Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002693
Chunk: 2

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 2
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| Total net sales ($ million)                |     |         | 2,765 |   |     |         | 2,695 |   |     |   3 | %  |     |         | 3,292 |   |     | (16 | %) |
| Services performed on third party tubes ($ 
 million)                                   |     |         |   101 |   |     |         |    93 |   |     |   9 | %  |     |         |   192 |   |     | (47 | %) |
| Operating income ($ million)               |     |         |   514 |   |     |         |   533 |   |     |  (4 | %) |     |         |   785 |   |     | (35 | %) |
| Operating margin (% of sales)              |     |         |  18.6 | % |     |         |  19.8 | % |     |     |    |     |         |  23.9 | % |     |     |    |

Net sales of tubular products and services increased 3% sequentially
and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product
and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct
customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the
Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined
to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes
for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

Operating results from tubular products and servicesamounted to
a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million
in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of
a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating
income would have amounted to $467 million