Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 55

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 55
---
 the year ended December 31, 2024.

|                                                             |     | Six-month period ended June 30, |      2025 |   |     |     |      2024 |   |
|:------------------------------------------------------------|:----|:--------------------------------|----------:|:--|:----|:----|----------:|:--|
|                                                             |     | -Unaudited                      |           |   |     |     |           |   |
| At the beginning of the period                              |     |                                 | 1,543,657 |   |     |     | 1,608,804 |   |
| Translation differences                                     |     |                                 |    23,530 |   |     |     |   (27,674 | ) |
| Equity in earnings / (losses) of non-consolidated companies |     |                                 |    46,686 |   |     |     |   (34,340 | ) |
| Dividends and distributions received                        |     |                                 |   (41,348 | ) |     |     |   (50,537 | ) |
| Increase in equity reserves and others                      |     |                                 |     2,576 |   |     |     |    41,477 |   |
| At the end of the period                                    |     |                                 | 1,575,101 |   |     |     | 1,537,730 |   |

Dividends and distributions received:During the six-month period
ended June 30, 2025 and 2024, $41.3 million and $53.1 million were
respectively collected. These dividends are derived from our investments in Ternium and Usiminas.

| 39 |

| a) | Ternium |

Ternium S.A. (“Ternium”) is a steel producer with production
facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is one of Tenaris’s suppliers of round steel
bars and flat steel products for its pipes business.

As of June 30, 2025, the closing price of Ternium’s ADSs as quoted
on the New York Stock Exchange was $30.10 per ADS, giving Tenaris’s ownership stake a market value
of approximately $691.4 million. As of that date, the carrying value of Tenaris’s ownership stake
in Ternium, based on Ternium’s Consolidated Condensed Inter