Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars	December 31, 2016			December 31, 2015
Cash and cash equivalents		399.737			286.547
Other investments (current)		1.633.142			2.140.862
Bonds and other fixed income		248.049			393.084
Liquid financial assets		2.280.928			2.820.493
Total assets		14.003.275			14.886.974
Ratio		16	%		19	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars	December 31, 2016		December 31, 2015		December 31, 2014
Total liabilities		2.590.203		3.020.918		3.704.364
Total Assets		14.003.275		14.886.974		16.510.678
Ratio		0,18		0,20		0,22

Tenaris – Current borrowings to total borrowings

Thousands of U.S. Dollars	December 31, 2016		December 31, 2015
Current Borrowings		808.694		748.295
Total Borrowings		840.236		971.516
Ratio		0,96		0,77