Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 24

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 24
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 regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.
Tenaris’s main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is
sensitive to international oil and gas prices and their impact on drilling activities.

Management has determined the value of each of the key assumptions as follows:

- Discount rate: based on the applicable weighted average cost of capital
(“WACC”), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of
the business. For each CGU where assets are allocated, a specific WACC was determined.

- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company’s expected market penetration.

| - 18 - |

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

- Oil and gas prices: based on industry analysts’ reports and management’s
expectations of market development.

- Rig count: based on information published by Baker Hughes and management’s
expectations.

- Raw material costs: based on industry analysts’ reports and management’s
expectations.

An impairment loss is recognized for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset’s value in use and fair value
less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:

| (a) | first, to reduce the carrying amount of any goodwill allocated to the CGU; and |

| (b) | then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying                                           
 amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its 
 fair value less cost of disposal, its value in use or zero.                                                                            |

Value in use is calculated by discounting the estimated cash flows over
a five year period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond
the five-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate