Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 41

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 41
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2.3 million due to foreign exchange derivative contracts), which would have been partially offset
by changes to Tenaris’s net equity position of $1.1 million.

Tenaris based its foreign exchange sensitivity analysis on a 1% variance
for information purposes only, enabling the analysis to any particular variance.

| (iii) | Interest rate risk |

Tenaris is subject to interest rate risk on its investment portfolio and
its debt. The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. The Company may
choose to enter into foreign exchange derivative contracts and / or interest rate swaps to mitigate the exposure to changes in the interest
rates.

The following table summarizes the proportions of variable-rate and fixed-rate
debt as of each year end.

|                |     |           As of December 31, |         |     |   |    |   |     |                              |         |     |   |    |   |
|                |     |                         2024 |         |     |   |    |   |     |                         2023 |         |     |   |    |   |
|                |     | In thousands of U.S. dollars |         |     | % |    |   |     | In thousands of U.S. dollars |         |     | % |    |   |
| Fixed rate (*) |     |                              | 172,018 |     |   | 39 | % |     |                              | 294,946 |     |   | 51 | % |
| Variable rate  |     |                              | 265,380 |     |   | 61 | % |     |                              | 288,491 |     |   | 49 | % |
| Total          |     |                              | 437,398 |     |   |    |   |     |                              | 583,437 |     |   |    |   |

(*)Out of the $ 172.0million fixed rate borrowings, $ 162.1million are short-term.

The Company estimates that, if market interest rates applicable to Tenaris’s
borrowings had been 100 basis points higher, then the additional pre-tax loss would have been $5.5 million
in 2024 and $6.4 million in 2023.

Tenaris based its interest rate sensitivity analysis on a 100 basis points
variance for information purposes only, enabling the analysis to any particular variance.

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