Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 42

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 42
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 Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

| (iv) | Credit risk |

Credit risk arises from cash and cash equivalents, deposits with banks
and financial institutions, as well as credit exposures from customers, including outstanding receivables and committed transactions.
The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize
its credit risk.

There is no concentration of credit risk and no single customer comprised
more than 10% of Tenaris’s net sales in 2024, 2023 and 2022.

Tenaris maintains a strong, longstanding relationship with Petróleos
Mexicanos (“Pemex”), one of the world’s largest crude oil and condensates producers and one of its largest customers.
Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit
exposure to Pemex, which represented approximately 17% of the Company’s overall credit exposure as of December 31, 2024, and approximately
20% of the Company’s overall credit exposure as of December 31, 2023. In December 2024, Pemex issued senior guaranteed floating
rate notes due in 2025 that a financial institution purchased on the issue date, with Pemex agreeing to use a portion of the proceeds
from the sale of such notes to pay off outstanding debt with one of the Company’s Mexican subsidiaries for approximately $200 million.
The fee related to this transaction, amounting to approximately to $16 million, was borne by the Company and included in Other financial results.

Tenaris’s credit policies related to sales of products and services
are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters
of credit and other instruments designed to minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses. See section II.K.

As of December 31, 2024, trade receivables amounted to $1,907.5
million. Trade receivables had guarantees under credit insurance of $208.5 million, letter of credit
and other bank guarantees of $79.8 million. Overdue trade receivables amounted to $395.5
million, overdue guaranteed trade receivables amounted to $33.