Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 44

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 44
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 December 31, 2024 and 2023, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately 93%and 94%of total liquid financial assets, respectively.

| (vii) | Commodity price risk |

In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of one year, and in general hedging for these risks is performed on a limited basis.

B. Category of financial instruments and classification within the fair value hierarchy

As mentioned in note II.V, the Company classifies its financial instruments
in the following measurement categories: amortized cost, fair value through other comprehensive income and fair value through profit and
loss. For financial instruments that are measured in the statement of financial position at fair value, IFRS 13, “Fair value measurement”
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:

Level 1: Quoted prices (unadjusted) in active markets for identical
assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3: Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs).

| - 31 - |

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

The following tables present the financial instruments by category and
levels as of December 31, 2024 and 2023.

| December 31, 2024                                                 |     | Carrying 
 amount   |           |     | Measurement Categories 
 Amortized              
 Cost                   |           |     | FVOCI |           |     | FVPL |         |     | At Fair Value 
 Level 1       |           |     | Level 2 |       |     | Level 3 |         |
|:------------------------------------------------------------------|:----|:---------|----------:|