Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 12

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 12
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 acquired is recorded as goodwill. If this
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income
Statement as bargain purchase.

Contingent consideration is classified either as equity or as a financial liability. Amounts
classified as a financial liability are subsequently remeasured at fair value through profit or loss.

| - 11 - |

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

If the business combination is achieved in stages, the acquisition date
carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition
date. Any gains or losses arising from such remeasurement are recognized in profit or loss.

Transactions with non-controlling interests that do not result in a loss
of control are accounted as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference
between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also recorded in equity.

When the Company ceases to have control or significant influence, any retained
interest in the entity is remeasured to its fair value and the change in carrying amount, net of consideration received (if any), recognized
in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest
as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect
of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts
previously recognized in other comprehensive income are reclassified to profit or loss.

Material intercompany transactions, balances and unrealized gains (losses)
on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries
is its respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included
in the Consolidated Income Statement under Other financial results.

| (2) | Non-consolidated companies |

Investments in non-consolidated companies (associates and joint ventures),
which generally involve a shareholding of between 20% and 50% of the voting rights, are accounted