Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 6

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 6
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Net sales of other products and services increased 20% sequentially
and decreased 31% year on year. Sequentially, sales increased mainly due to higher sales of oil services in Argentina and coiled tubing.

Selling, general and administrative expenses, or SG&A,
amounted to $446 million, or 15.7% of net sales, in the fourth quarter of 2024, compared to $454 million, 15.6% in the previous quarter
and $471 million, 13.8% in the fourth quarter of 2023. Sequentially, the decline in SG&A is mainly due to lower shipment costs due
to a reduction in volumes shipped.

Other operating resultsamounted to a net gain of $81 million in
the fourth quarter of 2024, compared to a gain of $11 million in the previous quarter and a $5 million loss in the fourth quarter of 2023.
The fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to
the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $48 million in the fourth
quarter of 2024, compared to a gain of $48 million in the previous quarter and a gain of $93 million in the fourth quarter of 2023. Financial
result of the quarter is mainly attributable to a $42 million net finance income from the net return of our portfolio investments.

Equity in earnings of non-consolidated companies generated a gain
of $35 million in the fourth quarter of 2024, compared to a gain of $8 million in the previous quarter and a gain of $57 million in the
fourth quarter of 2023. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024
the result from Ternium´s investment includes a $43 million gain from the partial reversal of a provision for the ongoing litigation
related to the acquisition of a participation in Usiminas.

Income tax charge amounted to $123 million in the fourth quarter
of 2024, compared to $134 million in the previous quarter and $177 million in the fourth quarter of 2023.

Cash Flow and Liquidity of 2024 Fourth Quarter

Net cash generated by operating activities during the fourth quarter of
2024 was $492 million, compared to $552 million in the previous quarter and