Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 18

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 18
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and two subsidiaries whose functional currencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional
currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:

| § | sales are mainly negotiated, denominated and / or settled in U.S. dollars. If priced in a currency other                 
 than the U.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar; |

| § | prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars; |

| § | transaction and operational environment and the cash flow of these operations have the U.S. dollar as 
 reference currency;                                                                                   |

| § | there is a significant level of integration of the local operations within Tenaris’s international 
 global distribution network; and                                                                   |

| § | net financial assets and liabilities are mainly received and maintained in U.S. dollars. |

| (2) | Transactions in currencies other than the functional currency |

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in Other financial resultsin the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges.

| (3) | Translation of financial information in currencies other than the functional currency |

Results of operations for subsidiaries whose functional currencies are
not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions
are translated at the period-end exchange rates. Translation differences are recognized in a separate component of equity as Currency Translation Adjustment. In the case of a sale or other