Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 9

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 9
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 mechanical pipes in Europe. On the other
hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity.

Operating results from tubular products and servicesamounted to
a gain of $2,305 million in 2024 compared to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline
in average selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating income includes
a charge of $107 million from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas, included
in other operating expenses.

Others

The following table indicates, for our Others business segment, net sales,
operating income and operating income as a percentage of net sales for the periods indicated below:

| Others                        |     | 12M 2024 |      |   |     | 12M 2023 |      |   |     | Increase/(Decrease) |     |    |
| Net sales ($ million)         |     |          |  617 |   |     |          |  684 |   |     |                     | (10 | %) |
| Operating income ($ million)  |     |          |  113 |   |     |          |  133 |   |     |                     | (15 | %) |
| Operating margin (% of sales) |     |          | 18.4 | % |     |          | 19.5 | % |     |                     |     |    |

Net sales of other products and services decreased 10% to $617 million
in 2024, compared to $684 million in 2023.

Operating results from other products and services amounted to a
gain of $113 million in 2024, compared to a gain of $133 million in 2023.

Selling, general and administrative expenses, or SG&A,amounted
to $1,905 million in 2024, representing 15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&A expenses increased
as a percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and an increase of fixed
costs.

Other operating resultsamounted to a loss of $65 million in 2024,
compared to a