years anniversary right to buy [Member]
Disclosure of associates [line items]
Number of shares right purchase under agreement \| shares						153,100,000
Major purchases of assets [member] \| Usiminas [member] \| Ordinary shares [member] \| NSSMC [member] \| The new SHA [member] \| From two years anniversary right to sell [Member]
Disclosure of associates [line items]
Shares subscribed to, price per share (in BRL per share) \| $ / shares											$ 10

Note 9 - Income tax - Summary of Differences Between Income Tax and Theoretical Amount Using Tax Rate in Each Country (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of income tax [line items]
Income before income tax	$ 4,632,789	$ 3,165,937	$ 1,242,766
Less impairment charges (non-deductible)		76,725	57,075
Income before income tax without impairment charges	4,632,789	3,165,937	1,299,841
Tax calculated at the tax rate in each country	(1,127,428)	(705,727)	(209,765)
Effect of currency translation on tax base	(346,573)	(187,186)	(76,043)
Changes in the tax rates	1,535	(3,422)	(29,881)
Utilization of previously unrecognized tax losses	787	29,560	966
Tax revaluation, withholding tax and others	796,723	249,539	125,275
Tax charges	(674,956)	(617,236)	(189,448)
Non-deductible [Member]
Disclosure of income tax [line items]
Less impairment charges (non-deductible)			$ 57,075

Note 16 - Inventories, net (Tables)

12 Months Ended

Dec. 31, 2023

Note 16 - Inventories, net

Disclosure of detailed information about inventories [text block]

	Year ended December 31,
	2023		2022
Finished goods	1,401,754		1,592,706
Goods in process	1,068,956		936,555
Raw materials	569,837		606,977
Supplies	648,443		542,636
Goods in transit	441,217		530,721
	4,130,207		4,209,595
Allowance for obsolescence, see note 25 (i)	(209,110	)	(222,666	)
	3,921,097		3,986,929

Note 1 - Segment information - Geographical Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 14,868,860

$ 11,762,526

$ 6,521,207

21,081,895

17,550,246

14,449,431

2,480,889

2,493,940

1,299,072

6,078,179

5,556,263

5,824,801

619,445

378,446

239,518

548,510

607,723

594,721

North America [Member]

7,765,130

6,902,787

3,360,345

11,210,620

9,018,386

7,992,946

1,222,635

1,371,717

652,483

3,676,352

3,548,844

3,805,912

214,932

118,644

106,118

307,139

348,550

307,116

South America [Member]

3,382,495

2,550,402

1,311,279

3,751,121

3,896,403

2,399,448

447,379

583,223

234,800

1,143,752

1,031,423

984,413

246,061

176,448

63,723

115,156

125,324

125,781

Europe [Member]

1,175,581

1,000,833

742,463

2,839,378

2,071,624

1,727,573

278,077

202,753

180,515

794,242

706,539

742,461

119,820

62,143

43,344

Asia Pacific, Middle East & Africa [member]

74,862

76,631

89,667

^[1]

2,545,654

1,308,504

1,107,120

^[1]

1,671,972

1,023,187

945,690

^[1]

532,798

336,247

231,274

^[1]

463,833

269,457

292,015

^[1]

38,632

21,211

26,333

^[1]

51,353

57,218

72,157

Unallocated [member]

^[2]

^[2]

1,608,804

1,540,646

1,383,774

^[2]

^[2]

^[2]

Note 13 - Right-of-use assets, net and lease liabilities

^[2]

[1]	Starting on January 1, 2023, Asia Pacific and Middle East and Africa segments were merged in a single geographical segment.
[2]	For 2023, 2022 and 2021 includes Investments in non-consolidated companies. See note 14 to these Consolidated Financial Statements.

Note 13 - Right-of-use assets, net and lease liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of quantitative information about right-of-use assets [text block]

Year ended December 31, 2023	Land and Civil Buildings		Industrial Buildings, Plant and Production Equipment		Vehicles, furniture and fixtures		Others	Total
Cost
Opening net book amount	43,570		125,677		30,291		1,182	200,720
Currency translation adjustment	99		243		263		-	605
Increase due to business combinations ^(*)	11,803		37		46		-	11,886
Additions	13,040		30,066		15,732		2,486	61,324
Transfers / Reclassifications	691		-		(691	)	-	-
Disposals	(2,739	)	(7,643	)	(2,424	)	-	(12,806	)
At December 31, 2023	66,464		148,380		43,217		3,668	261,729

Depreciation
Accumulated at the beginning of the year	18,933		52,794		17,042		210	88,979
Currency translation adjustment	34		134		200		-	368
Depreciation charge	9,663		29,685		10,316		613	50,277
Transfers / Reclassifications	691		-		(691	)	-	-
Disposals	(1,349	)	(7,046	)	(1,638	)	-	(10,033	)
Accumulated at the end of the year	27,972		75,567		25,229		823	129,591
At December 31, 2023	38,492		72,813		17,988		2,845	132,138

