Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 47

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 47
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 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.

| - 33 - |

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

If one or more of the significant inputs are not based on observable market
data, the instruments are included in Level 3. The Company 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 and 2023, main balances in this level included a liability related to the shares to be settled under the share buyback
program. 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 buy-back program itself. A reasonable change in the inputs used would not affect
the fair value of the liability materially. For more information see note 35.

The following table presents the changes in Level 3 assets:

|                                            |     | Year ended December 31, |  2024 |   |     |     |    2023 |   |
|:-------------------------------------------|:----|:------------------------|------:|:--|:----|:----|--------:|:--|
| At the beginning of the year               |     |                         | 7,411 |   |     |     |  54,987 |   |
| Decrease (*)                               |     |                         |  (185 | ) |     |     | (47,467 | ) |
| Currency translation adjustment and others |     |                         |  (177 | ) |     |     |    (109 | ) |
| At the end of the year                     |     |                         | 7,049 |   |     |     |   7,411 |   |

(*)For the year 2023, related to the sale of Venezuela awards. For more information see note 6.

The