In its 2018 Sustainability Report, Tenaris highlights its goals and performance across its global network in health, safety, and environment, as well as innovation, human resources, community relations, and governance. Through these indicators, Tenaris further details the actions that support the Sustainable Development Goals defined by the United Nations in 2015.
“Sustainability principles are deeply embedded in our values and management processes, as we position Tenaris to grow and prosper over the long-term,” Chairman & CEO Paolo Rocca highlights in the document’s prologue. “This report focuses on those aspects of our performance, which are an integrated and necessary complement to our financial and economic performance.”
Tenaris generated and distributed an economic value of USD 7.7 billion in 2018. As the oil and gas market continues to recover from the 2014-2017 crisis, the company’s team has grown by 20% over the past two years and represents 88 nationalities. In 2018, Tenaris invested USD 12 million in community programs, 63% of them related to education, specifically technical education.
In 2018, more than 10% of capital expenditures were given towards Safety, Health, and Environment. “While we are encouraged to be making progress on improving our safety indicators, we realize that further cultural change is still needed to achieve our safety objectives,” continues Rocca. “We have decided to change the role of shift leaders in our industrial system to give them more responsibility to lead the change.”
As for innovation and R&D, in 2018, the company invested USD 63 million in R&D, totaling almost USD 400 million over the last five years.
“Our drive for innovation goes beyond product technology. We are working to transform the tubular supply chain through our Rig Direct® service, a fully integrated approach that feeds materials from the production units and service centers to the rigs, ready to be run, contributing to a simpler and more sustainable and cost-efficient operation,” said Rocca.