Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 5

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 5
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. Sequentially, in North America sales declined due to lower prices throughout the region and
lower activity in Mexico. In South America sales increased as higher sales in Brazil with shipments to the Raia pipeline and a recovery
of OCTG offset lower sales for pipelines and the industrial market in Argentina. In Europe sales increased due to shipments to the Sakarya
offshore line pipe project and higher sales of OCTG in Turkey. In Asia Pacific, Middle East and Africa sales declined due to lower sales
in Saudi Arabia upon completion of inventory replenishment program and lower activity, partially offset by an increase in sales to the
UAE.

Operating results from tubular products and servicesamounted to
a gain of $533 million in the fourth quarter of 2024 compared to a gain of $527 million in the previous quarter and a gain of $780 million
in the fourth quarter of 2023. This quarter’s operating income includes 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 (17.3% of sales) in the fourth quarter, a 12% sequential reduction following the decline in sales and margins.
Margins declined due to the decline in prices and a more costly product mix.

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                        |     | 4Q 2024 |      |   |     | 3Q 2024 |     |   |     |     |   |     | 4Q 2023 |      |   |     |     |    |
| Net sales ($ million)         |     |         |  150 |   |     |         | 125 |   |     |  20 | % |     |         |  217 |   |     | (31 | %) |
| Operating income ($ million)  |     |         |   25 |   |     |         |  10 |   |     | 156 | % |     |         |   39 |   |     | (36 | %) |
| Operating margin (% of sales) |     |         | 16.8 | % |     |         | 7.9 | % |     |     |   |     |         | 18.