Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 16

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 16
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 treaty with the
United States or have, or are likely to have, tax rules that are extraterritorial or disproportionately affect U.S. companies. More recently,
there are ongoing developments in discussions and potential agreements that may lead to future changes in Pillar 2 regulations, potentially
reducing the impact on U.S.-based companies. However, at this stage, the scope and implementation details of such prospective reforms
remain unknown. Regardless of whether these discussions advance or not, no material impact is expected for our company under either scenario.

We may be required to record a significant charge to earnings if we must reassess our goodwill
or other assets as a result of changes in assumptions underlying the carrying value of certain assets, particularly as a consequence of
deteriorating market conditions. As of June 30, 2025, we had approximately $1,090 million in goodwill corresponding mainly to the acquisition
of Hydril Company in 2007.

As a global company, a portion of our business is carried out in currencies other than the U.S.
dollar, which is the Company’s functional and presentation currency. As a result, we are exposed to foreign exchange rate risk,
which could adversely affect our financial position and results of operations. For more information on foreign exchange rate risk and
restrictions, and in particular for the current situation in Argentina, see note 20 “Foreign exchange control measures in Argentina”
to our unaudited consolidated condensed interim financial statements included in this half-year report.

We operate and conduct business globally, including in certain countries known to experience
high levels of corruption. Although we are committed to conducting business in a legal and ethical manner in compliance with local and
international statutory requirements and standards applicable to our business, there is a risk that our employees, representatives, associates,
affiliates, or other persons may take actions that violate applicable laws and regulations that generally prohibit offering or making
of improper payments to any individual, including to government officials, for the purpose of obtaining a benefit or undue advantage or
keeping business, as stated by the U.S. Foreign Corrupt Practices Act and other anti-corruption laws adopted by the main countries in
which we operate, which impose strict criminal liability on companies for corrupt practices undertaken by their employees or representatives.
In addition, we cannot give any assurance that we will detect all illegal activity that may have been conducted in the past at any acquired
business. Investigations by government authorities may occupy considerable management time and attention, weaken company compliance culture
and