Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004943
Chunk: 24

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 24
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 the asset’s carrying amount may not be recoverable. As of June 30, 2025, the Company concluded that the carrying amount
of its investment in Ternium did not exceed its recoverable value.

| b) | Usiminas |

Usiminas (“Usinas Siderúrgicas de Minas Gerais”) is
a Brazilian producer of high-quality flat steel products used in the energy, automotive and other industries.

As of June 30, 2025, the closing price of the Usiminas’ ordinary
and preferred shares, as quoted on the B3 - Brasil Bolsa Balcão S.A., was BRL4.14 ($0.76)
and BRL4.12 ($0.75), respectively, giving Tenaris’s ownership
stake a market value of approximately $37.0 million. As of that date, the carrying value of Tenaris’s
ownership stake in Usiminas was approximately $ 121.8 million.

The Company reviews its participation in Usiminas whenever events or circumstances
indicate that the asset’s carrying amount may not be recoverable. As of June 30, 2025, the Company concluded that the carrying amount
of its investment in Usiminas did not exceed its recoverable value.

| c) | Techgen |

Techgen S.A. de C.V. (“Techgen”) is a Mexican company that
operates a natural gas-fired combined cycle electric power plant in the Pesquería area of the State of Nuevo León, Mexico,
with a power capacity of 900 MW. As of June 30, 2025, Tenaris held 22% of Techgen’s share capital, and its affiliates, Ternium and
Tecpetrol Internacional S.L. (a wholly-owned subsidiary of San Faustin S.A. (“San Faustin”), the controlling shareholder of
both Tenaris and Ternium), beneficially owned 48% and 30%, respectively. As of June 30, 2025, the carrying value of Tenaris’s ownership
stake in Techgen was approximately $67.2 million.

Techgen entered into certain transportation capacity agreements and an agreement for the purchase of clean energy certificates. As of June 30, 2025, Tenaris’s exposure under these agreements amounted to $ 34.7million and $ 16.4million, respectively.

Techgen’s sponsors granted certain subordinated loans to Techgen.
As of June 30,