^(*) Related to the GPC and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

Year ended December 31, 2022	Land and Civil Buildings		Industrial Buildings, Plant and Production Equipment		Vehicles, furniture and fixtures		Others	Total
Cost
Opening net book amount	46,082		131,816		20,256		-	198,154
Currency translation adjustment	52		(414	)	(417	)	-	(779	)
Additions	15,872		31,778		7,674		1,182	56,506
Transfers / Reclassifications	(5,166	)	(1,317	)	6,483		-	-
Disposals	(13,270	)	(36,186	)	(3,705	)	-	(53,161	)
At December 31, 2022	43,570		125,677		30,291		1,182	200,720

Depreciation
Accumulated at the beginning of the year	24,005		54,727		10,684		-	89,416
Currency translation adjustment	(9	)	(139	)	(251	)	-	(399	)
Depreciation charge	8,965		32,767		7,277		210	49,219
Transfers / Reclassifications	(3,974	)	1,431		2,543		-	-
Disposals	(10,054	)	(35,992	)	(3,211	)	-	(49,257	)
Accumulated at the end of the year	18,933		52,794		17,042		210	88,979
At December 31, 2022	24,637		72,883		13,249		972	111,741

Lease liability evolution [text block]

	Year ended December 31,
	2023		2022
Opening net book amount	112,177		117,285
Increase due to business combinations ^(*)	12,148		-
Translation differences	2,237		(3,922	)
Additions	61,310		56,459
Cancellations	(2,972	)	(5,207	)
Repayments ^(**)	(54,940	)	(55,874	)
Interest accrued	4,473		3,436
At December 31,	134,433		112,177

^(*) Related to the GPC and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

^(**)For 2023 includes repayments of $51.5 million in capital and $3.4 million of interest.

For 2022 includes repayments of $52.4 million in capital and $3.5 million of interest.

Note 36 - Termination of NKKTubes joint venture (Details Textual) - NKKTUBES [member]	12 Months Ended
	Dec. 31, 2023
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	51.00%
JFE [member]
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	49.00%

I. GENERAL INFORMATION

12 Months Ended

Dec. 31, 2023

I. GENERAL INFORMATION

I. GENERAL INFORMATION

Tenaris S.A. (the “Company”) was established as a public limited liability company (société anonyme) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these Consolidated Financial Statements to “Tenaris” refer to the Company and its consolidated subsidiaries. A list of the principal Company’s subsidiaries is included in note 33 to these Consolidated Financial Statements.

The Company’s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; and the Company’s American Depositary Securities (“ADS”) trade on the New York Stock Exchange.

These Consolidated Financial Statements were approved for issuance by the Company’s Board of Directors on February 21, 2024.

Note 34 - Business combinations (Details) - USD ($) $ in Millions	Nov. 30, 2023	Sep. 06, 2023	Jul. 01, 2023	May 17, 2023
Global Pipe Company
Disclosure of detailed information about business combination [line items]
Property, Plant and Equipment				$ 173.0
Working capital				34.0
Cash and Cash Equivalents				2.0
Borrowings				(123.0)
Other assets and liabilities, net				(6.0)
Net assets acquired				$ 80.0
Anticorrosion Coating Assets [Member]
Disclosure of detailed information about business combination [line items]
Property, Plant and Equipment			$ 11.0
Working capital			2.0
Net assets acquired			$ 13.0
Republic Tube Pipe Processing Facility [Member]
Disclosure of detailed information about business combination [line items]
Property, Plant and Equipment		$ 85.0
Working capital		(1.0)
Other assets and liabilities, net		2.0
Net assets acquired		$ 85.5
Mattrs Pipe Coating Business Unit [Member]
Disclosure of detailed information about business combination [line items]
Property, Plant and Equipment	$ 126.0
Intangible assets	29.0
Working capital	(13.0)
Cash and Cash Equivalents	21.0
Provisions	(7.0)
Other assets and liabilities, net	13.0
Net assets acquired	$ 169.0

Note 18 - Current tax assets and liabilities - Summary of Current Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Note 18 - Current tax assets and liabilities
Income tax assets	$ 122,257	$ 24,812
V.A.T. credits	132,972	218,009
Other prepaid taxes	1,172	315
Current tax assets, current	$ 256,401	$ 243,136

II. ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Disclosure of Significant Accounting Policies [Abstract]

Description of accounting policy for basis of presentation [text block]

A Basis of presentation

The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (“IFRS" or "IFRS Accounting Standards”), as issued by the International Accounting Standards Board (“IASB”) and in accordance with IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (“$”).

Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current year.

