Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 43

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 43
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6 million; and the allowance for doubtful
accounts amounted to $48.1 million.

As of December 31, 2023, trade receivables amounted to $2,480.9
million. Trade receivables had guarantees under credit insurance of $212.7 million, letter of credit
and other bank guarantees of $48.4 million. Overdue trade receivables amounted to $679.6
million, overdue guaranteed trade receivables amounted to $24.4 million; and the allowance for doubtful
accounts amounted to $49.0 million.

Management believes that both the allowance for doubtful accounts and the
existing guarantees are sufficient to cover doubtful trade receivables.

| (v) | Counterparty risk |

Tenaris has investment guidelines with specific parameters to limit issuer
risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions,
normally investment grade.

Approximately 91.4%of Tenaris’s liquid financial assets corresponded to Investment Grade-rated instruments as of December 31, 2024, in comparison with approximately 90.8%as of December 31, 2023.

| (vi) | Liquidity risk |

Tenaris’s financing strategy aims to maintain adequate financial
resources and access to additional liquidity. During 2024, Tenaris has counted on cash flows from operations as well as additional bank
financing to fund its transactions.

Management maintains sufficient cash and marketable securities to finance
normal operations and believes that Tenaris also has appropriate access to market for short-term working capital needs.

Liquid financial assets as a whole (comprising cash and cash equivalents
and other investments) were 20% and 19% of total assets at the end
of 2024 and 2023, respectively.

Tenaris has a conservative approach to the management of its liquidity,
which consists of i) cash and cash equivalents (cash in banks, liquidity funds and investments with a maturity of less
than three months at the date of purchase), and ii) other investments (fixed income securities, time deposits, and fund investments).

| - 30 - |

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

Tenaris holds primarily investments in money market funds and variable
or fixed-rate securities from investment grade issuers.

Tenaris holds its investments primarily in U.S. dollars. As of