Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 14

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 14
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 (“Ternium”) representing 11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant influence over Ternium:

| § | four out of eight members of Ternium’s board of directors (including Ternium’s chairman) are 
 also members of the Company’s board of directors; and                                        |

| b) | Usiminas |

At December 31, 2024, Tenaris held, through its Brazilian subsidiary
Confab Industrial S.A. (“Confab”), 47.5 million ordinary shares and 1.3 million preferred shares of Usinas Siderúrgicas
de Minas Gerais S.A. - Usiminas (“Usiminas”), representing 6.76% of its shares with voting rights and 3.96% of its total share
capital.

Confab’s participation in Usiminas share capital is the
result of a series of acquisitions, the first of which was performed on January 16, 2012, pursuant to which Ternium (through certain of
its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas’ existing control group. Subsequently,
in 2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.

On March 30, 2023, Confab, together with Ternium (through its
subsidiaries Ternium Investments and Ternium Argentina), agreed to acquire an additional 68.7 million ordinary shares of Usiminas at a
price of BRL10 per ordinary share. The transaction closed on July 3, 2023, and was financed with cash on hand. Tenaris paid approximately
BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares, increasing its participation in the
Usiminas control group to 9.8%.

The Usiminas control group comprises the T/T Group, formed by
Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas’
employee pension fund, Previdência Usiminas. At December 31, 2024, the Usiminas control group held, in the aggregate, 483.6 million
ordinary shares, representing approximately 68.6% of Usiminas’ voting capital and the T/T Group held an aggregate participation