Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006841
Chunk: 17

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 17
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 | 1,550,676 |   |

Dividends and distributions received:During the nine-month period ended September 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.

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| 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 September 30, 2025, the closing price of Ternium’s ADSs as quoted on the New York Stock Exchange was $34.73 per ADS, giving Tenaris’s ownership stake a market value of approximately $797.8 million. As of that date, the carrying value of Tenaris’s ownership stake in Ternium, based on Ternium’s Consolidated Condensed Interim Financial Statements, was approximately $1,378.8 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 September 30, 2025, the Company concluded that the carrying amount of its investment in Ternium did not exceed its recoverable value.

| b) | Usiminas |

Usinas Siderúrgicas de Minas Gerais (“Usiminas”) is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other industries.

As of September 30, 2025, the closing price of the Usiminas’ ordinary and preferred shares, as quoted on the B3 - Brasil Bolsa Balcão S.A., was BRL4.21 ($0.79) and BRL4.23 ($0.80), respectively, giving Tenaris’s ownership stake a market value of approximately $38.6 million. As of that date, the carrying value of Tenaris’s ownership stake in Usiminas was approximately $109.9 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 September 30, 2025, the Company performed a recoverability assessment and concluded that the carrying amount of its investment in Usiminas did not exceed its recoverable value.

| c) | Techgen |

Techgen S.A