Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 101

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 101
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 a financial loss being generated at the time of making any such transaction. For example, in the
past, the Argentine Securities Commission imposed several additional restrictions on such securities transactions, including a requirement
to give prior notice to the Argentine government of any proposed transfer of securities outside of Argentina and a limitation on the amount
of any such transfers. It is still unclear if or when the new Argentine Securities Commission’s 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 and until December 2024, the new Administration maintains
a “crawling peg” policy by devaluating the Argentine currency at a rate of approximately 2% per month, rate which will be
reduced to 1% per month as from February 1, 2025. The extent and rate of the crawling peg remains unclear. Tenaris’s financial position
in Argentine pesos as of December 31, 2024, amounted to a net short exposure of approximately $40.6
million. In the event of an additional devaluation, our Argentine subsidiaries, which hold U.S. dollar-denominated Argentine bonds for
an aggregated value of $217.9 million, may be adversely affected, and will also suffer a loss on deferred
tax charge as a result of a deterioration on the tax value of their fixed assets. At this time, the Company is unable to estimate all
impacts of a new devaluation of the Argentine peso against the U.S. dollar.

As of December 31, 2024, the total equity of Argentine subsidiaries represented
approximately 11% of Tenaris’s total equity and the sales made by Argentine subsidiaries during
the period ended December 31, 2024, amounted approximately to 19% of Tenaris’s total sales. Assets
and liabilities denominated in Argentine peso as of December 31, 2024, are valued at the prevailing official exchange rate.

This context of volatility and uncertainty remains in place as of the issue
date of these Consolidated Financial Statements. Management continues to monitor closely the evolution of the main variables affecting
its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate course
of action in each case. These Consolidated Financial Statements should be read taking into account these circumstances.

#### 30Cash flow disclosures
|       |                                                                     |     | Year ended December 31