Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 15

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 15
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of 61.3% in the control group (with 51.5% of the control group’s participation corresponding to Ternium’s subsidiaries, and
remaining 9.8% corresponding to Confab); the NSC Group and Previdência Usiminas held 31.7% and 7%, respectively, in the control
group.

Upon closing of the July 3, 2023 acquisition, the then existing
Usiminas shareholders agreement governing the relationship between the T/T Group, the NSC Group and Previdência Usiminas was replaced
by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a majority
of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions
allocated to the T/T Group, Tenaris retains the right to nominate one member of the Usiminas board of directors and one member of the
Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas’ control group shares.

At any time after the second anniversary of the closing of the
transaction, the T/T Group will have the right to buy the NSC Group’s remaining interest in the Usiminas control group (153.1 million
ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising
the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining
shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading
day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the
T/T Group at BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its
current participation in the T/T Group.

| - 13 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

Confab and the Ternium entities party to the Usiminas shareholders
agreement have a separate shareholders agreement governing their respective rights and obligations