Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 70

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 70
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 79,411 |   |
| Dividends and distributions declared                |     |                         |   (71,212 | ) |     |     |   (69,216 | ) |
| Acquisition of non-consolidated companies           |     |                         |         - |   |     |     |    22,661 |   |
| Decrease due to step-acquisition                    |     |                         |         - |   |     |     |   (23,453 | ) |
| Increase / (decrease) in equity reserves and others |     |                         |    45,357 |   |     |     |   (52,046 | ) |
| At the end of the year                              |     |                         | 1,543,657 |   |     |     | 1,608,804 |   |

Equity in earnings of non-consolidated companies: For the year 2023,
includes a loss of $25.5 related to the participation increase in Usiminas and does not include $4.5 million and $11.5 million related
to GPC acquisition since May 17, 2023, which is the date of its consolidation. For more information see note 8.

Dividends and distributions declared: Related to Ternium and Usiminas.
During 2024 and 2023 $73.8 million and $68.8 million respectively
were collected.

Acquisition of non-consolidated companies: For the year 2023, related
to the investment in Usiminas.

Decrease due to step-acquisition: For the year 2023, related to
GPC acquisition.

| - 47 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

The principal non-consolidated companies are:

|                  |     |                          |     | % ownership at December 31, |     |        |     | Book value at December 31, |           |     |      |           |
| Company          |     | Country of incorporation |     |                        2024 |     |   2023 |     |                       2024 |           |     | 2023 |           |
| a) Ternium (*)   |     | Luxembourg               |     |                      11.46% |     | 11.46% |     |                            |