Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 73

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 73
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 Tenaris’s
ownership stake in Usiminas was approximately $102.8 million. The difference between the carrying value
of Tenaris’s ownership stake in Usiminas and its interest over Usiminas’ shareholders’ equity corresponds to the purchase
price allocation performed in 2023.

In 2023, following the acquisition of shares referred to in note II.B.2).b)
and considering the carrying value of the previously held interest, the price paid for the acquisition of the additional Usiminas shares
and the fair value measurement of the Usiminas shares (conducted at the T/T Group level) the Company recorded a net loss of $25.5 million
included in Equity in earnings of non-consolidated companies in the Consolidated Income Statement.

| - 48 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

The Company reviews its participation in Usiminas whenever events or circumstances
indicate that the asset’s carrying amount may not be recoverable. As of December 31, 2024, the Company concluded that the carrying
amount did not exceed the recoverable value of the investment.

Summarized selected financial information of Usiminas, including the aggregated
amounts of assets, liabilities, revenues and profit or loss is as follows:

|                                                                       |     | Usiminas |           |   |     |      |           |   |
|                                                                       |     |     2024 |           |   |     | 2023 |           |   |
| Non-current assets                                                    |     |          | 3,623,996 |   |     |      | 4,591,763 |   |
| Current assets                                                        |     |          | 3,234,742 |   |     |      | 3,589,129 |   |
| Total assets                                                          |     |          | 6,858,738 |   |     |      | 8,180,892 |   |
| Non-current liabilities                                               |     |          | 1,357,347 |   |     |      | 1,672,676 |   |
| Current liabilities                                                   |     |          |   772,412 |   |     |      | 1,139,031 |   |
| Total liabilities                                                     |     |          | 2,129,758 |   |     |      |