Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 12

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 12
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. A recession in developed countries, a cooling of emerging market economies or an extended
period of below-trend growth in the economies that are major consumers of steel pipe products would likely result in reduced demand of
our products, adversely affecting our revenues, profitability and financial condition.

Regarding the impact of variations in product demand, we have fixed and semi-fixed costs (e.g.,
labor and other operating and maintenance costs) that cannot adjust rapidly in product demand for several reasons, including operational
constraints and regulatory restrictions. If demand of our products falls significantly, or if we are unable to operate due to, for example,
governmental measures or unavailability of workforce, these costs may adversely affect our profitability and financial condition. In addition,
if demand continues on high levels or increases, we may not be able to retain qualified workforce or hire additional employees soon enough.
Moreover, certain consequences of climate change, such as shifts in customer preferences, stigmatization of our industry or failure to
respond to shareholders’ demand for climate-related measures could negatively impact workforce management and planning, adversely
affecting employee attraction and retention.

Any adverse economic, political or social developments in the countries in which we operate
may negatively affect our revenues, profitability and financial condition. We have significant operations in various countries, including
Argentina, Brazil, Canada, China, Colombia, Indonesia, Italy, Mexico, Nigeria, Romania, Saudi Arabia, the United Arab Emirates and the
United States, and we sell our products and services throughout the world. Therefore, like other companies with worldwide operations,
our business and operations have been, and in the future could be, affected from time to time to varying degrees by political, economic,
social and public health developments and changes in laws and regulations. These developments and changes may include, among others, nationalization,
expropriation or forced divestiture of assets; restrictions on production, imports and exports, antidumping or countervailing duties,
travel, transportation or trade bans; interruptions in the supply of essential energy inputs; exchange and/or transfer restrictions, inability
or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other armed conflicts
(including the Russia-Ukraine war and regional conflicts in the Middle East and Africa); civil unrest and local security concerns, including
high incidences of crime and violence involving drug trafficking organizations that threaten the safe operation of our facilities and
operations; direct and indirect price controls; tax increases and changes (including retroactive) in the interpretation,