Company: TNRSF
Filing Date: 2025-04-01
Form Type: 20-F
Source: 0001554855-25-000262
Chunk: 9

Company: TENARIS SA
Filing Date: 2025-04-01
Form: 20-F
Item: Item 17
Chunk 9
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 list of environmentally sustainable economic activities, is designed to help the EU scale up sustainable investment and implement the European Green Deal. In addition, the EU adopted the Corporate Sustainability Reporting Directive (“ CSRD”), which requires European large and medium companies and listed issuers to disclose information on their risks and opportunities arising from social and environmental issues, and on the impacts of their activities on people and the environment and the Corporate Sustainability Due Diligence Directive (“ CSDDD”), which mandates that companies operating within the EU identify, prevent, mitigate, and account for adverse human rights and environmental impacts in their operations and supply chains. Similarly, the EU CBAM, which was adopted on May 17, 2023, aims at promoting a reduction of emissions worldwide by subjecting the import of certain products, including steel, from countries outside of the EU to a carbon levy linked to the carbon price payable for goods produced in EU countries. For more information, see “ Risk Factors - Risks Relating to Our Business and Industry - The cost of complying with environmental regulations and potential environmental and product liabilities may increase our operating costs and negatively impact our business, financial condition, results of operations and prospects”. However, certain EU member states, including Luxembourg, have not transposed the CSRD into national law by the required deadline and, therefore, the Company is not currently subject to CSRD and ESRS reporting requirements. Recently, in response to the need to strengthen the competitiveness of the EU economy, the European Commission (“ EC”) has proposed to simplify sustainability reporting rules and boost investments through a package of proposed amendments to the CSRD, the EU Taxonomy, the CSDDD, the EU CBAM and current investment programs. If the proposed amendments are approved, Tenaris’s sustainability reporting and due diligence burdens may be reduced and simplified.

In March 2024, the U. S. Securities and Exchange Commission (“ SEC”) adopted climate-related disclosure rules that would have required registrants, including Tenaris from fiscal year 2025, to significantly expand the climate-related disclosures in their periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements. However, the implementation of this rule was voluntarily stayed by the SEC in April 2024, pending judicial review due to legal challenges and, on March 27, 2025, the SEC withdrew its legal defense on the climate change rule. Other countries are introducing or considering similar