Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 71

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 71
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1,377,911 |     |      | 1,430,616 |
| b) Usiminas (**) |     | Brazil                   |     |                       3.96% |     |  3.96% |     |                            |   102,812 |     |      |   123,654 |
| c) Techgen       |     | Mexico                   |     |                      22.00% |     | 22.00% |     |                            |    59,782 |     |      |    53,556 |
| Others           |     |                          |     |                             |     |        |     |                            |     3,152 |     |      |       978 |
|                  |     |                          |     |                             |     |        |     |                            | 1,543,657 |     |      | 1,608,804 |

(*)Including treasury shares.

(**)At December 31, 2024 and 2023, the voting rights were 6.76%.

a) Ternium

Ternium is a steel producer with production facilities in Mexico, Brazil,
Argentina, Colombia, the Southern United States and Central America and is one of Tenaris’s main suppliers of round steel bars and
flat steel products for its pipes business.

At December 31, 2024, the closing price of Ternium’s ADSs as quoted
on the New York Stock Exchange was $29.08 per ADS, giving Tenaris’s ownership stake a market value
of approximately $668.0 million. At December 31, 2024, the carrying value of Tenaris’s ownership
stake in Ternium, based on Ternium’s IFRS Financial Statements, was approximately $1,377.9 million.
The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset’s carrying amount may
not be recoverable. As of December 31, 2024, the Company concluded that the carrying amount does not exceed the recoverable
value of the investment.

Summarized selected financial information of Ternium, including the aggregated
amounts of assets, liabilities, revenues and profit or loss is as follows:

|                                                                       |     | Ternium |            |   |     |      |            |
|                                                                       |     |    2024 |            |   |     | 2023 |            |
| Non-current assets                                                    |     |         |