Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars	December 31, 2010			December 31, 2009
Cash and cash equivalents		843,861			1,542,829
Other investments (current)		676,224			579,675
Liquid financial assets		1,520,085			2,122,504
Total assets		14,364,331			13,483,308
Ratio		10.6	%		15.7	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars	December 31, 2010		December 31, 2009		December 31, 2008
Total liabilities		3,813,751		3,762,472		6,398,825
Total Assets		14,364,331		13,483,308		15,100,712
Ratio		0.27		0.28		0.42

Tenaris – Current debt to total debt

Thousands of U.S. Dollars	December 31, 2010		December 31, 2009
Current Borrowings		1,023,926		791,583
Total Borrowings		1,244,496		1,446,764
Ratio		0.82		0.55