Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 19

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 19
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 been fixed. They are classified under other financial liabilities and measured
at their amortized cost. Tenaris estimates that the fair value (level 2) of its main borrowings is approximately 99.3%
of its carrying amount including interests accrued as of March 31, 2025, as compared with 98.3% as of
December 31, 2024. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market
rates for discounting cash flows.

| 17 | Investments in non-consolidated companies |

This note supplements and should be read in conjunction with note 14 to
the Company’s audited Consolidated Financial Statements for the year ended December 31, 2024.

|                                                  |     | Three-month period ended March 31, |      2025 |     |     |      2024 |   |
|:-------------------------------------------------|:----|:-----------------------------------|----------:|:----|:----|----------:|:--|
|                                                  |     | -Unaudited                         |           |     |     |           |   |
| At the beginning of the period                   |     |                                    | 1,543,657 |     |     | 1,608,804 |   |
| Translation differences                          |     |                                    |    13,582 |     |     |    (6,475 | ) |
| Equity in earnings of non-consolidated companies |     |                                    |    14,035 |     |     |    48,179 |   |
| Increase in equity reserves and others           |     |                                    |     2,882 |     |     |    31,463 |   |
| At the end of the period                         |     |                                    | 1,574,156 |     |     | 1,681,971 |   |

| 17 |

| a) | Ternium |

Ternium S.A. (“Ternium”) is a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is one of Tenaris’s suppliers of round steel bars and flat steel products for its pipes business.

As of March 31, 2025, the closing price of Ternium’s ADSs as quoted
on the New York Stock Exchange was $31.16 per ADS, giving Tenaris’s ownership stake a market value
of approximately $715.8 million. As of that date, the carrying value