DECA townhall

0:00

S… Speaker 2 (DECA townhall)

so thank you very much first of all to adjust to the timing as this has been moved about one hour just yesterday so thank you for adjusting your agendas as we are here in Bucharest also with Mikhail and the rest of the team to work on the budget so we have to do some adjustment in the schedule

0:25

S… Speaker 2 (DECA townhall)

So we will go through this downfall. We can go on the agenda. So we will cover, as usual, the geopolitical and business context. We will focus then on DECA. We will have some updates on the employee opinion survey results that we have had in the last months. And we close it and we wrap it up with a few takeaways.

0:56

S… Speaker 1 (DECA townhall)

As before, let's try possibly not to keep the questions to the space at the end. But anyway, if you see something very urgent, please raise your hand and we will try to cover it in that moment. Okay, thank you.

1:15

S… Speaker 1 (DECA townhall)

So geopolitics and business context, here you have seen what is going on. Let's say we are in very turbulent times. The US is acting as the sole superpower, is acting as the sole superpower, so trying to impose...

1:41

S… Speaker 1 (DECA townhall)

His economic agenda, interest agenda, geopolitical agenda and energy agenda. USA first, definitely now with this administration, which is having repercussions in different parts of the world. In Ukraine, we have passed the four years of war. So we have entered the fifth year. And so far, there are no signs of a stop.

2:13

S… Speaker 1 (DECA townhall)

Actually, there continue to be escalations also with targeting of energy infrastructure that before were somehow a taboo. So the things and also barrage of missiles and drones from both sides. So the resolution does not seem very close. What has happened in the Middle East in the last couple of months has been quite a shock for the world.

2:43

S… Speaker 1 (DECA townhall)

ended into a blockade of the state of Ormos, which we will see in terms of impact, but has completely destabilized a region which has always been pretty unstable, but I would say has projected all the world into the consequences. Yes, we have a question. Ibrahim? No?

3:20

S… Speaker 1 (DECA townhall)

Okay, never mind. Then maybe please keep it for later as we just started. We have had a change of line of command, I would say. I wouldn't call it change of regime in Venezuela because the regime is the same. But we have seen again...

3:43

S… Speaker 1 (DECA townhall)

an external influence of the U.S. with the capture of former President Maduro. This is unlocking some interesting investment in the countries, especially from the companies that were already there, like Chevron, E&I and Repsol. And Deca is somehow involved into this agenda again through the global accounts, following up on this.

4:10

S… Speaker 1 (DECA townhall)

And again, all of this energy situation is having repercussions all over the economy. So there is volatility in interest rates, the dollar is losing some of the gains that he had in the last years. The interest rates that were before expected to lower, in reality they are keeping stable and in some cases that might be.

4:38

S… Speaker 1 (DECA townhall)

and increase again. So volatility is the rule of the game in this moment. In terms of energy, as you have seen, in early 26, the oil price was in the 50s, 60s. So it went below 60, at the moment 58, something like that.

5:00

S… Speaker 1 (DECA townhall)

There was the commitment from OPEC Plus to increase production. Then the war started. The set of war mods controls about a quarter of energy supply, of fossil fuel supply, let's say, to the world. The oil price surged.

5:24

S… Speaker 1 (DECA townhall)

We have a deployment of strategic reserves all over the world, in the US, in Europe, in China, which, by the way, has looked like it has been preparing somehow for this because it has been accumulating reserves the last couple of years. Gas price also rose.

5:44

S… Speaker 1 (DECA townhall)

We had the attacks on the infrastructure of LNG export, especially coming from Qatar, which was the major exporter of LNG in the world. We will see in a minute. And all of this is creating a lot of uncertainty. Now, the majors, some of them are extremely exposed to the Middle East.

6:10

S… Speaker 1 (DECA townhall)

pp i believe is the main exposed but also total exomobile shell and let's remember these names are much less no the eni the chevron okay so i would say why i remember these names because these are companies that usually uh in this region they used to buy from our competition so the fact that they have been extremely impacted by this

6:39

S… Speaker 1 (DECA townhall)

means that they could slow down or they will slow down activities and that of course will free up capacity from our competitors. In terms of capex so far the things have been quite stable let's say the oil companies are a bit hesitant to launch themselves into exploiting this short-term boost in oil price.

