Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 31

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 31
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 volume of steel billets, at prices calculated on a monthly basis. 
 As of March 31, 2025, the estimated aggregate contract amount, calculated at current prices, stands at approximately $21.0              
 million.                                                                                                                                |

| § | An Argentine subsidiary of the Company entered into a contract with Usiminas from which it committed to                                
 purchase steel coils to use for manufacturing welded pipes for the VMOS project in the Vaca Muerta shale formation in Argentina. As of 
 March 31, 2025, purchases for a remaining amount of amount of approximately $51.7 million remain pending.                              |

| 23 |

In addition, Tenaris (i) applied for stand-by letters of credit as well
as corporate guarantees covering certain obligations of Techgen as described in note 17 (c) and (ii)
issued performance guarantees mainly related to long-term commercial contracts with several customers for approximately $4.2
billion as of March 31, 2025.

| (iii) | Restrictions on the distribution of profits and payment 
 of dividends                                            |

In accordance with Luxembourg Law, the Company is required to transfer
a minimum of 5% of its net profit for each financial year to a legal reserve until such reserve equals 10% of the issued share capital.

As of March 31, 2025, this reserve is fully allocated and additional allocations
to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve

On April 30, 2024, the extraordinary general meeting of shareholders approved
the cancellation of 17,779,302 ordinary shares held in treasury by the Company repurchased during the first tranche of the initial share
buyback program and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally
reduced. The next extraordinary general meeting of shareholders scheduled to be held on May 6, 2025, is expected to approve the cancellation
of shares repurchased during the second, third and fourth tranches of the first share buyback program and throughout the second share
buyback program, and the corresponding reduction of the Company’s issued share capital.

The Company may pay dividends to the extent, among other conditions, that
it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.

| 19 | Developments concerning cancelled title deeds in Saudi Steel Pipe Company |

In early 2021, the Company learned through the Saudi Ministry of Justice