Company: TNRSF
Filing Date: 2025-04-01
Form Type: 20-F
Source: 0001554855-25-000262
Chunk: 19

Company: TENARIS SA
Filing Date: 2025-04-01
Form: 20-F
Item: Item 17
Chunk 19
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 remain unknown. Currently, Argentine companies are required to repatriate export proceeds from sales of goods and services (including U. S. dollars obtained through advance payment and pre-financing facilities) and convert such proceeds into ARS at the official exchange rate. As from December 13, 2023, up to 20% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate. This percentage has remained stable during the twelve-month period ended December 31, 2024, but it is unclear it will be further modified in the short term. Import payments for services rendered and goods cleared after December 12, 2023, do not require government approval but cannot be paid in advance or at sight and are subject to deferred payment schedules. In addition, during 2024 import payments were subject to import taxes (which were eliminated in December 2024) that significantly increased prices of imported goods and services. Argentine companies must still obtain prior Argentine Central Bank authorization, which is rarely (if ever) granted, to access the

foreign exchange

market

to

make dividend payments. The existing measures limit the ability of Argentine companies to obtain foreign currency and make certain payments and distributions out of Argentina at the official exchange rate. If control systems are maintained or are not further eased, our operations could be adversely affected. In addition, the exchange rate of the Argentine peso against the U. S. dollar has devalued by more than 100% upon the change of government in December 2023. Since then, the new Administration has maintained a “crawling peg” policy by devaluating the Argentine currency at a rate of approximately 2% per month, reduced to 1% per month as of February 1, 2025. The extent and rate of the crawling peg remains unclear. In the event of an additional devaluation, our Argentine subsidiaries, which hold U. S. dollar-denominated Argentine bonds, may be adversely affected, and will also suffer a loss on deferred tax charges as a result of a deterioration of 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. For additional information on current Argentine exchange controls and restrictions, see “

Legal and Financial Information -

Additional Information - Exchange Controls” and note 29 “ Foreign exchange control measures in Argentina” of our audited consolidated financial statements included in this annual report. Given that the volatile and