Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 94

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 94
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, which was re-allocated to another court. On August 
 26, 2024, the court issued a decision rejecting certain procedural objections and ordering that new expert evidence be produced. As a    
 result, the trial was redirected to the first instance court for new technical evidence to be produced by a new expert. On September 9,  
 2024, Veracel filed a motion for clarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this 
 stage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavourable outcome.            |

| § | Petrobras-related proceedings and claims |

Upon learning that Brazilian, Italian and Swiss authorities were investigating
whether certain payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts
allegedly linked to individuals related to Petróleo Brasileiro S.A. (“Petrobras”) and whether any such payments were
intended to benefit the Company’s Brazilian subsidiary Confab, the Audit Committee of the Company's Board of Directors engaged external
counsel in connection with the Company’s review of these matters. In addition, the Company voluntarily notified the U.S. Securities
and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) in October 2016. The Company conducted,
with the assistance of external counsel, an internal investigation and found no evidence corroborating any involvement by the Company
or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found
no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly
obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel
inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the SEC’s findings and on
June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the matter.

In July 2019, the Company learned that the public prosecutors’ office
of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among
other persons, the Company’s Chairman and Chief Executive Officer, two other board members, Gianfelice