LUXEMBOURG -- (MARKET WIRE) -- 02/23/12 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BVM: TS) (MILAN: TEN) ("Tenaris") today announced its results for the fourth quarter and year ended December 31, 2011 with comparison to its results for the fourth quarter and year ended December 31, 2010.

Summary of 2011 Fourth Quarter Results

(Comparison with third quarter of 2011 and fourth quarter of 2010)

                                          Q4 2011    Q3 2011      Q4 2010

Net sales (US$ million)                   2,750.6  2,494.8  10% 2,063.9  33%

Operating income (US$ million)              555.7    485.3  15%   453.8  22%

Net income (US$ million)                    426.3    365.5  17%   321.2  33%

Shareholders' net income (US$ million)      399.6    325.0  23%   320.9  25%

Earnings per ADS (US$)                       0.68     0.55  23%    0.54  25%

Earnings per share (US$)                     0.34     0.28  23%    0.27  25%

EBITDA* (US$ million)                       709.6    620.3  14%   515.5  38%

EBITDA margin (% of net sales)                 26%      25%          25%



*EBITDA is defined as operating income plus depreciation, amortization and

 impairment charges/(reversals)

Our sales in the fourth quarter rose 10% sequentially reflecting an increase in shipments not only for OCTG products but also for line pipe and mechanical pipe products. EBITDA and operating income margins benefited from higher efficiencies in fixed costs resulting from the increase in shipments. Our net cash position (cash and other current investments less total borrowings) rose by US$96 million to end the year at US$324 million, following investment of US$189 million in capital expenditures and the payment of an interim dividend to shareholders of US$153 million.

Summary of 2011 Annual Results

                                                                  Increase/

                                              FY 2011   FY 2010  (Decrease)

Net sales (US$ million)                       9,972.5   7,711.6          29%

Operating income (US$ million)                1,894.8   1,573.5          20%

Net income (US$ million)                      1,420.7   1,141.0          25%

Shareholders' net income (US$ million)        1,331.2   1,127.4          18%

Earnings per ADS (US$)                           2.26      1.91          18%

Earnings per share (US$)                         1.13      0.95          18%

EBITDA* (US$ million)                         2,449.1   2,013.2          22%

EBITDA margin (% of net sales)                     25%       26%



*EBITDA is defined as operating income plus depreciation, amortization and

 impairment charges/(reversals)

In 2011, net sales increased by 29% compared to 2010 with increases in each of our operating segments. Increased oil and gas drilling activity in North America and most regions except for North Africa led to higher shipments in our Tubes operating segment. Higher demand for our premium OCTG products led to improvements in product mix and average selling prices, particularly in the second half. Sales in our Projects and Others operating segments benefited from higher demand in Brazil. EBITDA and operating margins were affected by higher raw material and fixed costs in the first half but recovered in the second half. Our net cash position increased by US$48 million to US$324 million at the end of the year. Capital expenditures amounted to US$863 million, including the completion of our new rolling mill in Mexico, and investments in working capital amounted to US$646 million.

Annual Dividend Proposal

The board of directors proposes, for the approval of the annual general shareholders' meeting to be
held on May 2, 2012, the payment of an annual dividend of US$0.38 per share (US$0.76 per ADS), or approximately US$449 million, which includes the interim dividend of US$0.13 per share (US$0.26 per ADS), or approximately US$153 million, paid in November, 2011. If the annual dividend is approved by the shareholders, a dividend of US$0.25 per share (US$0.50 per ADS), or approximately US$295 million will be paid on May 24, 2012, with an ex-dividend date of May 21, 2012.

Market Background and Outlook

Global demand for energy, in spite of the difficult economic situation in Europe, will continue to rise and this is driving energy companies to increase their investments. Demand for tubular products for complex applications will grow at a faster pace than that for products for standard applications as investments will take place in more difficult operating environments.

In 2012, drilling activity in North America is expected to remain close to current levels, with lower dry gas drilling activity to a large extent offset by an increase in oil and liquids directed drilling. In the rest of the world, drilling activity is expected to continue to increase supported by current oil and gas prices and led by growth in the development of deepwater and unconventional reserves as well as complex conventional gas drilling.

