Tenaris’s 2016 Sustainability Report presents 31 key indicators in the areas of Economics, Compliance, Safety, Health, Environment, Innovation, Human Resources and Community Development.
The results posted in the 50-page document show the impact that the oil and gas market downturn has had on the company and some of its programs, as sales fell 57 percent to USD 4.3 billion in two years. But it also points to Tenaris’s commitment to its long-term performance.
“2016 was a very difficult year for Tenaris, the second of a severe downturn which has had a profound impact on the oil and gas industry and its suppliers,” writes Tenaris CEO Paolo Rocca in his letter to open the report.
“This report provides a transparent picture of the way we do things through a series of performance indicators. We work every day to improve these indicators and make our business activity more sustainable,” he added.
Tenaris generated a total economic value of USD 4.4 billion in 2016. Its capital investments over the last five years totaled USD 4.5 billion. The company’s main safety index (the Injury Frequency Rate) improved by 40 percent; and it invested 454 million in Research and Development, also over the last five years.
This is the third annual Sustainability Report that Tenaris publishes. Prior to that, the company had reported on its work in this field with its predecessor publication, the Health, Safety and Environment (HSE) report, which was first issued in 2009 reporting of five years of data, dating back to 2004.