7:07

S… Speaker 1 (DECA townhall)

Why? Because oil and gas investment take a lot of time. And again, as we said before, volatility is the rule of the game. So they don't know if tomorrow the conflict comes to an early resolution, if maybe the price of oil in...

7:26

S… Speaker 1 (DECA townhall)

six months nine months when potentially you know some of the facilities will be restored and the flow of fuels will start again to the world they will be seeing an oil price falling down to the 50 or even lower so there is a lot of uncertainty at the same time the paradigm of this war changed

7:57

S… Speaker 1 (DECA townhall)

finally, or gave, let me say, the final boost to the security and affordability of the fuels, of the energy, compared to the sustainability. You know that we have been talking in the last years a lot about the energy trilemma, about sustainability, security, and affordability. Well, if some years ago sustainability seemed to be the key of the tree,

8:26

S… Speaker 1 (DECA townhall)

Today, I would say that security is number one, affordability is number two, and then it comes sustainability. So we have seen all the majors, I would say, cutting drastically on their green plants, if you allow me to simplify this way. Also trying to battle active investors in the different boards and with different resolutions.

8:55

S… Speaker 1 (DECA townhall)

So this should push the upstream agenda and will continue to push it also in many of the DECA countries. In Europe, Europe woke up again after four years of the Ukraine war, woke up again realizing that it's super exposed to what happens in the rest of the market.

9:23

S… Speaker 1 (DECA townhall)

And that it's completely dependent on energy import. And at the same time, it's very insecure in terms of military strength. Okay. So, and again, with the U.S. partner somehow playing on his own agenda, there is a little bit of a late wake up on European side, if you allow me.

9:50

S… Speaker 2 (DECA townhall)

But finally, Europe is trying to put in place certain policies in order to reinforce their position.

10:00

S… Speaker 1 (DECA townhall)

On the military side, you have heard a lot of proclaims of new investments and the percentage of GDP increase in terms of military spending. On the energy side, we have seen certain projects finally being released. Of course, an interest in trying to develop and reinforce

10:28

S… Speaker 1 (DECA townhall)

The routes like the Mediterranean route for Southern Europe from Algeria, North Africa, etc. The Caspian route as well from Azerbaijan, Kazakhstan, etc. And also the interest of European majors in Sub-Saharan Africa. We have seen, we know, and is already very active over there. But also total, no sanctioning important projects.

10:57

S… Speaker 1 (DECA townhall)

On the industrial side, so it's military energy, on the industrial side, Europe is trying to protect their own industry. So, finally, it's using barriers at the entrance. There has been the sanctioning of the safeguard for steel. This is a relevant point because it reduces the quota.

11:25

S… Speaker 1 (DECA townhall)

of total volume of material that can enter Europe by 50%, starting July 1st, and increases the tariffs for whoever exceeds this quota level by 50%. So it was 25% to 50%. So that means that a pipe imported in Europe, just to simplify, at $2,000 per ton, if it exceeds the quota,

11:56

S… Speaker 1 (DECA townhall)

dedicated either to that country or to the overall volume allowed in that quarter, would have to pay a tariff of $1,000 per ton. So the final price to the market would be $3,000 per ton. At the same time, Europe is not abandoning, or I would say is the last to resist, let me say, in the sustainability agenda.

12:23

S… Speaker 1 (DECA townhall)

with the implementation also of the carbon-based adjustment mechanism that started already in January. This impacts all, let's say, energy-intensive industry and carbon emitters. And in this case, for steel, as well, Europe has launched this scheme in which each producer on different countries need to declare

12:50

S… Speaker 1 (DECA townhall)

the percentage of CO2 emitted per tons of material produced. And at the same time, we'll have to pay, so if it emits more than what the average of Europe emits for the type of products, we'll have to pay a rate. These rates have been calculated in pure European style. The calculation is so complex that also for us, that we are still producers, it took us three months to understand.

13:17

S… Speaker 1 (DECA townhall)

But at the end of the day, the reality is that this is taking effect. And of course, this can represent another barrier at the entrance for steel products in Europe. So, in a nutshell, trying to look at the effects on Deca, I believe that we are seeing ripple effects in terms of investments.

