Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 16

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 16
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,356 |     |                 |   857,959 |
| Fixed Income (time-deposit, zero coupon bonds, commercial papers) |     |              |    104,088 |     |                 |   140,292 |
| Others                                                            |     |              |      7,058 |     |                 |     7,049 |
|                                                                   |     |              |  1,014,502 |     |                 | 1,005,300 |

| 15 | Derivative financial instruments |

|                                     |     | At March 31, |            |     | At December 31, |       |
|                                     |     |         2025 |            |     |            2024 |       |
|                                     |     |              | -Unaudited |     |                 |       |
| Other derivatives                   |     |              |      4,083 |     |                 | 7,484 |
| Contracts with positive fair values |     |              |      4,083 |     |                 | 7,484 |
| Other derivatives                   |     |              |      1,945 |     |                 | 8,300 |
| Contracts with negative fair values |     |              |      1,945 |     |                 | 8,300 |

Other derivatives include contracts which are designated to hedge positions
other than borrowings and investments.

| 15 |

| 16 | Category of financial instruments and classification within the fair value hierarchy |

The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of March 31, 2025, and December 31, 2024.

| March 31, 2025 - (Unaudited)                                      |     | Carrying 
 amount   |           |     | Measurement Categories 
 Amortized Cost         |           |     | Fair Value |           |     | At Fair Value 
 Level 1       |           |     | Level 2 |       |     | Level 3 |       |
|:------------------------------------------------------------------|:----|:---------|----------:|:----|:-----------------------|----------:|:----|:-----------|----------:|:----|:--------------|----------:|:----|:--------|------:|:----|:--------|------:|
| Assets                                                            |     |          |           |     |                        |           |     |            |           |     |               |