Sales to oil and gas customers, particularly of premium products, are expected to increase in 2012 compared to 2011 in all regions but sales to HPI, power generation and industrial customers will be lower in Europe. Sales in our Projects operating segment are also expected to increase on deliveries to a large offshore pipeline in Brazil in the second half of the year.

Selling prices and costs are stable but operating margins should benefit from an improving product mix and the lagging impact of lower raw material costs.

Accordingly, sales and operating income are expected to grow in 2012 compared to 2011. However, sequential growth should not be expected in the first quarter as our sales will be affected by seasonal maintenance stoppages and lower shipments in our Projects operating segment.

Analysis of 2011 Fourth Quarter Results

      Sales volume (metric tons)        Q4 2011     Q3 2011       Q4 2010

Tubes - Seamless                         709,000   650,000  9%   555,000 28%

Tubes - Welded                           234,000   216,000  8%   221,000  6%

Tubes - Total                            943,000   866,000  9%   776,000 22%

Projects - Welded                         71,000    53,000 34%    65,000  9%

Total                                  1,014,000   919,000 10%   841,000 21%

               Tubes                Q4 2011      Q3 2011         Q4 2010

(Net sales - $ million)

North America                        1,174.0    1,034.8  13%      860.2  36%

South America                          360.1      338.4   6%      271.2  33%

Europe                                 268.0      275.3  (3%)     206.3  30%

Middle East & Africa                   389.1      358.8   8%      299.6  30%

Far East & Oceania                     174.7      143.0  22%      121.8  43%

Total net sales ($ million)          2,365.9    2,150.3  10%    1,759.1  34%

Cost of sales (% of sales)                61%        61%             60%

Operating income* ($ million)          495.5      429.2  15%      401.0  24%

Operating income (% of sales)             21%        20%             23%

*Operating income includes impairment reversals of US$67.3 million in Q4 2010

Net sales of tubular products and services increased 10% sequentially, mainly due to an increase in shipments volumes. Year on year, sales increased 34%, due to a 22% increase in shipments and an 11% increase in average selling prices. In North America, sales rose sequentially throughout the region, mainly driven by higher OCTG sales in Canada and Mexico and line pipe in United States. In South America, sales increased 6% sequentially, mainly driven by Ecuador and Colombia and partially offset by lower sales on credit issues in Venezuela. In Europe, sales were negatively affected by weak demand from distributors and Euro depreciation. In the Middle East and Africa, sales increased sequentially mainly due to resumption of sales in Libya and higher sales to hydrocarbon process industry projects. In the Far East and Oceania, sales grew strongly due to higher shipments of deepwater line pipe.

Operating income from tubular products and services increased 15% sequentially as sales rose 10% and operating margin increased 100 basis points, reflecting lower SG&A expenses as a percentage of sales.

                 Projects                 Q4 2011    Q3 2011      Q4 2010

Net sales ($ million)                       186.0    150.8  23%   146.2  27%

Cost of sales (% of sales)                     71%      67%          69%

Operating income ($ million)                 28.3     27.3   4%    23.6  20%

Operating income (% of sales)                  15%      18%          16%

Net sales of Projects amounted to US$186.0 million in the fourth quarter of 2011, 23% higher than the third quarter and 27% higher compared to the fourth quarter of 2010. Sequentially, the increase in sales was mainly on lower margin shipments made to Peru.

                  Others                  Q4 2011    Q3 2011      Q4 2010

Net sales ($ million)                       198.6    193.7   3%   158.6  25%

Cost of sales (% of sales)                     72%      73%          72%

Operating income ($ million)                 32.0     28.7  11%    29.3   9%

Operating income (% of sales)                  16%      15%          18%

Net sales of other products and services amounted to US$198.6 million in the fourth quarter of 2011, 3% higher sequentially and 25% higher compared to the fourth quarter of 2010. The sequential increase in sales was mainly due to higher sales at our Brazilian industrial equipment business and higher sales of excess raw materials and power, partially offset by lower sales of welded steel pipes for electric conduits.

Selling, general and administrative expenses, or SG&A, amounted to 17.2% of net sales in the fourth quarter of 2011, compared to 18.5% in the previous quarter and 19.7% in the fourth quarter of 2010. The decrease of SG&A as a percentage of sales was mainly due to the better absorption of fixed and semi-fixed expenses on higher sales.