The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving material estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment in investments in associates (note II.B); income taxes including recoverability of deferred tax assets (note II.O); obsolescence of inventory (note II.J); contingencies (note II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business combinations (notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H) and property title ownership restriction (note IV.28). During the year there were no significant changes in the material accounting estimates and judgements.

(1) Accounting pronouncements applicable as from January 1, 2023

Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two model rules (the Global Anti-Base Erosion rules, or “GloBE”) to reform international corporate taxation. Following Pillar Two OECD’s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from 2024.

In May 2023, the IASB made narrow-scope amendments to IAS 12 setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar Two model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules.

On December 20, 2023, the Luxembourg Parliament approved the Pillar Two law transposing the EU Pillar Two Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.

The Company is within the scope of the rules, and therefore will be required to calculate its GloBE effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate, as from 2024. For more information see note 9.

Other accounting pronouncements that became effective during 2023 have no material effect on the Company’s financial condition or results of operations.

(2) New accounting pronouncements not applicable as of December 31, 2023

Certain newly published accounting standards, amendments to accounting standards and interpretations are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.

Description of accounting policy for investment in associates and joint ventures [text block]

B Group accounting

(1) Subsidiaries and transactions with non-controlling interests

Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In some cases, the Company considers that it has the ability to affect returns through its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail at all of the subsidiary’s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary’s board of directors. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.

The acquisition method is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement.

Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.

Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the Consolidated Income Statement under Other financial results.

(2) Non-consolidated companies

Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies (associates and joint ventures) are accounted for by the equity method and are initially recognized at cost (as defined by IAS 28, “Investments in Associates and Joint Ventures”). The Company’s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.

Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris’s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.

If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris’s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies are adjusted where necessary to ensure consistency with IFRS.

The Company’s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under Equity in earnings of non-consolidated companies. The Company’s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.

a) Ternium

At December 31, 2023, Tenaris held 11.46% in the share capital of Ternium S.A. (“Ternium”). The following factors and circumstances evidence that Tenaris has significant influence over Ternium:

both the Company and Ternium are under the indirect common control of San Faustin S.A. (“San Faustin”);
four out of eight members of Ternium’s board of directors (including Ternium’s chairman) are also members of the Company’s board of directors;
under the shareholders’ agreement by and between the Company and Techint Holdings S.àr.l ("Techint"), a wholly owned subsidiary of San Faustin and Ternium’s main shareholder, dated January 9, 2006 Techint, is required to take actions within its power to cause (a) one of the members of Ternium’s board of directors to be nominated by the Company and (b) any director nominated by the Company to be removed from Ternium’s board of directors only pursuant to previous written instructions of the Company.

b) Usiminas

At December 31, 2023, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (“Confab”), 47.5 million ordinary shares and 1.3 million preferred shares of Usinas Siderúrgicas de Minas Gerais S.A. - Usiminas (“Usiminas”), representing 6.76% of its shares with voting rights and 3.96% of its total share capital.

Confab’s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas’ existing control group. Subsequently, in 2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.

More recently, on March 30, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium Argentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a price of BRL10 per ordinary share. The transaction closed on July 3, 2023 and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.

The Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas’ employee pension fund, Previdência Usiminas. At December 31, 2023, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of Usiminas’ voting capital and the T/T Group held an aggregate participation of 61.3% in the control group (with 51.5% of the control group’s participation corresponding to Ternium’s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and Previdência Usiminas held 31.7% and 7%, respectively, in the control group.

Upon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the relationship between the T/T Group, the NSC Group and Previdência Usiminas was replaced by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a majority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas’ control group shares.

At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group’s remaining interest in the Usiminas control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation in the T/T Group.

Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Under such separate agreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others, the ability to nominate certain Usiminas’ officers and directors. Those circumstances evidence that Tenaris continues having significant influence over Usiminas and, as a result, continues accounting for its investment under the equity method.

c) Techgen

Techgen S.A. de C.V. (“Techgen”), which operates an electric power plant in Mexico, is a joint venture company owned 48% by Ternium, 30% by Tecpetrol International S.A. (“Tecpetrol”) and 22% by Tenaris. The Company, Ternium and Tecpetrol are parties to a shareholders’ agreement relating to the governance of Techgen and are under the indirect common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant influence over this entity.

d) Global Pipe Company

Global Pipe Company (“GPC”) is a joint venture, established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. Until May 16, 2023, Tenaris, through its subsidiary Saudi Steel Pipe Company ("SSPC") owned 35% of the share capital of GPC and, accordingly was a non-consolidated company.

On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC’s balances and results of operations as from May 17, 2023.

For more information on GPC's acquisition and its accounting treatment see note 34 “Business Combinations - Global Pipe Company acquisition”.

Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. For more information see note 14 to these Consolidated Financial Statements.