13:46

S… Speaker 1 (DECA townhall)

We see in the different regions that new investments are being sanctioned. We see also that some segments in which we have been cultivating our position, like the geothermal in Europe, are finally picking up. Again, energy security continues to be a key driver. But on what I mentioned before, it's important to say that we have a pricing pressure.

14:17

S… Speaker 1 (DECA townhall)

especially in the open market, and here I'm referring to the North Sea, Caspian region, and Turkey, and then Sub-Saharan Africa, whereas we will see some of our competition desperate to book capacity, capacity which has remained idle from the lower demand in the Middle East. So this will exercise a pressure in terms of pricing.

14:47

S… Speaker 2 (DECA townhall)

At the same time, the costs are going up. We will see in a minute. But overall, we are seeing energy.

15:00

S… Speaker 1 (DECA townhall)

of course, oil and gas, but then raw materials, transportations, logistics, etc. are all going up. And plus, I would say, the trade disputes are creating for us an extra cost because we need to reallocate volume. If before, I would say, one of the strengths of Tenaris compared to our competition has always been the flexibility to assign

15:28

S… Speaker 1 (DECA townhall)

and allocate production in the most competitive unit available, and of course with this extract the highest returns. Today all of this is being constrained and redirected due to the trade disputes. So Safeguard and Sivan, for example, are pushing even our sales in Europe.

15:55

S… Speaker 1 (DECA townhall)

to move to be fully 100% European production. Nothing bad about that. Of course, we will need to see how much we can transfer on this to the price. But just for you to have an understanding, DECA in general, even in Europe, especially for the mid-sized range, I would say that was sourcing 60-70% of its demand.

16:23

S… Speaker 1 (DECA townhall)

from TAMS and Siderka. So with this, and with the extra cost of producing Europe also contributing by the energy surcharge, we will have a cost pressure. So I'm sorry, Sean, pricing is going, we need to control it, especially in key tenders where competition will be looking for allocating capacity. Cost is going up.

16:46

S… Speaker 1 (DECA townhall)

So it's very possible that we will see a squeeze on margins and we will have to try to limit it as much as possible. Let's go. So here you see, very briefly, we will not enter into details, but this is just to give you an infographic on the volumes that has been going offline. You see Saudi that has 10 million barrels per day.

17:16

S… Speaker 1 (DECA townhall)

Biggest producer, I believe today, as Russia has become number two after the host trains of the last years. 40% is offline. Most of these 6 million barrels that is being exported through the east-west pipeline, not through the Red Sea, which is at peak capacity. So the reality is that if the Strait of Ormos does not open, they will not be able to pick this up.

17:49

S… Speaker 1 (DECA townhall)

Iraq is 80% impacted. Iraq has a problem also that having exhausted the buffer capacity to export, so to fill the tanks that they have, I guess for facilities, they have now to shut down the wells. And then when you shut down the wells, then to recover them, it will take time. So it's definitely Iraq is one of the majorly exposed.

18:20

S… Speaker 1 (DECA townhall)

UAE here, 60%. UAE is exporting a lot of this 1.4 through the Fougera port, which is on the Gulf of Oman. But the Fougera port has been attacked this morning. I don't know if you saw the news. So we don't know yet. This is very fresh, but now maybe some of this capacity to export, it's also.

18:46

S… Speaker 1 (DECA townhall)

impacted here I believe that this is before this is March when Iran was still pumping pumping up now all of this is blockade so the three million that you see there it's probably close to zero so the situation is pretty boring let's go next to see the to see the gas the gas from Qatar LNG one of the biggest exporter of LNG globally as you can see

19:18

S… Speaker 1 (DECA townhall)

30% of the export to China, 25% of the export to Europe has been reduced. So, very important consequences that we are seeing in the price. Let's go see the prices indicators. So, oil price today, I believe, is at $1.13. It has been going up and down. $1.36 between $8. No, so a $50 fluctuation.

19:51

S… Speaker 2 (DECA townhall)

In the last two months, there is a lot of people, we were commenting earlier, a lot of people...

20:00

S… Speaker 1 (DECA townhall)

a lot of money with these bets on trading. Please trade responsibly. Don't use your pension, man, for this. Apart from the jokes, guys, the situation is extremely volatile and the news of this morning are quite worrying as this could again escalate what has been the latest.

