Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 32

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 32
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 benefit of current and future retirees, as well as investments in debt instruments. Both plans 
 were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well  
 as determination of final average pay. In 2022, the plant at which all members of the hourly plan were employed was decommissioned and     
 all members ceased to accrue benefits under the plan. As of December 31, 2024 the plans were overfunded and the net assets related to      
 these plans amounted to $9.0 million.                                                                                                      |

By their design, the defined benefit plans expose the
Company to the typical risks faced by defined benefit plans such as investment performance, changes to discount rates used to value the
obligations, rate of compensation increase (including inflation rates) and longevity of plan members . Pension and benefit risks are managed
by regular monitoring of the plans, applicable regulations and other factors that may impact the Company’s expenses and cash flows.

| - 23 - |

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

The unfunded defined benefit plans are met as they fall due and are managed
directly by the Company, which is entirely responsible for the plans. The funded defined benefit pension plans are governed and administered
in accordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit plans
are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding requirements. Significant
changes to a plan or policy would be subject to approval by the board of directors of each subsidiary of the Company.

| (3) | Other long-term benefits |

During 2007, Tenaris launched an employee retention and long-term incentive
program (“the Program”) applicable to certain senior officers and employees of the Company, who will be granted a number of
units throughout the duration of the Program. The value of each of these units is based on Tenaris’s shareholders’ equity
(excluding non-controlling interest). Until the end of 2017, the units were vested ratably over a period of four years and were mandatorily
redeemed by the Company ten years after grant date, with the option of an early redemption at seven years after the grant date. Since
2018, the units are vested ratably over the same period and are mandator