Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004943
Chunk: 36

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 36
---
to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.

On April 30, 2024, the extraordinary general meeting of shareholders approved
the cancellation of 17,779,302 ordinary shares held in treasury by the Company repurchased during the
first tranche of the initial share buyback program and the corresponding reduction of the issued share capital of the Company and, accordingly,
the legal reserve was proportionally reduced.

On May 6, 2025, the extraordinary general meeting of shareholders approved
the cancellation of 90,762,598 ordinary shares held in treasury by the Company repurchased during the
second, third and fourth tranches of the first share buyback program and throughout the second share buyback program and the corresponding
reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced.

The Company may pay dividends to the extent, among other conditions, that
it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.

| 19 | Developments                                                 
 concerning cancelled title deeds in Saudi Steel Pipe Company |

In early 2021, the Company learned through the Saudi Ministry of Justice’s
online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation
by court order. The affected land plots, which were not part of SSPC’s production facility and have a total surface of 811,284 square
meters, are located in Dammam, Saudi Arabia, and were purchased on February 2010, pursuant to a written purchase agreement duly executed
by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The land purchase transaction occurred before Tenaris’s
acquisition of a 47.79% interest in SSPC in 2019. On May 4, 2021, SSPC filed a petition with an ad-hoc created special committee
at the Saudi Ministry of Justice, seeking to have its title deeds reinstated, with no resolution having been issued to date.

On April 28, 2025, SSPC concluded a settlement with the sellers of the
land plots purchased in 2010. Pursuant to the settlement, the land purchase transaction was unwound, and the sellers paid an aggregate
amount of SAR211 million (or approximately $56.2 million) in cash. Additionally, the sellers released SSPC from any claim on
the lands or its title deeds and