Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 19

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 19
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 disposal of any of such subsidiaries, any accumulated translation difference
would be recognized in the Consolidated Income Statement as a gain or loss from the sale or disposal following IAS 21.

Goodwill and fair value adjustments arising from the acquisition of a foreign
operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate.

| - 15 - |

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

| E | Property, plant and equipment |

Property, plant and equipment are recognized at historical acquisition
or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable
to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have
been valued initially at the fair market value of the assets acquired.

Major overhaul and rebuilding expenditures are capitalized as property,
plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment
enhances the condition of assets beyond its original condition. The carrying amount of any replaced parts is derecognized. Maintenance
expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.

Cost may also include transfers from equity of any gains or losses on qualifying
cash flow hedges of foreign currency purchases of property, plant and equipment.

Borrowing costs that are attributable to the acquisition or construction
of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS 23, “Borrowing Costs”.
Assets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.

The depreciation method is reviewed at each year end. Depreciation is calculated
using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows:

| Land                                                  | No Depreciation |
| Buildings and improvements                            | 30-50 years     |
| Plant and production equipment                        | 10-40 years     |
| Vehicles, furniture and fixtures, and other equipment | 4-10 years      |

The assets’ residual values and useful lives of significant plant
and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset’s carrying amount is written
down to its recoverable amount if the asset’s carrying amount is greater