Other operating income (expense) amounted to a net gain of US$0.7 million in the fourth quarter of 2011, compared with a gain of US$1.7 million in the previous quarter and a gain of US$74.8 million in the fourth quarter of 2010, mainly due to the reversal of an impairment at our Canadian welded operations.

Net interest expenses amounted to US$2.0 million in the fourth quarter of 2011, compared to US$8.5 million in the previous quarter and US$4.8 million in the same period of 2010.

Other financial results generated a loss of US$5.4 million during the fourth quarter of 2011, compared to a gain of US$28.0 million during the third quarter of 2011 and a loss of US$5.4 million in the same period of 2010. These results largely reflect gains and losses on net foreign exchange transactions and the fair value of derivative instruments and are to a large extent offset by changes to our net equity position. The gains recorded in the third quarter of 2011, were mainly attributable to the revaluation of the U.S. dollar against the Brazilian real.

Equity in earnings of associated companies generated a gain of US$13.0 million in the fourth quarter of 2011, compared to a gain of US$1.5 million in the previous quarter and of US$11.7 million in the same period of 2010. These results mainly derived from our equity investment in Ternium and reflected higher results at Ternium.

Income tax charges totalled US$135.0 million in the fourth quarter of 2011, equivalent to 25% of income before equity in earnings of associated companies and income tax, compared to 28% in the previous quarter and 30% in the same period of 2010. During the fourth quarter of 2011, the tax rate benefited from a more favorable mix of companies.

Income attributable to non-controlling interests amounted to US$26.8 million in the fourth quarter of 2011, compared to US$40.5 million in the previous quarter and US$0.3 million in the fourth quarter of 2010. These results are mainly derived from non-controlling interests at our Brazilian subsidiary, Confab, and at our Japanese subsidiary, NKKTubes.

Cash Flow and Liquidity of 2011 Fourth Quarter

Net cash provided by operations during the fourth quarter of 2011 was US$456.2 million, compared to US$336.3 million in the previous quarter and US$253.8 million in the fourth quarter of 2010. Working capital increased by US$156.7 million during the fourth quarter of 2011 (mainly due to an increase in trade receivables), compared to an increase of US$1.7 million in the previous quarter and of US$152.7 million in the fourth quarter of 2010.

Capital expenditures amounted to US$188.7 million for the fourth quarter of 2011, compared to US$212.1 million in the previous quarter and US$286.1 million in the fourth quarter of 2010.

During the quarter, our net cash position (cash and other current investments less total borrowings) increased by US$96.0 million to US$323.6 million at the end of the quarter, following the payment of an interim dividend of US$153.5 million.

Analysis of 2011 Annual Results

                                                                  Increase/

       Sales volume (metric tons)          FY 2011     FY 2010   (Decrease)

Tubes - Seamless                           2,613,000   2,206,000         18%

Tubes - Welded                               881,000     744,000         18%

Tubes - Total                              3,494,000   2,950,000         18%

Projects - Welded                            267,000     170,000         57%

Total - Tubes + Projects                   3,761,000   3,120,000         21%

                                                                  Increase/

                 Tubes                   FY 2011      FY 2010    (Decrease)

Net sales ($ million)

- North America                            4,133.3      3,121.7          32%

- South America                            1,344.6      1,110.1          21%

- Europe                                   1,066.1        746.6          43%

- Middle East & Africa                     1,349.4      1,263.6           7%

- Far East & Oceania                         587.9        434.4          35%

Total net sales                            8,481.3      6,676.4          27%

Cost of sales (% of sales)                      61%          60%

Operating income ($ million)               1,618.8      1,403.3          15%

Operating income (% of sales)                   19%          21%

Net sales of tubular products and services increased 27% to US$8,481.3 million in 2011, compared to US$6,676.4 million in 2010, reflecting an 18% increase in volumes and a 7% increase in average selling prices. In North America, higher drilling activity in the USA and Canada led to significantly higher shipments partially offset by lower demand in Mexico. In South America, sales increased mainly driven by higher demand in Argentina and Colombia. In Europe, we had higher sales of OCTG products, as well as higher sales of line pipe and mechanical products to distributors. In the Middle East and Africa, despite geopolitical turmoil sales increased led by higher demand for complex products in the Middle East. In the Far East and Oceania, sales grew strongly, mainly due to higher sales in Indonesia.

