Luigi De Bellis's questions to Tenaris SA (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.