Description of accounting policy for segment reporting [text block]

C Segment information

The Company is organized in one major business segment, Tubes, which is also the reportable operating segment. All other business activities and operating segments that are not required to be separately reported are disclosed in the Other segment.

The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (“OCTG”) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the worldwide oil and gas industry, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.

The Other segment includes all business activities related to the production and selling of sucker rods, coiled tubing, tubes used for plumbing and construction applications, oilfield / hydraulic fracturing services, the recently acquired coating business and others as energy and raw materials that exceed internal requirements.

Tenaris’s Chief Operating Decision Maker (“CODM”) reviews operating and financial performance information with senior management on a monthly basis. This information differs from IFRS principally as follows:

the use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciation;
the use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost, mainly on a FIFO basis;
any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar; and
other timing differences, if any.

Tenaris presents its geographical information in four areas: North America, South America, Europe and Asia Pacific, Middle East and Africa. For purposes of reporting geographical information, net sales are allocated to geographical areas based on the customer’s location; allocation of assets, capital expenditures and associated depreciations and amortizations are based on the geographical location of the assets.

Description of accounting policy for foreign currency translation [text block]

D Foreign currency translation

(1) Functional and presentation currency

IAS 21 (revised), “The effects of changes in foreign exchange rates” defines the functional currency as the currency of the primary economic environment in which an entity operates.

The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris’s global operations.

Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.

This decision was a result of a significant increase of its Brazilian Subsidiaries’ participation in the OCTG and line pipe international markets, a trend which started in recent years and has been strengthened in 2022, an increased level of integration of the local operations within Tenaris’s international commercial and supply chain system, as well as the fact that the main purchase agreement contracts and the long term sales agreement contracts with major international and local oil companies are either entered or indexed to the U.S. dollar. Local steel prices are also being affected by the U.S. dollar / Brazilian Real fluctuations.

Except for the Italian subsidiaries whose functional currency is the Euro and two recently acquired subsidiaries whose functional currencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:

sales are mainly negotiated, denominated and / or settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;
prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;
transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference currency;
there is a significant level of integration of the local operations within Tenaris's international global distribution network;
net financial assets and liabilities are mainly received and maintained in U.S. dollars; and
the exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.

(2) Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in Other financial results in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges.

(3) Translation of financial information in currencies other than the functional currency

Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the period-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in the Consolidated Income Statement as a gain or loss from the sale or disposal following IAS 21.

Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate.

Description of accounting policy for property, plant and equipment [text block]

E Property, plant and equipment

Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued initially at the fair market value of the assets acquired.

Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.

Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.

Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS 23 (revised), “Borrowing Costs”. Assets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.

The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows:

	Land	No Depreciation
	Buildings and improvements	30-50 years
	Plant and production equipment	10-40 years
	Vehicles, furniture and fixtures, and other equipment	4-10 years

The assets’ residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 16, “Property, Plant and Equipment”, resulted in additional depreciation expenses of approximately $39 million for 2022, and did not materially affect depreciation expenses for 2023 and 2021.

Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under Other operating income or Other operating expenses in the Consolidated Income Statement.

Description of accounting policy for intangible assets and goodwill [text block]

F Intangible assets

(1) Goodwill

Goodwill represents the excess of the acquisition cost over the fair value of Tenaris’s share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included in the Consolidated Statement of Financial Position under Intangible assets, net.

For the purpose of impairment testing, goodwill is allocated to a cash generating unit (“CGU”) or group of CGUs that are expected to benefit from the business combination which generated the goodwill being tested.

(2) Information systems projects

Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply with the recognition criteria of IAS 38, “Intangible Assets”.

Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and administrative expenses in the Consolidated Income Statement.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect amortization expenses for 2023, 2022 and 2021.

(3) Licenses, patents, trademarks and proprietary technology

Licenses, patents, trademarks, and proprietary technology are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives, which are in the range between 3 and 20 years. Amortization charges are mainly classified as Cost of sales in the Consolidated Income Statement.

The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7 million at December 31, 2023, 2022 and 2021, and are included in Hydril CGU. Main factors considered in the determination of the indefinite useful lives include the years that they have been in service and their recognition among customers in the industry.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect amortization expenses for 2023, 2022 and 2021.

(4) Research and development

Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of sales for the years 2023, 2022 and 2021 totaled $60.0 million, $50.7 million and $45.3 million, respectively.

Capitalized costs were not material for the years 2023, 2022 and 2021.

(5) Customer relationships

In accordance with IFRS 3, "Business Combinations" and IAS 38, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick Tube Corporation (“Maverick”) and Hydril Company (“Hydril”) groups, SSPC, Ipsco Tubulars Inc. (“IPSCO”) and the more recent acquisition of Mattr’s pipe coating business unit.

Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr’s pipe coating business unit.

