Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 3

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 3
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 Carlos Gomez Alzaga will assume the position
of Chief Financial Officer, replacing Ms. Alicia Mondolo, who will retire from this role.

Mr. Gomez Alzaga, who has more than 20 years of experience in Administration
and Finance at Tenaris, previously served as Regional CFO for Mexico and Central America, and Economic and Financial Planning Director,
among other positions, and currently holds the position of Regional CFO for Argentina and South America.

Ms. Mondolo will continue to serve as senior advisor to our Chairman and
CEO.

Paolo Rocca and the Board of Tenaris would like to express their gratitude
and appreciation for Alicia´s contribution as CFO of Tenaris and her 41 years of service within the Techint Group.

Market Background and Outlook

Oil prices remain relatively stable (as they have done over the past two
years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas
prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories.

These prices and the continuing balance between oil and gas demand and
supply should continue to support overall investment in oil and gas drilling activity, as well as OCTG demand, at current levels, albeit
with some regional nuances.

In North America, consolidation among major operators and drilling efficiencies
led to a drop in US drilling activity last year, which has now stabilized, while OCTG consumption per rig has been increasing. In Latin
America, drilling activity is increasing in Argentina, as investment in pipeline and LNG infrastructure investment for the Vaca Muerta
shale moves forward, while, in Mexico, it has been affected by financial constraints on Pemex. In the Middle East, some reduction in oil
drilling has taken place in Saudi Arabia while gas drilling has risen, and, in Abu Dhabi, oil drilling is increasing.

OCTG reference prices in North America, which fell steadily for two years
until the second half of 2024, have so far recovered by 9% from their August low and could rise further following the US government’s
announced reset of Section 232 tariffs on all imports of steel products without exception.

In this environment, we expect our sales and EBITDA (excluding extraordinary
effects) in the first quarter to be in line with the previous one before rising moderately in the second quarter. Beyond that, likely
changes in US tariffs and their possible ramifications on trade flows will introduce a new