Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 7

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 7
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 of tubular products and servicesdecreased 11% to $5,686
million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease
in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in
the United States and Canada and 7% internationally compared to the first half of 2024.

Operating results from tubular products and servicesamounted to
a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months
of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas
and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due
to the decline in average selling prices and the corresponding impact on margins.

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                        |     | 6M 2025 |   |     | 6M 2024 |   |     | Increase/(Decrease) |    |
| Net sales ($ million)         |     |     322 |   |     |     342 |   |     | (6                  | %) |
| Operating income ($ million)  |     |      65 |   |     |      78 |   |     | (17                 | %) |
| Operating margin (% of sales) |     |    20.2 | % |     |    23.0 | % |     |                     |    |

Net sales of other products and services decreased 6% to $322 million
in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker
rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

Operating results from other products and services amounted to a
gain of $65 million in the first half of 2025, compared to a gain of $78 million in