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

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 6
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 affect these prices. When
the price of oil and gas falls, oil and gas companies generally reduce spending on production and exploration activities and, accordingly,
make fewer purchases of steel pipe products, which may impact our results of operations.

There is also an increased attention on GHG emissions and climate change from different sectors
of society. The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising
temperature of the planet and to strengthen the countries’ ability to deal with the effects of climate change. Government initiatives
to reduce GHG emissions, such as the adoption of “cap-and-trade” systems (such as the EU Emissions Trading System (“ETS”)),
the introduction of a carbon tax or carbon-pricing systems (such as the EU Carbon Border Adjustment Mechanism (“CBAM”)), or
other measures to promote the use of renewable energy sources, or electric vehicles, could affect oil and gas prices. The EU ETS signaled
a major EU energy policy to combat global warming based on a “cap & trade” program, and the European Green Deal, launched
in 2019, focuses on adopting the required policies and measures aimed at reaching zero GHG emissions in Europe by 2050. Similarly, the
EU CBAM, which was adopted on May 17, 2023, aims at promoting a reduction of emissions worldwide by subjecting the import of certain products,
including steel, from countries outside of the EU to a carbon levy linked to the carbon price payable for goods produced in EU countries.
Starting on January 1, 2026, the CBAM will enter into full force and importers will need to obtain an authorization to import goods covered
by the CBAM, make annual statements on the quantity of goods imported into the EU and their embedded GHG emissions and purchase certificates
to cover their declared emissions. Other countries are introducing or considering similar measures or regulations, which aim at lowering
emissions. If there is no meaningful progress in lowering carbon emissions in the years ahead, there is an increased possibility of abrupt
policy interventions as governments attempt to meet their environmental goals by adopting policy, legal, technology and market changes
in the transition to a low-carbon global economy.

In addition, the global regulatory landscape for Environmental, Social and Governance (“ESG”)
is becoming increasingly complex, and jurisdictions in which we have operations have adopted or proposed laws, regulations and policies
that diverge from, or potentially conflict with, those in other jurisdictions. For