Cost of sales of tubular products and services, expressed as a percentage of net sales, rose from 60% to 61%, mainly due to an increase in steelmaking raw materials during the first half of the year.

Operating income from tubular products and services, increased 15% to US$1,618.8 million in 2011, from US$1,403.3 million in 2010, (in 2010 operating income included a gain of US$67.3 million from the reversal of an impairment), mainly driven by an 18% increase in shipments volumes.

                                                                  Increase/

                  Projects                    FY 2011   FY 2010  (Decrease)

Net sales ($ million)                           724.2     428.8          69%

Cost of sales (% of sales)                         68%       67%

Operating income ($ million)                    138.8      63.7         118%

Operating income (% of sales)                      19%       15%

Net sales of Projects increased 69% to US$724.2 million in 2011, compared to US$428.8 million in 2010, mainly reflecting an increase in shipments to gas and other pipeline projects in South America.

Operating income from Projects increased 118% to US$138.8 million in 2011, from US$63.7 million in 2010, reflecting an increase in sales and higher operating margins, due to a better product mix and lower SG&A expenses as a percentage of sales.

                                                                  Increase/

                   Others                     FY 2011   FY 2010  (Decrease)

Net sales ($ million)                           767.0     606.4          26%

Cost of sales (% of net sales)                     70%       72%

Operating income ($ million)                    137.1     106.5          29%

Operating income (% of sales)                      18%       18%

Net sales of other products and services increased 26% to US$767.0 million in 2011, compared to US$606.4 million in 2010, mainly due to higher sales of sucker rods, welded pipes for electric conduits and industrial equipment .

Operating income from other products and services, increased 29% to US$137.1 million in 2011, from US$106.5 million in 2010, reflecting the increase in net sales and stable margins.

Selling, general and administrative expenses, or SG&A, decreased as a percentage of net sales to 18.6% in 2011 compared to 19.7% in 2010, mainly due to the better absorption of fixed and semi-fixed expenses on higher sales.

Other operating income and expenses resulted in net income of US$5.0 million in 2011, compared to a net income of US$78.6 million in 2010, when we recorded a gain of US$67.3 million from the reversal of an impairment at our Canadian welded operations.

Net interest expenses totalled US$21.6 million in 2011, compared to US$31.2 million in 2010.

Other financial results generated a gain of US$11.3 million in 2011, compared to a loss of US$21.3 million during 2010. These results largely reflect gains and losses on net foreign exchange transactions and the fair value of derivative instruments and are to a large extent offset by changes to our net equity position. These losses are mainly attributable to variations in the exchange rates between our subsidiaries' functional currencies (other than the US dollar) and the US dollar in accordance with IFRS.

Equity in earnings of associated companies generated a gain of US$61.5 million in 2011, compared to US$70.1 million in 2010. These gains were derived mainly from our equity investment in Ternium.

Income tax charges totalled US$525.2 million in 2011, equivalent to 28% of income before equity in earnings of associated companies and income tax, compared to US$450.0 million in 2010, equivalent to 30% of income before equity in earnings of associated companies and income tax.

Net income increased to US$1,420.7 million in 2011, compared to US$1,141.0 million in 2010, mainly reflecting higher operating results.

Income attributable to equity holders was US$1,331.2 million, or US$1.13 per share (US$2.26 per ADS), in 2011, compared to US$1,127.4 million, or US$0.95 per share (US$1.91 per ADS) in 2010.

Income attributable to non-controlling interest was US$89.6 million in 2011, compared to US$13.7 million in 2010, mainly reflecting higher results at our Brazilian subsidiary, Confab.

Cash Flow and Liquidity of 2011

Net cash provided by operations during 2011 was US$1,283.3 million, compared to US$870.8 million during 2010. Working capital increased by US$646.4 million during 2011, compared with an increase of US$644.0 million in 2010, reflecting the positive change in the levels of activity.

Capital expenditures amounted to US$862.7 million in 2011, compared to US$847.3 million in 2010, as we continued with the investments to complete the new small diameter rolling mill at our Veracruz facility in Mexico.

Dividends paid, including dividends paid to minority shareholders in subsidiaries, amounted to US$424.1 million in 2011, of which US$248 million were paid to equity holders in respect of the 2010 fiscal year, while US$153 million were paid to equity holders in November 2011, as an interim dividend in respect of the dividend corresponding to the 2011 fiscal year. This compares to US$433.3 million paid in 2010, with the same amount of dividends paid to equity holders.