In 2022, the Company reviewed the useful life of SSPC’s customer relationships and decided to reduce it from 5 years to 3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated Income Statement under Selling, general and administrative expenses for the year ended December 31, 2022.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, did not affect amortization expenses for 2023 and 2021.

As of December 31, 2023 the net book value of SSPC’s customer relationship amounted to $26.4 million, with a residual useful life of 1 year and 9 months, Mattr’s amounted to $21.5, with a residual useful life of 3 months, while IPSCO’s, Maverick’s and Hydril’s customer relationships were fully amortized.

Description of accounting policy for leases [text block]

G Right-of-use assets and lease liabilities

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.

Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or early termination, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

Payments associated with short-term leases, variable leases and leases of low value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

Description of accounting policy for impairment of non-financial assets [text block]

H Impairment of non-financial assets

Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (“CGU”). Most of the Company’s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation that generates largely independent cash inflows.

Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events or circumstances indicate that the carrying amount value may be impaired. In some situations where there have not been significant changes to CGU assets and liabilities as well as external and internal events and circumstances which could materially alter the recoverable amount of the CGU, the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for that CGU in the current period.

In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris’s cash flow projections and the business condition in terms of competitive, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset’s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:

(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and

(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or zero.

Value in use is calculated by discounting the estimated cash flows over a five-year period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly the historical inflation rate.

For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.

Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. For more information on impairment charges see note 5 to these Consolidated Financial Statements.

Description of accounting policy for investments other than investments accounted for using equity method [text block]

I Other investments

Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more than three months at the date of purchase.

Certain non-derivative financial assets that the Company held not for trading have been categorized as financial assets at fair value through other comprehensive income (“FVOCI”), as the business model objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets. They are carried at fair value and interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is disposed. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. FVOCI instruments with maturities greater than 12 months after the balance sheet date are included in non-current assets.

Other investments in financial instruments and time deposits are categorized as financial assets at fair value through profit or loss (“FVPL”) because such investments are held for trading and their performance is evaluated on a fair value basis. The results of these investments are recognized in Financial Results in the Consolidated Income Statement.

Purchases and sales of financial investments are recognized as of their settlement date.

The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See section III Financial Risk Management.

Description of accounting policy for measuring inventories [text block]

J Inventories

Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris estimates the net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier’s invoice cost.

Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.

Description of accounting policy for trade and other receivables [text block]

K Trade and other receivables

Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is unconditional unless they contain significant financing components. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Due to their short-term nature, their carrying amount is considered to be the same as their fair value.

Tenaris applies the IFRS 9 “Financial Instruments” simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of three years and the corresponding historical credit losses experienced within this period. The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.

Description of accounting policy for determining components of cash and cash equivalents [text block]

L Cash and cash equivalents

Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less than three months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.

In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities.

For the purposes of the Consolidated Statement of Cash Flows, Cash and cash equivalents includes overdrafts.

Description of accounting policy for issued capital [text block]

M Equity

(1) Equity components

The Consolidated Statement of Changes in Equity includes:

the value of share capital, legal reserve,share premium and other distributable reserves calculated in accordance with Luxembourg law;
the currency translation adjustment,treasury shares, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS.

(2) Share capital

The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. Total ordinary shares issued as of December 31, 2023, 2022 and 2021 were 1,180,536,830 with a par value of $1.00 per share with one vote each. Total ordinary shares outstanding as of December 31, 2023, were 1,167,888,739 and as of December 31, 2022 and 2021 were 1,180,536,830 with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury shares. All issued shares are fully paid.

(3) Treasury Shares

Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation. Any potential gains or losses on disposal of treasury shares are recognized under Other reserves in the Consolidated Statement of Changes in Equity. Treasury shares outstanding as of December 31, 2023, were 12,648,091.

(4) Dividends distribution by the Company to shareholders

Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company.

Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. See note 27 (iii) to these Consolidated Financial Statements.

Description of accounting policy for borrowings [text block]

N Borrowings

Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Description of accounting policy for income tax [text block]

O Current and deferred income tax

The income tax expense or credit for the period is the tax payable or recoverable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in the Consolidated Income Statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company’s subsidiaries operate and generate taxable income.

Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise mainly from net operating loss carry-forwards, the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for post-employment benefits and other long-term employee benefits and fair value adjustments of assets acquired in business combinations. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences and losses can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax basis of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the Consolidated Income Statement or to the item Other comprehensive income in the Consolidated Statement of Comprehensive Income, depending on the account to which the original amount was charged or credited.

Description of accounting policy for employee benefits [text block]

P Employee benefits

(1) Short-term obligations

Liabilities for wages and salaries are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(2) Post-employment benefits

The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.

For defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets.