20:26

S… Speaker 1 (DECA townhall)

10 days ceasefire could probably broke down very quickly. Let's go see the gas. Here you see volatility in the price. Today we are in the 16, 17. We are not luckily to the level that we had in 2022 when we reached almost $70 per million BTU.

20:56

S… Speaker 1 (DECA townhall)

where we were going around to all our customers desperately because of the impact of energy costs, especially in Europe. But definitely the impact here has increased. I would say that in Europe this translates between 12.

21:20

S… Speaker 1 (DECA townhall)

And 25, 30, we are in the 40 euro per megawatt hour, which multiplied by four, okay, it's $160 per ton. That is more or less what we are trying, we're asking the market to recognize of loss of marginality. Okay, so very important. It's not easy.

21:46

S… Speaker 1 (DECA townhall)

As you may imagine, then, to translate this to customers straight away when this happens. Negotiation takes time. Usually you don't recover all of it, etc. But we are, of course, looking at this very carefully with impact majorly in Europe in this moment. Let's go. For material, this is what we were saying before. We are seeing that they are going up. There are constraints.

22:22

S… Speaker 1 (DECA townhall)

Again, coming from the fuels, but the Gulf is also a very relevant provider of aluminium to the world. It's a very relevant provider of fertilizers to the world. Fertilizers have impact on the price of food. And this is something that often is neglected, but we are going to see, and in some countries, especially Southeast Asia, the price of food escalations.

22:52

S… Speaker 1 (DECA townhall)

has already started. So governments are trying to recover and try to shield as much as possible, taking from the reserves. But the reality is that if the situation continues, there will be an impact on food prices around the world. And unfortunately, this will impact mainly poor countries. Let's go.

23:21

S… Speaker 1 (DECA townhall)

What is happening to the price? Well, we always use the PipeLogix as an indicator. It has, in the last month, slightly started to pick up due to the trade barriers, due to the different constraints, due to the logistics, etc. Here we don't have April, but in April the overall PipeLogix increased about 2.6%, with some premium items even in the 6% increase month on month. So we are starting to see

23:51

S… Speaker 1 (DECA townhall)

a pickup now not necessarily as we were commenting before we will see this impacting directly over the deca markets but okay the more you know the us market will increase in terms of prices

24:14

S… Speaker 1 (DECA townhall)

then the more profitability will come in also, not only for us, that we have a very dominant position in the US, but also for our competition. RIG count went down a little bit. You can see here Middle East 500, this is March. Again, the RIGs are still there. We will have to see month on month how the situation evolves.

24:48

S… Speaker 1 (DECA townhall)

Definitely the countries in the Middle East are the first ones with interest to start activities and exporting again. But again, the level of constraints.

25:00

S… Speaker 1 (DECA townhall)

Today is important. What are we doing there? Just to potentially anticipate some questions. We are looking at it case by case. We have a lot of material moving and transiting towards the Middle East in the last month, which had to be stopped, redirected. I believe that our logistic supply chain department has been doing and working around the clock.

25:31

S… Speaker 1 (DECA townhall)

doing a massive job of reallocation, finding a place for each of the material. So we had been to scatter around and find transition ports in which we could, in some cases, keep it in the vessel in the port, in some cases, offload it. In some other cases, we had to declare force majeure. We had a couple of cases in which we declared force majeure.

26:01

S… Speaker 1 (DECA townhall)

But let's say, in here, as in all these other very complex situations, the communication, the transparent communication with the customers, making them understand, making them follow day by day where we are, what we are doing, sharing the proposals, listening to their needs, etc. It's very relevant. I believe the customers in the region are understanding and grateful of how we are trying to manage.

26:33

S… Speaker 1 (DECA townhall)

this very, very complex environment. Let's go. So we go to DECA after a very grim outlook on the geopolitics and the global world. Let me start with, even if two months are still to conclude, and we need a lot of focus in these last two months.

27:02

S… Speaker 1 (DECA townhall)

on delivery execution but the expectation is that we would close the budget almost aligned in terms of volume slightly below but aligned in terms of invoicing so i would like to thank all the regions now then we will see on the execution some vessels might fall in and out but i would say that this has been

27:28

S… Speaker 1 (DECA townhall)

a fantastic ride this year with all the incentives and the things and the project and all the work that all of you have been doing and I thank you for that. We had major contributions from all the different business lines, also access to recent services, trading, coating, fees, all of them contributed positively with an important delta versus budget.

