EX-7.1 4 dex71.htm STATEMENT EXPLAINING CALCULATION OF RATIOS Statement Explaining Calculation of Ratios

Exhibit 7.1

Tenaris – Total Liabilities to Total Assets Ratio

 

Thousands of U.S. Dollars

    December 31, 2003    December 31, 2002    December 31, 2001
    
  
  

Total Liabilities

    2,348,284    2,201,061    2,043,572

Total Assets

    4,309,548    4,081,898    3,837,954
    
  
  

Ratio

    0.54    0.54    0.53