For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:

•	An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary. As of December 31, 2023 the outstanding liability for this plan amounts to $48.1 million.
•	Employees’ service rescission indemnity. The cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability accrued for employees at Tenaris’s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, Tenaris’s Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only limited to the contributions of 2007 onwards. As of December 31, 2023 the outstanding liability for this plan amounts to $10.6 million.
•	Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date, frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an unfunded post-retirement health and life plan is in place that offers limited medical and life insurance benefits to the retirees, frozen to new participants. As of December 31, 2023 the outstanding liability for these plans amounts to $5.6 million.
•	Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of annuities purchased from an insurance company for the benefit of current and future retirees, investments in debt and equity instruments. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of December 31, 2023 the plan was overfunded and the net assets related to this plan amounted to $10.8 million.

(3) Other long-term benefits

During 2007, Tenaris launched an employee retention and long-term incentive program (“the Program”) applicable to certain senior officers and employees of the Company, who will be granted a number of units throughout the duration of the Program. The value of each of these units is based on Tenaris’s shareholders’ equity (excluding non-controlling interest). Until the end of 2017, the units were vested ratably over a period of four years and were mandatorily redeemed by the Company ten years after grant date, with the option of an early redemption at seven years after the grant date. Since 2018, the units are vested ratably over the same period and are mandatorily redeemed by the Company seven years after grant date.

The beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The payment of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this long-term incentive program as a long-term benefit plan as classified in IAS 19, “Employee Benefits”.

As of December 31, 2023 and 2022, the outstanding liability corresponding to the Program amounts to $119.6 million and $94.4 million, respectively. The total value of the units granted (vested and unvested) to date under the program, considering the number of units and the book value per share as of December 31, 2023 and 2022, is $144.0 million and $123.9 million, respectively.

(4) Termination benefits

Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.

(5) Other compensation obligations

Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations are accrued as earned.

Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.

Description of accounting policy for provisions [text block]

Q Provisions

Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris’s potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a potential loss from a claim or proceeding is considered probable and the amount can be reliably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration Tenaris’s litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. As the scope of liabilities become better defined, there may be changes in the estimates of future costs which could have a material adverse effect on its results of operations, financial condition and cash flows.

If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.

This note should be read in conjunction with note 27 to these Consolidated Financial Statements.

Description of accounting policy for trade and other payables [text block]

R Trade and other payables

Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently measured at amortized cost. They are presented as current liabilities unless payment is not due within twelve months after the reporting period. Due to their short-term nature their carrying amounts are considered to be the same as their fair value.

Description of accounting policy for recognition of revenue [text block]

S Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of Tenaris’s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.

Revenue is recognized at a point in time or over time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. These conditions are determined and analyzed on a contract by contract basis to ensure that all performance obligations are fulfilled. In particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.

For bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company does not have the ability to use the product or to direct it to another customer; (d) the usual payment terms apply.

The Company’s contracts with customers do not provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are based on expected value considering past experience and contract conditions.

Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost plus margin.

There are no judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations.

Tenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue and mainly include:

Pipe Management Services: This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.

Field Services: Comprises field technical support and running assistance.

These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.

The Company also provides hydraulic fracturing, coiled tubing and coating services. The revenue related to these services is included in the Other segment.

Revenue from providing services is recognized over time in the accounting period in which the services are rendered.

The following inputs and outputs methods are applied to recognize revenue considering the nature of service:

Storage services: the Company provides storage services in owned or third-party warehouses, subject to a variable fee to be invoiced. This fee is determined based on the time that the customer maintains the material in the warehouse and the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).

Freights: the revenue is recognized on a pro rata basis considering the units delivered and time elapsed.

Field services: the revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, considering that the contracts do not include any significant financing component, the Company does not adjust any of the transaction prices for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.

Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.

Other revenues earned by Tenaris are recognized on the following basis:

Interest income: on the effective yield basis.
Dividend income from investments in other companies: when Tenaris’s right to receive payment is established.
Net income from other sales: when control is transferred to the customer.
Construction / coating contracts revenues: in accordance with the stage of the project completion.

Description of accounting policy for expenses [text block]

T Cost of sales and other selling expenses

Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of accounting.

Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in Selling, general and administrative expenses in the Consolidated Income Statement.

Description of accounting policy for earnings per share [text block]

U Earnings per share

Earnings per share are calculated by dividing the income attributable to the shareholders’ equity by the monthly weighted average number of common shares outstanding during the period.

There are no dilutive potential ordinary shares.

Description of accounting policy for financial instruments [text block]

V Financial instruments

Non-derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.

The Company classifies its financial instruments according to the following measurement categories:

those to be measured subsequently at fair value (either through OCI or through profit or loss), and
those to be measured at amortised cost.

The classification depends on the Company’s business model for managing the financial assets and contractual terms of the cash flows.

Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.

Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments:

Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.

Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement.

Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.

Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.

