Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 2

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 2
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 to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted
to $821 million, or 24.7% of sales.

In the second quarter, our sales rose 6% sequentially reflecting an increase
in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous
quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

Our free cash flow for the quarter amounted to $538 million and, after
spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

Market Background and Outlook

Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2
Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity,
however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi
Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline.

Following the recent increase in tariffs on imports of steel products from
25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time.

For the second half, as anticipated in our last conference call, our sales
will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects.
Our margins will also be affected by the recent increase in tariff costs.

Analysis of 2025 Second Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes
of seamless and welded pipes for the periods indicated below:

| Tubes Sales volume (thousand metric tons) |     | 2Q 2025 |     | 1Q 2025 |     |     |    |     | 2Q 2024 |     |     |    |
| Seamless                                  |     |     803 |     |     775 |     |   4 | %  |     |     805 |     |   0 | %  |
| Welded                                    |     |     179 |     |     212 |     | (16 | %) |     |