27:58

S… Speaker 1 (DECA townhall)

And then sometimes the volume, we might not reach it fully, but often it's more of a matter of timing of some of the projects. So maybe a vessel that slips or gets a hold in customs and then maybe we lose the quantity. But I would say that I'm very happy of how all the team has been focusing this year. We still have a very challenging Q4.

28:28

S… Speaker 1 (DECA townhall)

But I'm confident that we will do it. Also, delivery execution, there is not two months. The plants have a very important job to do in all the different regions. So in the UK, we have a tricky plant load. In Nigeria, needless to say, we are super focused on key projects.

28:55

S… Speaker 1 (DECA townhall)

Like Bonga, also Tenge has to deliver within June and to invoice the trading. And in Kptl as well, we have to finish some job for KPO. So I think that the plans have a tight schedule and we need them to deliver in these months. And needless to say, just to continue to entertain ourselves, we have quite an amount of key tenders.

29:24

S… Speaker 1 (DECA townhall)

that are being played in these months, in which Teza, commercial, but also service team has been working on, is working on. And so, hopefully, in our next town hall, we will be sharing some of the results of this, hoping to be in the right direction. Okay? This is, again, quite a nice way to look at DECA.

29:55

S… Speaker 2 (DECA townhall)

and the geographical dispersion.

30:00

S… Speaker 1 (DECA townhall)

and reach that our team has. You see that we have sales in all this perimeter. In next year budget, we will have additional dots as well in terms of countries. And again, I believe that you guys are doing a fantastic job considering the geographical diversity that we are dealing with. Let's go.

30:32

S… Speaker 1 (DECA townhall)

So this is an idea of the first draft of the budget. We had a discussion this morning also with our president, Michaela. We see a growth in terms of volume. We were hoping even more, but the reality is that some of the projects that we are building now in this month, that was anticipated to you earlier, will probably fall in 27-28.

31:04

S… Speaker 1 (DECA townhall)

So they will not have an impact. But at the same time, I would say that this is a very aggressive risk profile budget for us. The highest risk that we had in the last years. But if there is a team that can make it happen, it's this team. So I believe that we can do it.

31:29

S… Speaker 1 (DECA townhall)

And that is going to be our objective for a 26, 27 in terms of volume. Just a bit of look on the plants. All the plants are expected basically to produce what was budgeted, okay, with little variations in terms of volumes. We have had, as you know, I believe that we commented it.

32:03

S… Speaker 1 (DECA townhall)

in the previous town hall are quite rough first half in terms of efficiency. We are still paying the toll for it, but I would say that in this semester I have noticed an important willingness and actions to take a turn on this. So I've seen the plant.

32:29

S… Speaker 1 (DECA townhall)

having several months of positive efficiencies, recovering old aging material, being more careful in their consumptions, putting new practices in place. And then, of course, the industrial world always hides some surprises here and there, so we might be struggling with some things.

32:52

S… Speaker 1 (DECA townhall)

uh in our machineries in our maintenance etc but i would say that i'm seeing a resilience and a weakness of the industrial teams to really deliver and prove that they can comply with the request so and and this i'm very proud of let's go here i would like to communicate and share with all of you a little bit of a road trip

33:21

S… Speaker 1 (DECA townhall)

that started at the beginning of March in Nigeria, then to UK at the end of March, and then to Caspian last week, two weeks ago, in which I visited the facilities with different topics and priorities, not always joyful as a topic, I would say, but this is part of the business and agenda, and we are all professionals.

33:51

S… Speaker 1 (DECA townhall)

So the trip started in Nigeria at the beginning of March, and the reason for my trip has been really related to safety. We have had in PCN, maybe you can show some pictures, but we have had in PCN an unfortunate series of events from management of the material on the line, off the line, in the yard, the forklifts.

34:21

S… Speaker 1 (DECA townhall)

potential 74s. Let's say my message is here. It's not that I want to point a finger to our Nigerian team. Absolutely. This is to share with everybody the importance, once again, of safety. I believe we've discussed it extensively with the team locally. I have seen a reaction on this.

34:49

S… Speaker 2 (DECA townhall)

In the last month or so, apart from an unfortunate guy running where he shouldn't be running from a contractor, actually from the client.

