Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 48

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 48
---
 following table presents the changes in Level 3 liabilities:

|                                                |     | Year ended December 31, |    2024 |   |     |     |   2023 |
|:-----------------------------------------------|:----|:------------------------|--------:|:--|:----|:----|-------:|
| At the beginning of the year                   |     |                         |  86,240 |   |     |     |      - |
| Settlement of share buy back program liability |     |                         | (86,240 | ) |     |     |      - |
| Increase in share buyback program liability    |     |                         | 243,264 |   |     |     | 86,240 |
| At the end of the year                         |     |                         | 243,264 |   |     |     | 86,240 |

C. Fair value estimation

Financial assets or liabilities classified at fair value through profit
or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.

The fair values of quoted investments are generally based on current bid
prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation
techniques.

The fair value of all outstanding derivatives is determined using specific
pricing models that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair
value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency,
based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.

Borrowings are classified under other financial liabilities and measured
at their amortized cost. Tenaris estimates that the fair value (level 2) of its main borrowings is approximately 98.3%
and 99.8% of its carrying amount (including interests accrued) in 2024 and 2023 respectively. Fair values
were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.

The carrying amount of investments recognized at amortized cost approximates
its fair value.

D. Accounting for derivative financial instruments and hedging activities

Tenaris uses derivative financial instruments principally to manage its
exposure to fluctuations in exchange rates and prices of raw materials. Derivative financial instruments are classified as current or
non-current assets or liabilities based on their maturity dates. Derivative financial instruments are