Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 20

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 20
---
 of Tenaris’s ownership stake
in Ternium, based on Ternium’s Consolidated Condensed Interim Financial Statements, was approximately $1,394.3
million.

The Company reviews its participation in Ternium whenever events or circumstances
indicate that the asset’s carrying amount may not be recoverable. As of March 31, 2025, the Company concluded that the carrying
amount did not exceed the recoverable value of the investment.

| b) | Usiminas |

Usiminas is a Brazilian producer of high-quality flat steel products used
in the energy, automotive and other industries.

As of March 31, 2025, the closing price of the Usiminas’ ordinary
and preferred shares, as quoted on the B3 - Brasil Bolsa Balcão S.A., was BRL5.61 ($0.98)
and BRL5.68 ($0.99), respectively, giving Tenaris’s ownership
stake a market value of approximately $47.7 million. As of that date, the carrying value of Tenaris’s
ownership stake in Usiminas was approximately $ 113.9 million.

The Company reviews its participation in Usiminas whenever events or circumstances
indicate that the asset’s carrying amount may not be recoverable. As of March 31, 2025, the Company concluded that the carrying
amount did not exceed the recoverable value of the investment.

| c) | Techgen |

Techgen S.A. de C.V. (“Techgen”) is a Mexican company that
operates a natural gas-fired combined cycle electric power plant in the Pesquería area of the State of Nuevo León, Mexico,
with a power capacity of 900 MW. As of March 31, 2025, Tenaris held 22% of Techgen’s share capital, and its affiliates, Ternium
and Tecpetrol Internacional S.L. (a wholly-owned subsidiary of San Faustin S.A. (“San Faustin”), the controlling shareholder
of both Tenaris and Ternium), beneficially owned 48% and 30%, respectively. As of March 31, 2025, the carrying value of Tenaris’s
ownership stake in Techgen was approximately $62.5 million.

Techgen entered into certain transportation capacity agreements and an agreement for the purchase of clean energy certificates. As of March 31, 2025, Tenaris’s exposure under these agreements amounted to $ 35.