Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 22

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 22
---
 are
recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization
is calculated using the straight line method over the initial expected useful lives which were approximately 14 years for Maverick, 10
years for Hydril, 9 years for SSPC, 3 years for IPSCO, and 4 months for Mattr’s pipe coating business unit.

Management’s re-estimation of customer relationships useful lives,
performed in accordance with IAS 38, did not affect amortization expenses for the years 2024 and 2023.

In 2022, the Company reviewed the useful life of SSPC’s
customer relationships and decided to reduce it from 5 years to 3 years, consequently a higher amortization charge of approximately $4.1
million was recorded in the Consolidated Income Statement under Selling, general and administrative expenses for the year ended
December 31, 2022.

As of December 31, 2024 the net book value of SSPC’s customer relationship amounted to $ 11.3million, with a residual useful life of 9 months, while the other customer relationships were fully amortized.

| - 17 - |

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

#### GRight-of-use assets and lease liabilities
Leases are recognized as a right-of-use asset and a corresponding liability
at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the principal and finance
cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.

Lease liabilities include the net present value of i) fixed payments, less
any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable
by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise
that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

The lease payments are discounted using the interest rate implicit in the