During 2011, total financial debt decreased by US$313.6 million to US$930.9 million at December 31, 2011 from US$1,244.5 million at December 31, 2010. Liquidity (cash and cash equivalents and other current investments) decreased by US$265.6 million to US$1,254.5 million at December 31, 2011 from US$1,520.1 million at December 31, 2010. Net cash during 2011 increased by US$48.1 million to US$323.6 million at December 31, 2011, from US$275.6 million at December 31, 2010.

Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Income Statement



(all amounts in

 thousands of U.S.     Three-month period ended          Year ended

 dollars)                    December 31,                December 31,

                      -------------------------   -------------------------

                          2011          2010          2011          2010

                      -----------   -----------   -----------   -----------

Continuing

 operations

Net sales               2,750,551     2,063,873     9,972,478     7,711,598

Cost of sales          (1,722,894)   (1,277,755)   (6,229,526)   (4,700,810)

                      -----------   -----------   -----------   -----------

Gross profit            1,027,657       786,118     3,742,952     3,010,788

Selling, general and

 administrative

 expenses                (472,714)     (407,072)   (1,853,244)   (1,515,870)

Other operating

 income (expenses)

 net                          747        74,772         5,050        78,629

                      -----------   -----------   -----------   -----------

Operating income          555,690       453,818     1,894,758     1,573,547

Interest income            11,093         7,387        30,840        32,855

Interest expense          (13,045)      (12,142)      (52,407)      (64,103)

Other financial

 results                   (5,401)       (5,405)       11,268       (21,305)

                      -----------   -----------   -----------   -----------

Income before equity

 in earnings of

 associated

 companies and

 income tax               548,337       443,658     1,884,459     1,520,994

Equity in earnings

 of associated

 companies                 12,990        11,668        61,509        70,057

                      -----------   -----------   -----------   -----------

Income before income

 tax                      561,327       455,326     1,945,968     1,591,051

Income tax               (134,994)     (134,166)     (525,247)     (450,004)

                      -----------   -----------   -----------   -----------

Income for the

 period / year            426,333       321,160     1,420,721     1,141,047

                      ===========   ===========   ===========   ===========







Attributable to:

