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    Luigi De Bellis

    Research Analyst at Equita SIM

    Luigi De Bellis is Co-Head of the Research Team at Equita SIM, specializing in Italian equities with in-depth focus on mid-small cap companies. Over his extensive career at Equita SIM, he has provided coverage on prominent firms such as Saipem, Mittel, and Dea Capital, delivering actionable insights that have supported strong performance for institutional clients. De Bellis has been with Equita SIM for well over a decade, building recognized expertise in fundamental company analysis and industry trends, and previously held analyst roles in the financial sector before advancing to his current leadership position. He is professionally credentialed according to CONSOB regulations governing Italian securities analysts and is known for the quality and independence of his equity research.

    Luigi De Bellis's questions to TENARIS (TS) leadership

    Luigi De Bellis's questions to TENARIS (TS) leadership • Q2 2024

    Question

    Luigi De Bellis asked for details on the size and timing of expected cost reductions, the outlook for working capital in H2, and the expected exit rate for Q4 sales and profitability, including any visibility into 2025.

    Answer

    Chairman & CEO Paolo Rocca detailed a cost-saving plan aiming for ~$200 million annually, materializing by June 2025. He expects working capital to remain a positive contributor to cash flow. For 2025, management indicated a positive medium-term outlook for international and offshore markets but noted that near-term visibility is limited by U.S. elections and project timing in Latin America.

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