Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars	December 31, 2011			December 31, 2010
Cash and cash equivalents		823,743			843,861
Other investments (current)		430,776			676,224
Liquid financial assets		1,254,519			1,520,085
Total assets		14,863,635			14,364,331
Ratio		8.4	%		10.6	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars	December 31, 2011		December 31, 2010		December 31, 2009
Total liabilities		3,690,692		3,813,751		3,762,472
Total Assets		14,863,635		14,364,331		13,483,308
Ratio		0.25		0.27		0.28

Tenaris – Current debt to total debt

Thousands of U.S. Dollars	December 31, 2011		December 31, 2010
Current Borrowings		781,101		1,023,926
Total Borrowings		930,876		1,244,496
Ratio		0.84		0.82