Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars	December 31, 2012			December 31, 2011
Cash and cash equivalents		828,458			823,743
Other investments (current)		644,409			430,776
Liquid financial assets		1,472,867			1,254,519
Total assets		15,963,925			14,863,635
Ratio		9.2	%		8.4	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars	December 31, 2012		December 31, 2011		December 31, 2010
Total liabilities		4,403,599		3,690,692		3,813,751
Total Assets		15,963,925		14,863,635		14,364,331
Ratio		0.28		0.25		0.27

Tenaris – Current debt to total debt

Thousands of U.S. Dollars	December 31, 2012		December 31, 2011
Current Borrowings		1,211,785		781,101
Total Borrowings		1,744,192		930,876
Ratio		0.69		0.84