Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 18

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 18
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 quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from
an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring
market transactions on an arm’s length basis. The quoted market price used for financial assets held by Tenaris is the current bid
price. These instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.

The fair value of financial instruments that are not traded in an active
market (such as certain debt securities, certificates of deposits with original maturity of more than three months, forward and interest
rate derivative instruments) is determined by using valuation techniques which maximize the use of observable market data when available
and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable,
the instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market contributors as of the
valuation date.

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.

If one or more of the significant inputs are not based on observable market
data, the instruments are included in Level 3. Tenaris values its assets and liabilities in this level using management assumptions which
reflect the Company’s best estimate on how market participants would price the asset or liability at measurement date. As of December
31, 2024, main balances in this level included a liability related to the shares to be settled under the share buyback program which was
concluded during the three-month period ended March 31, 2025. Unobservable inputs related to this balance include assumptions regarding
average purchase prices of previous periods, and management's past experience related to the conclusion of the share buyback program itself.
A reasonable change in the inputs used would have not affected the fair value of the liability materially. For more information see note
23.

Borrowings are comprised primarily of fixed rate debt and variable rate
debt with a short-term portion where interest has already