Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 99

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 99
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 one-year agreement with U.S. Steel Corporation under which                              
 it is committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated on a monthly basis. 
 As of December 31, 2024, the estimated aggregate contract amount, calculated at current prices, stands at approximately $31.2           
 million.                                                                                                                                |

| § | An Argentine subsidiary of the Company entered into a contract with Usiminas from which it committed to 
 purchase steel coils for a remaining amount of approximately $88.2 million to use for manufacturing     
 welded pipes for the VMOS project in the Vaca Muerta shale in Argentina.                                |

In addition, Tenaris (i) applied for stand-by letters of credit as well
as corporate guarantees covering certain obligations of Techgen as described in note 14 (c) and (ii)
issued performance guarantees mainly related to long-term commercial contracts with several customers and Tenaris companies for approximately
$4.1 billion as of December 31, 2024.

| - 65 - |

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

| (iii) | Restrictions on the distribution of profits and payment 
 of dividends                                            |

In accordance with Luxembourg Law, the Company is required to transfer
a minimum of 5% of its net profit for each financial year to a legal reserve is until such reserve equals 10% of the issued share capital.

On April 30, 2024, the extraordinary general meeting of shareholders approved
the cancelation of 17,779,302 ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital
of the Company and, accordingly, the legal reserve was proportionally reduced. As of December 31, 2024, this reserve remains fully allocated
and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.

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.

| 28 | Cancellation of title deed 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