Equity holders of

 the Company              399,574       320,908     1,331,157     1,127,367

Non-controlling

 interests                 26,759           252        89,564        13,680

                      -----------   -----------   -----------   -----------

                          426,333       321,160     1,420,721     1,141,047

                      ===========   ===========   ===========   ===========

Consolidated Statement of Financial Position



(all amounts in thousands of

 U.S. dollars)                   At December 31, 2011   At December 31, 2010

                                ---------------------  ---------------------



ASSETS

Non-current assets

  Property, plant and

   equipment, net                4,053,653              3,780,580

  Intangible assets, net         3,375,930              3,581,816

  Investments in associated

   companies                       670,248                671,855

  Other investments                  2,543                 43,592

  Deferred tax assets              234,760                210,523

  Receivables                      133,280  8,470,414     120,429  8,408,795

                                ---------- ----------  ---------- ----------



Current assets

  Inventories                    2,806,409              2,460,384

  Receivables and prepayments      241,801                282,536

  Current tax assets               168,329                249,317

  Trade receivables              1,900,591              1,421,642

  Available for sale assets         21,572                 21,572

  Other investments                430,776                676,224

  Cash and cash equivalents        823,743  6,393,221     843,861  5,955,536

                                ---------- ----------  ---------- ----------

Total assets                               14,863,635             14,364,331

                                           ==========             ==========



EQUITY

Capital and reserves

 attributable to the Company's

 equity holders                            10,506,227              9,902,359

Non-controlling interests                     666,716                648,221

                                           ----------             ----------

Total equity                               11,172,943             10,550,580

                                           ==========             ==========



LIABILITIES

Non-current liabilities

  Borrowings                       149,775                220,570

  Deferred tax liabilities         828,545                934,226

  Other liabilities                233,653                193,209

  Provisions                        72,975                 83,922

  Trade payables                     2,045  1,286,993       3,278  1,435,205

                                ---------- ----------  ---------- ----------



Current liabilities

  Borrowings                       781,101              1,023,926

  Current tax liabilities          344,932                207,652

  Other liabilities                286,762                233,590

  Provisions                        33,605                 25,101

  Customer advances                 55,564                 70,051

  Trade payables                   901,735  2,403,699     818,226  2,378,546

                                ---------- ----------  ---------- ----------

Total liabilities                           3,690,692              3,813,751

                                           ----------             ----------

Total equity and liabilities               14,863,635             14,364,331

                                           ==========             ==========

Consolidated Statement of Cash Flows



(all amounts in

 thousands of U.S.       Three-month period ended         Year ended

 dollars)                      December 31,              December 31,

                             2011         2010         2011         2010

                         -----------  -----------  -----------  -----------



Cash flows from

 operating activities

Income for the period /

 year                        426,333      321,160    1,420,721    1,141,047

Adjustments for:

Depreciation and

 amortization                153,880      129,012      554,345      506,902

Income tax accruals less

 payments                     10,625        9,563      117,633      (57,979)

Equity in earnings of

 associated companies        (12,990)     (11,172)     (61,509)     (70,057)

Interest accruals less

 payments, net                 3,575       (2,613)     (24,880)      17,700

Changes in provisions        (12,762)      (5,644)      (2,443)        (364)

Impairment reversal                -      (67,293)           -      (67,293)

Changes in working

 capital                    (156,683)    (152,658)    (646,369)    (644,050)

Other, including

 currency translation

 adjustment                   44,266       33,484      (74,194)      44,914

                         -----------  -----------  -----------  -----------

Net cash provided by

 operating activities        456,244      253,839    1,283,304      870,820

                         ===========  ===========  ===========  ===========



Cash flows from

 investing activities

Capital expenditures        (188,728)    (286,098)    (862,658)    (847,316)

Acquisitions of

 subsidiaries and

 associated companies        (11,254)        (302)     (11,254)        (302)

Proceeds from disposal

 of property, plant and

 equipment and

 intangible assets             3,092        2,329        6,431        9,290

Dividends and

 distributions received

 from associated

 companies                         -          302       17,229       14,034

Changes in investments

 in short terms

 securities                  203,462      (34,226)     245,448      (96,549)

                         -----------  -----------  -----------  -----------

Net cash provided by

 (used in) investing

 activities                    6,572     (317,995)    (604,804)    (920,843)

                         ===========  ===========  ===========  ===========



Cash flows from

 financing activities

Dividends paid              (153,470)    (153,470)    (401,383)    (401,383)

Dividends paid to non-

 controlling interest in

 subsidiaries                (10,996)     (12,862)     (22,695)     (31,881)

Acquisitions of non-

 controlling interests           (27)         (57)     (16,606)      (3,018)

Proceeds from borrowings      12,671      277,890      726,189      647,608

Repayments of borrowings    (238,151)    (129,053)    (953,413)    (862,921)

                         -----------  -----------  -----------  -----------

Net cash used in

 financing activities       (389,973)     (17,552)    (667,908)    (651,595)

                         ===========  ===========  ===========  ===========



                         ===========  ===========  ===========  ===========

Increase / (Decrease) in

 cash and cash

 equivalents                  72,843      (81,708)      10,592     (701,618)

                         ===========  ===========  ===========  ===========



Movement in cash and

 cash equivalents

At the beginning of the

 period / year               754,116      900,769      820,165    1,528,707

Effect of exchange rate

 changes                     (13,763)       1,104      (17,561)      (6,924)

Increase due to business

 combinations                  1,836            -        1,836            -

Increase / (Decrease) in

 cash and cash

 equivalents                  72,843      (81,708)      10,592     (701,618)

                         -----------  -----------  -----------  -----------

At December 31,              815,032      820,165      815,032      820,165

                         ===========  ===========  ===========  ===========



                              At December 31,           At December 31,

                         ------------------------  ------------------------

Cash and cash

 equivalents                 2011         2010         2011         2010

                         -----------  -----------  -----------  -----------

Cash and bank deposits       823,743      843,861      823,743      843,861

Bank overdrafts               (8,711)     (23,696)      (8,711)     (23,696)

                         -----------  -----------  -----------  -----------

                             815,032      820,165      815,032      820,165

                         ===========  ===========  ===========  ===========

Giovanni Sardagna

Tenaris

1-888-300-5432

www.tenaris.com

Source: Tenaris S.A.

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