Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 33

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 33
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 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. |

| 24 |

| § | 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, however, through securities transactions involving bonds or shares with multiple listings, resulting
in a different implicit exchange rate, generally higher than the official exchange rate. Such transactions are still subject to certain
restrictions and limits. It is still unclear if or when the Argentine authorities will eliminate or loosen the remaining restrictions.

The exchange rate of the Argentine peso against the U.S. dollar devaluated
by more than 100% upon the change of government in December 2023. Since then, the Administration maintained a “crawling peg”
policy by devaluating the Argentine currency at a rate of approximately 2% per month through February 1, 2025, and at approximately 1%
per month from then through April 14, 2025. On that date, the Argentine government put an end to the existing regime and established a
trading band allowing the Argentine peso to float between 1,000 and 1,400 against the U.S. Dollar. The upper level of the band will increase
by 1% per month and the lower level of the band will decrease by 1% per month. In addition, the Argentine Central Bank is allowed to sell
foreign currency when the market price hits the upper level and is allowed to purchase foreign currency (to increase its foreign reserves)
within the band and below its lower level. In the first weeks following the change of regime, the official exchange rate fluctuated within
the bottom half of the band.

Tenaris’s financial position in Argentine pesos as of March 31, 2025,
amounted to a net short exposure of approximately $4.3 million. In
the event of an additional devaluation, our Argentine subsidiaries, which hold U.S. dollar-denominated Argentine bonds for an aggregated
value of $130.1 million, may be adversely affected,