Equity instruments are subsequently measured at fair value.

Accounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk Management.

Note 23 - Other liabilities (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of defined benefit plans [line items]
Overfunded Plan	$ 15.8	$ 15.3
Net post employment benefits funded exposed as liabilities	$ 5.0	5.1
Post-employment benefits
Disclosure of defined benefit plans [line items]
Weighted average duration of liabilities related to post-employment benefits	6 years
Post-employment benefits \| Unfunded
Disclosure of defined benefit plans [line items]
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)	$ (0.6)	0.1
Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset)	$ (8.3)	4.1
Post-employment benefits \| Unfunded \| Actuarial assumption of discount rates [member]
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible increase in actuarial assumption	1.00%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ (5.6)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 5.0
Post-employment benefits \| Unfunded \| Actuarial assumption of expected rates of salary increases [member]
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible increase in actuarial assumption	1.00%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 2.7
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	(2.9)
Post-employment benefits \| Funded
Disclosure of defined benefit plans [line items]
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)	(0.9)	4.8
Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset)	$ (1.3)	$ 25.6
Post-employment benefits \| Funded \| Actuarial assumption of discount rates [member]
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible increase in actuarial assumption	1.00%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ (11.7)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 9.9
Post-employment benefits \| Funded \| Actuarial assumption of expected rates of salary increases [member]
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible increase in actuarial assumption	1.00%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 0.7
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ (0.8)

Note 2 - Cost of sales (Tables)

12 Months Ended

Dec. 31, 2023

Note 2 - Cost of sales

Disclosure of Detailed Information About Cost of Sales [text block]

	Year ended December 31,
	2023		2022		2021
Inventories at the beginning of the year	3,986,929		2,672,593		1,636,673
Increase in inventory due to business combinations ^(*)	107,588		-		-
Decrease in inventory due to sale of subsidiaries	-		-		(10,662	)
Plus: Charges of the year
Raw materials, energy, consumables and other	5,277,507		5,772,031		3,841,551
Services and fees	437,804		293,490		208,472
Labor cost	1,403,546		1,160,085		824,071
Depreciation of property, plant and equipment	424,373		465,849		448,843
Amortization of intangible assets	11,582		11,754		7,645
Depreciation of right-of-use assets	30,352		33,244		35,910
Maintenance expenses	408,410		267,294		129,350
Allowance for obsolescence	13,581		24,901		23,296
Taxes	272,120		194,736		40,887
Other	216,220		178,691		98,159
	8,603,083		8,402,075		5,647,522
Less: Inventories at the end of the year	(3,921,097	)	(3,986,929	)	(2,672,593	)
	8,668,915		7,087,739		4,611,602

^(*)Related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

Note 25 - Current allowances and provisions

12 Months Ended

Dec. 31, 2023

Note 25 - Current allowances and provisions

Note 25 - Current allowances and provisions

25 Current allowances and provisions

(i) Deducted from assets

Year ended December 31, 2023	Allowance for doubtful accounts - Trade receivables		Allowance for other doubtful accounts - Other receivables		Allowance for inventory obsolescence
Values at the beginning of the year	(45,495	)	(3,479	)	(222,666	)
Translation differences	(128	)	(88	)	(452	)
Increase due to business combinations (*)	(899	)	-		(9,179	)
(Additional) allowances	(3,590	)	(107	)	(13,581	)
Used	1,066		235		36,768
At December 31, 2023	(49,046	)	(3,439	)	(209,110	)

(*) Related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

Year ended December 31, 2022	Allowance for doubtful accounts - Trade receivables		Allowance for other doubtful accounts - Other receivables		Allowance for inventory obsolescence
Values at the beginning of the year	(47,120	)	(3,206	)	(245,774	)
Translation differences	(12	)	68		(405	)
(Additional) / reversal allowances	223		(346	)	(24,901	)
Used	1,414		5		48,414
At December 31, 2022	(45,495	)	(3,479	)	(222,666	)

(ii) Liabilities

Year ended December 31, 2023	Sales risks		Other claims and contingencies (*)		Total
Values at the beginning of the year	3,186		7,999		11,185
Translation differences	285		(208	)	77
Increase due to business combinations (**)	-		5,317		5,317
Additional provisions	30,057		6,941		36,998
Reclassifications	-		164		164
Used	(13,588	)	(4,194	)	(17,782	)
At December 31, 2023	19,940		16,019		35,959

Year ended December 31, 2022	Sales risks		Other claims and contingencies (*)		Total
Values at the beginning of the year	1,468		7,854		9,322
Translation differences	(160	)	(97	)	(257	)
Additional provisions	5,315		4,189		9,504
Reclassifications	-		(2,229	)	(2,229	)
Used	(3,437	)	(1,718	)	(5,155	)
At December 31, 2022	3,186		7,999		11,185

(*) Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.

