Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 70

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 70
---
 government established a trading band
allowing the Argentine peso to float between 1,000 and 1,400 against the U.S. Dollar. The upper level of the band will increase by 1%
per month and the lower level of the band will decrease by 1% per month. In addition, the Argentine Central Bank is allowed to sell foreign
currency when the market price hits the upper level and is allowed to purchase foreign currency (to increase its foreign reserves) within
the band and below its lower level.

Tenaris’s financial position in Argentine pesos as of June 30, 2025,
amounted to a net short exposure of approximately $28.1 million, while
Argentine subsidiaries held U.S. dollar-denominated Argentine bonds for an aggregated value of $99.3
million. In an event of an additional devaluation these companies will 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 further devaluation of the Argentine
peso against the U.S. dollar.

As of June 30, 2025, the total equity of Argentine subsidiaries represented
approximately 12% of Tenaris’s total equity and the sales made by Argentine subsidiaries during
the six-month period ended June 30, 2025, amounted approximately to 16% of Tenaris’s total sales.
Assets and liabilities denominated in Argentine peso as of June 30, 2025, 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 Condensed Interim 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 Condensed Interim Financial Statements should be read taking into account these circumstances.

| 47 |

| 21 | Cash flow disclosures |

|       |                                                          |     | Six-month period ended June 30, |     2025 |   |     |     |     2024 |   |
|:------|:---------------------------------------------------------|:----|:--------------------------------|---------:|:--|:----|:----|---------:|:--|
|       |                                                          |     | -Unaudited                      |          |   |     |     |          |   |
| (i)