Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 13

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 13
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 application or
enforcement of tax laws and other claims or challenges; cancellation of contract or property rights; and delays or denials of governmental
approvals. Both the likelihood of such occurrences and their overall impact upon us vary greatly from country to country and are not predictable.

| 7 |

| Half-year report 2025 - Interim management report |

Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations. Russia
is a major supplier of oil and gas in Europe and worldwide, and Russia and Ukraine are both major global suppliers of internationally
traded steelmaking raw materials and semi-finished steel products. As a result of the war and related sanctions, energy and commodity
prices spiked upwards and foreign trade transactions involving Russian and Ukrainian counterparties have been severely affected. A long-standing
conflict makes it hard to predict how energy and commodity prices will continue to behave as higher prices and possible shortages of energy
and raw materials used in our steelmaking operations (including natural gas and electric energy, particularly in Europe, steel scrap,
pig iron, direct reduced iron (“DRI”), hot briquetted iron (“HBI”), ferroalloys, steel bars, coils and plates)
would result in higher production costs and potential plant stoppages, affecting our profitability and results of operations. As a result
of existing or future economic sanctions imposed on Russia, we or our contractors (including shipping companies) may not be able to continue
purchasing products from, or making payments to, Ukrainian or Russian suppliers or counterparties; and we may not be able to promptly
procure such raw materials from other suppliers, or we may be required to purchase raw materials at increased prices.

We have suspended sales to Russian customers or purchases from Russian suppliers that would
breach applicable sanctions, we have closed our representative office in Moscow and we terminated our joint venture in Russia with Severstal.

Other ongoing armed conflicts, including the Middle East conflict and the ongoing shipping crisis
in the Red Sea, may disrupt our operations, increase our costs, and adversely affect our delivery times.

We plan to continue implementing our business strategy of consolidating our position as a leading
global supplier of integrated product and service solutions to the energy and other industries and adapting to the energy transition through
reducing the carbon emissions in our operations and developing and supplying products and services for low-carbon energy applications,
as well as continuing to pursue strategic investment opportunities. Any of the components of our overall business strategy could cost
more than anticipated (