(**) Related to Mattr’s pipe coating business unit acquisition. For more information see note 34.

Note 16 - Inventories, net

12 Months Ended

Dec. 31, 2023

Note 16 - Inventories, net

Note 16 - Inventories, net

16 Inventories, net

	Year ended December 31,
	2023		2022
Finished goods	1,401,754		1,592,706
Goods in process	1,068,956		936,555
Raw materials	569,837		606,977
Supplies	648,443		542,636
Goods in transit	441,217		530,721
	4,130,207		4,209,595
Allowance for obsolescence, see note 25 (i)	(209,110	)	(222,666	)
	3,921,097		3,986,929

Note 1 - Segment information - Tubes Segment Revenues By Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Net Sales	$ 14,868,860	$ 11,762,526	$ 6,521,207
Tubes [member]
Disclosure of operating segments [line items]
Net Sales	14,185,000	11,133,000	5,994,000
Tubes [member] \| Oil and gas [member]
Disclosure of operating segments [line items]
Net Sales	12,488,000	9,543,000	4,895,000
Tubes [member] \| Oil and gas processing plants [member]
Disclosure of operating segments [line items]
Net Sales	818,000	738,000	459,000
Tubes [member] \| Industrial, power and others
Disclosure of operating segments [line items]
Net Sales	$ 879,000	$ 852,000	$ 640,000

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
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-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URIDate 2023-03-23

+ Details

Note 12 - Intangible assets, net - Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Reconciliation of changes in intangible assets and goodwill [abstract]

$ 1,332,508

Information system projects [member]

1,377,110

$ 1,332,508

Reconciliation of changes in intangible assets and goodwill [abstract]

53,355

Licenses, patents and trademarks [member]

72,165

53,355

Reconciliation of changes in intangible assets and goodwill [abstract]

^[1]

152,574

Reconciliation of changes in intangible assets and goodwill [abstract]

^[1]

153,332

152,574

Goodwill [member]

1,085,052

Reconciliation of changes in intangible assets and goodwill [abstract]

1,103,707

1,085,052

41,527

Gross carrying amount [member]

47,906

41,527

Reconciliation of changes in intangible assets and goodwill [abstract]

5,397,233

5,877,471

2,274

(1,538)

47,475

^[2]

4,019

^[3]

48,448

32,379

804

(5,535)

(7,737)

(509,563)

^[4]

Gross carrying amount [member] | Information system projects [member]

5,488,497

5,397,233

Reconciliation of changes in intangible assets and goodwill [abstract]

614,474

650,155

2,233

(2,626)

105

^[2]

^[3]

39,375

31,427

437

(5,535)

(7,737)

(58,947)

^[4]

Gross carrying amount [member] | Licenses, patents and trademarks [member]

648,887

614,474

Reconciliation of changes in intangible assets and goodwill [abstract]

^[1]

550,991

547,527

^[1]

^[1]

116

^[2]

4,019

^[3]

^[1]

9,073

952

^[1]

367

^[1]

(1,507)

^[4]

Gross carrying amount [member] | Goodwill [member]

^[1]

560,549

550,991

Reconciliation of changes in intangible assets and goodwill [abstract]

2,469,726

2,468,638

1,088

18,616

^[2]

^[3]

^[4]

Gross carrying amount [member] | Customer-related intangible assets [member]

2,488,381

2,469,726

Reconciliation of changes in intangible assets and goodwill [abstract]

1,762,042

2,211,151

28,638

^[2]

^[3]

(449,109)

^[4]

Accumulated depreciation, amortisation and impairment [member]

1,790,680

1,762,042

Reconciliation of changes in intangible assets and goodwill [abstract]

(4,064,725)

(4,505,295)

2,141

(2,496)

52,343

70,772

682

(86)

7,736

509,528

^[4]

Accumulated depreciation, amortisation and impairment [member] | Information system projects [member]

(4,111,387)

(4,064,725)

Reconciliation of changes in intangible assets and goodwill [abstract]

(561,119)

(599,307)

2,140

(2,496)

21,285

23,218

(86)

7,736

58,912

^[4]

Accumulated depreciation, amortisation and impairment [member] | Licenses, patents and trademarks [member]

(576,722)

(561,119)

Reconciliation of changes in intangible assets and goodwill [abstract]

^[1]

(398,417)

(391,223)

^[1]

^[1]

8,799

8,701

^[1]

^[1]

^[1]

1,507

^[4]

Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]

^[1]

(407,217)

(398,417)

Reconciliation of changes in intangible assets and goodwill [abstract]

(1,384,674)

(1,383,994)

680

^[4]

Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member]

(1,384,674)

Reconciliation of changes in intangible assets and goodwill [abstract]

(1,720,515)

(2,130,771)

22,259

38,853

449,109

^[4]