Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 11

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 11
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 and regulations. Our import and export activities
are governed by customs laws and regulations in each of the countries where we operate. Moreover, the EU, the United States and other
countries control the import and export of certain goods and services and impose related import and export recordkeeping and reporting
obligations. Those governments have also imposed economic sanctions against certain countries, persons and other entities, such as sanctions
that restrict or prohibit transactions involving Iran, Syria, Venezuela and Russia or their citizens or companies. Similarly, we are subject
to the U.S. anti-boycott laws. Trade laws and regulations are complex and frequently changing, and they may be enacted, amended, enforced
or interpreted in a manner that could materially impact our operations.

In March 2018, the U.S. imposed a 25% tariff, under Section 232 of the Trade Expansion Act of
1962, on imported steel products, with some country exemptions and quotas. In early 2025, the U.S. announced broader tariffs, extending
the 25% rate to all imported steel and derivative products, including those produced and sold by the Company, with phased implementation.
In June 2025, these tariffs were increased to 50% (except for steel imports from the United Kingdom which remain subject to a 25% tariff).
These announced U.S. tariffs on steel imports and other tariffs, including reciprocal tariffs or retaliatory measures by other countries,
could affect market prices and dynamics, supply chains, and cost structures. Implementation is still uncertain. In this context, the Company
is unable at this time to predict the evolution or ultimate outcome of these developments, or to quantify the impact that the announced
measures, if maintained, would have on its business or financial condition. For more information on this matter, please refer to note
24 to our unaudited consolidated condensed interim financial statements included in this half-year report.

Profitability may also be hurt if increases in the cost of raw materials, energy and other costs
and limitations or disruptions to the supply of raw materials and energy, result in higher costs of production that cannot be offset by
higher selling prices or if the limited availability of such resources forces us to curtail production. Disruptions to our manufacturing
processes could adversely impact our operations, affect customer service levels or our reputation, or expose us to liability and, consequently,
adversely affect our financial results. Low levels of capacity utilization or failure to retain qualified workforce could also affect
our results of operations and financial conditions