Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 107

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 107
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 and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders’ agreement, Tenaris recognizes Exiros’ assets, liabilities, revenue and expenses in relation to its interest in the joint operation.

(c) Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tadāwul), Tenaris holds 47.79% and has the right to nominate the majority of the members of the board of directors, therefore Tenaris has control over SSPC. Since May, 2023, Saudi Steel Pipe Co. holds 57.3% of Global Pipe Company, therefore Tenaris has control over Global Pipe Company.

(d) Until its liquidation in April 2023 Siderca held 51% of NKKTubes.

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

| 34 | Business combinations |

Acquisition of the Pipe Coating Business Unit of Mattr

| § | Acquisition and price determination |

On November 30, 2023, Tenaris completed the acquisition of Mattr’s
pipe coating business unit and other specific assets for $182.6 million paid in cash. Under the purchase
contract, the acquisition price was paid based on an estimated closing statement and the final price was subject to a true-up adjustment
based on actual amounts of cash, indebtedness, working capital and certain other items as of the closing date. On July 31, 2024, the parties
entered into a settlement agreement, pursuant to which the parties agreed that the aggregate shortfall payment payable by Mattr to Tenaris
amounted to $32.3 million and, accordingly, the final purchase price was $150.2
million.

The business acquired includes nine plants located in Canada, Mexico, Norway,
Indonesia, the UAE and the U.S. and several mobile concrete plants. The business also includes world-class R&D facilities in Toronto
and Norway and a wide IP/product portfolio.

The Company consolidated the balances and results of operations of the
acquired business as from November 30, 2023.

For the twelve-month period ended December 31, 2024, the acquired business
contributed revenues of $347.1 million, represented a minor contribution to Tenaris’s results,
and was initially assigned to the Other segment but