Company: TNRSF
Filing Date: 2025-04-01
Form Type: 20-F
Source: 0001554855-25-000262
Chunk: 14

Company: TENARIS SA
Filing Date: 2025-04-01
Form: 20-F
Item: Item 17
Chunk 14
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 financial condition.

Our sales may also be affected as a result of other international trade regulations

The shipment of goods and services across international borders subjects us to extensive trade laws 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. For more information on the impact on our business of the sanctions on Russia as a result of the armed conflict in Ukraine, see “ Risk Factors - Risks Relating to Our Business and Industry - Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations”. 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, under Section 232 of the Trade Expansion Act of 1962 (“ Section 232”), the United States imposed a 25% tariff on steel articles imported from all countries, with the exemption of Canada and Mexico, as member states of the United States-Mexico-Canada Agreement (“ USMCA”), and imports of steel tubes from Australia, Argentina, Brazil and South Korea (the latter three with specific quotas per product). The U. S. government granted successive exemptions on imports from Italy, Mexico, Romania and Argentina, of steel billets to be used at our Bay City mill, with the latest being granted in December 2023. Early
in 2025, the U. S. government reset the Section 232 tariffs, imposing a 25%
tariff on effectively all imports of steel and steel derivatives, revoking
previously negotiated country-specific exemptions and quota arrangements. As a
result, all previously exempted or quota-managed countries became subject to
the full 25% tariff on their steel exports to the United States. These tariffs
do not apply to imports of products with previously granted exclusions still in
effect. In addition, on February 1, 2025, the U. S. government announced the
imposition, through the International Emergency Economic Powers Act (“ IEEPA”),
of across-the-board tariffs