Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 32

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 32
---
’s
online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation
by court order. The affected land plots, which are not part of SSPC’s production facility and have a total surface of 811,284 square
meters, are located in Dammam, Saudi Arabia, and were purchased on February 2010, pursuant to a written purchase agreement duly executed
by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia (“the land transaction”). The land transaction occurred
before Tenaris’s acquisition of a 47.79% interest in SSPC in 2019. On May 4, 2021, SSPC filed a petition with an ad-hoc created
special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated, with no resolution having been issued
to date.

On April 28, 2025, SSPC concluded a settlement with the sellers of the
land plots purchased in 2010. Pursuant to the settlement, the land transaction was unwound, and the sellers paid an aggregate amount of
SAR211 million (or approximately $56.2 million) in cash. Additionally, the sellers released SSPC from any claim on the lands
or its title deeds and assumed all rights and obligations related to the pending petition. The financial effect of this settlement
will be reflected in the financial statements for the second quarter of 2025.

| 20 | Foreign exchange control measures in Argentina |

Between September 2019 and December 13, 2023, the Argentine government
imposed significant restrictions on foreign exchange transactions. After a new administration took office in Argentina in December 2023,
some of these restrictions have been progressively lifted or eased. The main currently applicable measures are described below:

| § | Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange                                
 market (“MULC”) and converted into Argentine pesos within 60 days (if made to related parties) or 180 days (if made to unrelated        
 parties) from shipment date, or, if collected earlier, within 20 business days of collection. Foreign currency proceeds from exports of 
 services must be sold into the MULC and converted into Argentine pesos within 20 business days of collection.                           |

| § | Access to the MULC to pay for imports of services is permitted as from the date of supply or accrual of                                    
 the service (if the service