35:01

S… Speaker 1 (DECA townhall)

from the client side the rest has been touching wood let's say under control and i see all the team much more focused on this this is very important again there is no rush and there is no project that is to be finished that is as important as doing it safely so and this message is of course

35:26

S… Speaker 1 (DECA townhall)

The same for the other industrial facilities, but also for our service centers where we have material movements, machinery, etc. In the UK, we had a town hall as well at the end of March. Here the communication focused on the situation of the market and the plant load of the UK plant.

35:58

S… Speaker 1 (DECA townhall)

The UK plant has been in the last years reaching peak records. So last year, I believe it has been the highest year in terms of number of pieces. We reached almost 25,000 pieces and over 30,000 pieces of dobles made, which has been possible only thanks to our team there. The system had asked us to...

36:32

S… Speaker 1 (DECA townhall)

upgrade and ask us to deliver on an important demand, especially for the CRA market globally. And Aberdeen stood up to the request. We delivered, we are still delivering. At the same time, this demand for CRA products, specialty products that we have been doing mainly in the UK, is dramatically falling in the next couple of years.

37:03

S… Speaker 1 (DECA townhall)

The demand that we see for 2027 is still not booked, and you know the leak time for this type of material. And at the same time, also a backbone of the UK plant has always been the local domestic market. Now, this is why Aberdeen is where it is. Now, this local domestic market, unfortunately, has also been lowering in the last 26 years, I would say.

37:31

S… Speaker 1 (DECA townhall)

This is what UK used to produce in 2000. We used to produce more than Iraq. And today, you know, is less than a million. It's 500,000, more or less. So the decline has been dramatic. I would say the consolidation between companies has been pushed through.

38:00

S… Speaker 1 (DECA townhall)

Anyway, so all of this has brought us to the conclusion that we need to right-size the UK plant in order to be more adaptable and more flexible to this type of market. And as such, we will have the movement of a couple of our CNCs plus the full end of Les Line, which would be moving out of Aberdeen.

38:30

S… Speaker 1 (DECA townhall)

In the first case, by October, in the case of the Doppelest Line, by the end of the year, because we still have load to complete. And then we will reset up Aberdeen, focusing on the domestic market and production of accessories, starting in 2027. So this has been shared with all of our colleagues and with our shop floor employees.

38:58

S… Speaker 1 (DECA townhall)

Again, this is not a joyful news, but definitely we need to understand whether it's the time to redirect resources where they are most needed. Okay. In Kazakhstan, I would say positive visit. The KBTL is always a little jewel in the step. At the same time, we have...

39:25

S… Speaker 1 (DECA townhall)

We are facing this situation that we have a limited addressable market. We are relying on our historical LTAs. And I would say we are in a battle for survival, also in Kazakhstan, where we have already taken measures in order to right-size the team to these challenges. And we are working on a series of initiatives too.

39:54

S… Speaker 2 (DECA townhall)

potentially capture more volume in the domestic market.

40:00

S… Speaker 2 (DECA townhall)

So I wanted to share with all of DECA these topics, which are a bit sensible, but I believe that for a matter of transparency and to avoid also that the messages pass through in an incorrect way, for me it's very important that all of you are aware of what is going on in the different regions. Okay. We can go to US.

40:28

S… Speaker 1 (DECA townhall)

Yes, we have Samuel raising your hand. Samuel, if you don't mind, we will go through EOS and then we will take the questions. Is that okay with you? Rosario tells me yes. So I take Rosario's words as yours and we go ahead. So in EOS, I would say that, of course, with the diversity between the regions.

41:00

S… Speaker 1 (DECA townhall)

etc. First of all, thank you very much for the participation. So we had a 97 participation rate in DECA. Substantial. 630 comments. Thank you. It took me a while to read all of them. But the good thing is our overall satisfaction, 79, has increased. All...

41:32

S… Speaker 2 (DECA townhall)

across the different regions has increased versus last time you can see there eastern europe plus five sub-saharan plus one north sea plus nine deca romania plus 18 italy plus four so there has been a positive change in your perception and satisfaction in this employee opinion survey and i'm very glad about it

41:59

S… Speaker 2 (DECA townhall)

In several regions, actually I would say most of them, we are above the company average, with the exception of North Sea, which has always been below company average. But I would say that the plus nine and the change versus last time in the North Sea is indicating that all the actions and the groups and the discussions that you guys have been having...

