Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 76

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 76
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 - |     |       | 597,763 |

| - 52 - |

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

Significant borrowings include:

| In millions of U.S. dollars |                               |           |                |             |
| Disbursement date           | Borrower                      | Type      | Final maturity | Outstanding |
| 2024                        | Tubos de Acero de Mexico S.A. | Bilateral |           2025 |         200 |
| 2024                        | Tenaris Tubocaribe Ltda.      | Bilateral |           2025 |          40 |
| 2017                        | Global Pipe Company           | Bilateral |           2026 |          26 |
| 2023                        | Siderca SAIC                  | Bilateral |           2025 |          20 |

As of December 31, 2024, Tenaris was in compliance with all of its covenants,
or obtained the necessary waivers from the applicable financial institution if the covenants were not met.

The weighted average interest rates before tax shown below were calculated
using the rates set for each instrument in its corresponding currency as of December 31, 2024 and 2023, considering hedge accounting where
applicable.

|                  |     | 2024 |      |   |     | 2023 |       |   |
| Total borrowings |     |      | 6.52 | % |     |      | 10.56 | % |

Breakdown of long-term and short-term borrowings by currency and rate is as follows:

Non-current borrowings

|                              | Currency |          | Interest rates | Year ended December 31, |   2024 |     |     |   2023 |
|:-----------------------------|:---------|:---------|:---------------|:------------------------|-------:|:----|:----|-------:|
| USD                          |          | Variable |                |                         |      - |     |     | 20,000 |
| SAR                          |          | Fixed    |                |                         |  9,903 |     |     | 23,803 |
| SAR                          |          | Variable |                |                         |  1,496 |     |     |  4,501 |
| Total non-current borrowings |          |