Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 79

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 79
---
 limitation. Losses
incurred as from 2017 may be carried forward for a maximum of 17 years.

Tenaris has concluded as of end 2024 and 2023 that it is probable that
sufficient future taxable profits will be generated by business carried out by its Luxembourg subsidiary which has expanded its activities
including sales, distribution, logistics and marketing of steel products and other related services, against which the above-mentioned
tax losses could be utilized prior to their expiration.

Deferred tax assets related to tax losses as of the end of 2024 and 2023
also include $79.4 million and $77.9 million respectively, from U.S.
subsidiaries mainly related to the acquisition of IPSCO in 2020. Tenaris has concluded that these deferred tax assets will be recoverable
based on the business plans and budgets.

Approximately 97% of the recognized tax
losses have an expiration date in more than 5 years or do not expire.

As of December 31, 2024, the unrecognized deferred tax assets originating
in tax losses or tax credits amounted to $2,683.5 million.

Approximately 98% of the unrecognized
deferred tax assets have an expiration date in more than 5 years or do not expire.

The estimated recovery analysis of deferred tax assets and settlement of
deferred tax liabilities, which takes into consideration management assumptions and estimates, is as follows:

|                                                        |     | Year ended December 31, |    2024 |     |     |    2023 |
|:-------------------------------------------------------|:----|:------------------------|--------:|:----|:----|--------:|
| Deferred tax assets to be recovered after 12 months    |     |                         | 755,743 |     |     | 655,415 |
| Deferred tax liabilities to be settled after 12 months |     |                         | 696,693 |     |     | 689,976 |

Deferred income tax assets and liabilities are offset when (1) there is
a legally enforceable right to set-off current tax assets against current tax liabilities and (2) when the deferred income taxes relate
to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the
balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial
Position:

|                          |     | Year ended December 31, |