Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 69

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 69
---
 the sellers paid an aggregate
amount of SAR211 million (or approximately $56.2 million) in cash. Additionally, the sellers released SSPC from any claim on
the lands or its title deeds and assumed all rights and obligations related to the pending petition. The financial effect of this
settlement has been reflected in these financial statements.

| 46 |

| 20 | Foreign exchange control measures in Argentina |

Between September 2019 and December 13, 2023, the Argentine government
imposed significant restrictions on foreign exchange transactions. After a new administration took office in Argentina in December 2023,
some of these restrictions have been progressively lifted or eased. The main currently applicable measures are described below:

| § | Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange                                
 market (“MULC”) and converted into Argentine pesos within 60 days (if made to related parties) or 180 days (if made to unrelated        
 parties) from shipment date, or, if collected earlier, within 20 business days of collection. Foreign currency proceeds from exports of 
 services must be sold into the MULC and converted into Argentine pesos within 20 business days of collection.                           |

| § | Access to the MULC to pay for imports of services is permitted as from the date of supply or accrual of                                    
 the service (if the service was rendered by a non-related party) or is deferred for 90 calendar days as from the date of supply or accrual 
 of the service (if rendered by a related party).                                                                                           |

| § | Access to the MULC to pay for imports of goods is permitted as from the date of customs clearance. |

| § | Access to the MULC to pay imports of capital assets is permitted according to the following schedule: 
 up to 30% in advance; up to 50% against shipment; and the balance against customs clearance.          |

Access to foreign currency and transfers out of Argentina to make payments
that remain restricted can be achieved through securities transactions involving securities listed both in Argentina and in other markets,
resulting in a different implicit exchange rate, generally higher than the official exchange rate. Pursuing any such transactions by Argentine
companies and, in certain cases, its shareholders and affiliates, result in temporary restrictions for the Argentine company to access
the MULC. It is still unclear if or when the Argentine authorities will eliminate or loosen the remaining restrictions.

Since April 14, 2025, the Argentine