A latecomer firm’s success in Argentina: The ‘contrarian’ strategies of Tenaris

This paper analyses the case of a ‘latecomer’ firm in Argentina which was unusually successful over a prolonged period despite adverse economic and policy conditions. The paper develops a simple conceptual framework to guide an in-depth case study of the strategies adopted by the firm (Tenaris). The paper examines the strategies of Tenaris as it gained technology and exported successfully within a situation of economic crisis and inward-looking industrial policies, while other firms failed to grow and prosper and general industrial decline occurred. The evidence suggests that a long-term ‘contrarian’ strategy, with a focus on exports and innovation was central to the firm’s achievements. As an exploratory study, the paper concludes with further research questions arising from the case and implications for policy and corporate strategy