Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 5

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 5
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 services
for the world’s energy industry and other industrial applications. Our customers include most of the world’s leading oil &
gas companies, and we operate an integrated network of steel pipe manufacturing, research, finishing and service facilities with industrial
operations in the Americas, Europe, the Middle East, Asia and Africa.

Although our operations are mainly focused on serving the oil & gas industry, we also supply
pipes and tubular components for non-energy applications. We develop and supply products and services for low-carbon energy applications
such as geothermal wells, waste-to-energy (bioenergy) power plants, hydrogen storage and transportation, and carbon capture and storage
(“CCS”).

Through an integrated global network of R&D, manufacturing, and service facilities, and
a team of around 26,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing the highest levels
of product performance and reliability.

For more information on the Company, including its business strategy, competitive strengths,
business segments, products, processes and facilities, main competitors, raw materials and energy, main investments and capital expenditure
program, see our annual report for the year ended December 31, 2024, and for a discussion and analysis of our financial condition and
results of operations see “Business overview - Operating and Financial Review and Prospects” in this half-year report.

| 4 |

| Half-year report 2025 - Interim management report |

#### Principal Risks and Uncertainties
We face certain risks, including risks associated to our business and the industry in which
we operate. We are a global steel pipe manufacturer with a strong focus on manufacturing products and related services for the oil and
gas industry.

Demand for steel pipe products from the oil and gas industry has historically been volatile
and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth, length and drilling
conditions of these wells. The level of exploration, development and production activities of, and the corresponding capital spending
by, oil and gas companies, including national oil companies, depends primarily on current and expected future prices of oil and natural
gas and is sensitive to the industry’s view of future economic growth and the resulting impact on demand for oil and natural gas.
Several factors, such as the supply and demand for oil and gas, the consolidation in the oil and gas industry, the development and availability
of new drilling technology, as well as political and global economic conditions, and government regulations