Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002693
Chunk: 3

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 3
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 (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as
the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials
and variable costs.

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                        |     | 1Q 2025 |      |   |     | 4Q 2024 |      |   |     |    |   |     | 1Q 2024 |      |   |     |    |   |
| Net sales ($ million)         |     |         |  157 |   |     |         |  150 |   |     |  5 | % |     |         |  150 |   |     |  4 | % |
| Operating income ($ million)  |     |         |   36 |   |     |         |   25 |   |     | 44 | % |     |         |   26 |   |     | 38 | % |
| Operating margin (% of sales) |     |         | 23.1 | % |     |         | 16.8 | % |     |    |   |     |         | 17.5 | % |     |    |   |

Net sales of other products and services increased 5% sequentially
and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

Selling, general and administrative expenses, or SG&A,
amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter
and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs
partially offset by a decrease in taxes, provisions and others.

Other operating resultsamounted to a gain of $6 million in the
first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024.
The fourth quarter of 2024 included a $67 million gain from the partial reversal