Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 111

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 111
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 December 31, 2024, the Company held 78,485,337 shares as treasury
shares. The Company intends to cancel all treasury shares purchased under the share buyback programs in due course.

As of December 31, 2024 and 2023, the Company held a liability in connection
to the shares to be settled under the share buyback programs that amounted to $243.3 million and $86.2
million, respectively, valued at fair value.

Further information on the buyback transactions is available on Tenaris’s
corporate website under the Share Buyback Program Section.

| - 72 - |

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

| 36 | Climate change |

Tenaris carefully assesses the potential impact of climate change and energy
transition on its business and on the risks to its markets and its tangible and intangible assets, and adapts its business strategy accordingly.

In February 2021 Tenaris set a medium-term target to reduce its carbon
emissions intensity rate by 30% by 2030, compared to a 2018 baseline, considering Scopes 1 and 2 emissions plus Scope 3 emissions related
to raw materials and steel purchased from third parties. In February 2025, the baseline for this medium-term target was reset to take
into account the expanded perimeter of Tenaris through various acquisitions since 2018, the inclusion of intermill transportation emissions
within the target scope, and additions and other changes in raw material emission factors to more accurately represent their use in its
operations. The Company aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix, by making
investments to increase energy efficiency and the use of renewable energy in its energy requirements, and selective sourcing for raw material
and steel purchases.

In particular, a large proportion of these investments in projects aimed
at reducing emissions are being directed to installing renewable energy capacity for use in the Company’s operations. In October
2023, following an investment of approximately $200 million, Tenaris put into operation a wind farm in Argentina, which supplies, through
the interconnected grid, 103.2 MW of power, or close to 50% of their total electric power requirements, to its industrial facilities in
Campana. In November 2023, the Company’s Board of Directors approved an