42:26

S… Speaker 1 (DECA townhall)

are moving us in the right direction. Okay. So again, thank you for the response rate. And I'm very glad to see that things are moving forward correctly. Let's go see the major results. It's in Eastern Europe. Okay. Apologize. Yes. In reality, no, they say that Europe ends in Urals.

42:56

S… Speaker 1 (DECA townhall)

on the Ural River, so we can say that Kazakhstan is almost less than Europe. But no, you're right, it might be a bit confusing.

43:09

S… Speaker 2 (DECA townhall)

On the main categories, and, you know, I will leave then to the regional responsibles, to the country manager, plan manager to review then each region and each location in detail with all of you. Here I want to present just a DECA overview. As I was saying, mostly, you know, we have a positive change versus last time. You can see in the first column.

43:40

S… Speaker 2 (DECA townhall)

That was versus March of two years ago. We have some categories that are substantially above tenaries, working conditions, leadership decisions, priorities, engagement. So, with very good results. Some that are below tenaries, in terms of process improvement, learner development and communities.

44:09

S… Speaker 2 (DECA townhall)

I think we can do more. We shall do more in communities. We have some ideas. Of course, here often we compare ourselves that regionally, we might be a bit smaller versus the big mills that have a lot of community relations and community activities and involvement. But I believe that we shall do more for our communities. But also, apart from the comparison versus scenarios,

44:38

S… Speaker 2 (DECA townhall)

I believe it's important, no, because we have a low-ish score, also in collaboration, 73. I think that despite there is an improvement versus last time, I think we can do better. And one of the topics of the gathering here, it's not only the budget, but also it's talking.

45:00

S… Speaker 1 (DECA townhall)

about collaboration in these days and then recognition okay which we have improvers last time we are live with tenaris here no it's a mix i think of recognition reward salary etc makes a mixed bag in this concept that is a bit low across the company but i take the point and then we discuss with the different regional managers

45:29

S… Speaker 1 (DECA townhall)

on what we can do better in this. The direction is positive, plus 4. I think that to see something below 70 should give us an alarm bell. So, thank you again for the participation and we are reviewing all your comments and again, we will use them to discuss them face to face with you on potential actions as usual. Okay?

46:01

S… Speaker 3 (DECA townhall)

I'm going to community. We have some case studies. May I give the word to Donna in the North Sea activities? Good afternoon everyone. So, following the previous survey, we took feedback from the local team and we started working on a volunteering project for this budget year.

46:26

S… Speaker 2 (DECA townhall)

We've actually arranged three events and the one that you see here is a local organization called Aber Necessities.

46:35

S… Speaker 2 (DECA townhall)

So this is part of our ongoing commitment to community engagement and a number of our employees participated in the work with this charity and the feedback was great from all of those involved and you can see from the photos there that everyone rolled their sleeves up and helped with sorting out the donations that were made to this charity into essential items for children of various different ages.

47:04

S… Speaker 2 (DECA townhall)

So thank you to everyone who was involved in this initiative. And this Friday, we have another volunteering opportunity where we've got a number of employees going to the Compass project. I'm not sure if we have a slide on that, but just to give you an overview, this is a groundbreaking project which aims to transform a formal school in the Aberdeen area into a centre.

47:29

S… Speaker 2 (DECA townhall)

demonstrating practical solutions for healthy and sustainable lifestyles and the the people that are working there are actually people with learning disabilities and it's really good working with them on various projects whether it be outdoor gardening um but you know the weather in Aberdeen is not so good so if it's not good on friday we're going to be indoors stripping out an old building um which is for a new project that's going to have a big impact in the local area so

47:58

S… Speaker 1 (DECA townhall)

We'll probably have more news on that in the next town hall. Look forward to it. Look forward to your news, Donna. And thanks a lot to you and all the team participating actively in this type of activities. I think that, as I say, we shall try always to engage with our communities and then people in need definitely should be a recipient of our activities. So thank you for that.

48:28

S… Speaker 1 (DECA townhall)

you're welcome to the caspian sea we are also you can see one of the other topic is education if saltanat is not there we might have andrei or olga please

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