Summary of 2009 First Quarter Results (Comparison with fourth and first quarters of 2008)                                Q1 2009        Q4 2008            Q1 2008 Net sales (US$ million)        2,449.5    3,238.8   (24%)   2,626.2    (7%) Operating income (US$ million)   678.1      559.3    21%      710.9    (5%) Net income (US$ million)         393.1      114.5   243%      500.0   (21%) Shareholders' net income (US$  million)                        366.0       93.7   291%      473.0   (23%) Earnings per ADS (US$)            0.62       0.16   291%       0.80   (23%) Earnings per share (US$)          0.31       0.08   291%       0.40   (23%) EBITDA (US$ million)             799.8    1,191.4   (33%)     845.4    (5%) EBITDA margin (% of net sales)      33%        37%               32% 

Our operating results in the first quarter partially reflect the change in the market environment that has occurred since the third quarter of last year. Shipments, particularly in the U.S. market, were sharply lower. However, selling prices during the period still reflect the effect of price increases set in different market conditions. Our operating income declined 5% year on year but our earnings per share declined further as in the first quarter of 2008 we benefited from a strong result on our equity investment in Ternium (NYSE: TX) which was not repeated this year. Our net financial debt (total financial debt less cash and other current investments) decreased by US$610.7 million to US$781.7 million during the quarter as we focused on reducing inventories in our production system.

Market Background and Outlook

Following their collapse in the second half of 2008 to a low of around US$30 per barrel at the end of the year, global oil prices have recovered slightly and begun to stabilize around a level of US$50 per barrel. Expectations have risen that declining non-OPEC production and OPEC production cuts can offset the decline in global consumption in the ongoing economic contraction. North American gas prices, however, have continued to fall during the first part of 2009 to current levels of around US$3.50 per million BTU as the carry over of 2008 US production increases combined with reduced demand has resulted in high levels of gas in storage.

The international count of active drilling rigs, as published by Baker Hughes, has shown a moderate decline so far this year. It averaged 1,025 during the first quarter of 2009, 6% lower than the fourth quarter of 2008 and 2% lower than the same quarter of the previous year. The corresponding rig count in USA, which is more sensitive to North American gas prices, has plummeted in the year to date and is now down 53% from its high in September 2008. It averaged 1,326 during the first quarter,30% lower than the fourth quarter of 2008 and 25% lower than the first quarter of 2008 and as of May 1, 2009 had fallen to 945. In Canada, the corresponding rig count, which is affected by seasonal drilling patterns, averaged 329 during the quarter, a decrease of 35% compared to first quarter of 2008.

Demand for our pipes from the global energy industry is being affected by the decline in oil and gas drilling activity and the actions taken by customers to adjust to current conditions, including procurement delays and cancellations and the postponement of new project activity. Demand in the US and Canada has been further affected by a continuing surge of Chinese OCTG imports which has resulted in extraordinarily high levels of inventories. Demand from other customers has been affected by the decline in activity in the industrial and power generation segments, particularly in Europe.

Following the high level of shipments for our large-diameter pipes for pipeline projects in South America during 2008, demand is expected to be lower this year reflecting delays and postponements in the implementation of new projects.

Steelmaking raw material costs for our seamless pipe products are expected to slightly decline in the coming quarters. However costs for our North American welded products are being adversely affected by very low production levels and high cost of steel procured under different market conditions.

Considering the decrease in apparent demand and declining prices we expect lower level of sales and EBITDA into the coming quarters.

Annual Shareholders Assembly

The annual general shareholders' meeting of the Company will take place at 11:00 am on June 3, 2009 in Luxembourg. The notice and agenda for the meeting, the shareholder meeting brochure and proxy statement together with the Company's 2008 annual report can be downloaded from our website at www.tenaris.com/investors and may be obtained on request by calling 1-800-555-2470 (within the USA) or + 1-267-468-0786 (outside the USA).

 Analysis of 2009 First Quarter Results                                                                  Increase/ Sales volume (metric tons)             Q1 2009      Q1 2008      (Decrease) Tubes - Seamless                         583,000      691,000        (16%) Tubes - Welded                           110,000      282,000        (61%) Tubes - Total                            693,000      973,000        (29%) Projects - Welded                         84,000      132,000        (36%) Total                                    777,000    1,105,000        (30%)                                                                  Increase/ Tubes                                  Q1 2009      Q1 2008      (Decrease) (Net sales - $ million) North America                            1,015.8         832.6        22% South America                              264.5         238.2        11% Europe                                     262.6         447.6       (41%) Middle East & Africa                       395.3         475.7       (17%) Far East & Oceania                         167.6         176.6        (5%) Total net sales ($ million)              2,105.8       2,170.7        (3%) Cost of sales (% of sales)                    53%           54% Operating income ($ million)               639.8         637.4         0% Operating income (% of sales)                 30%           29% 

Net sales of tubular products and services decreased 3% to US$2,105.8 million in the first quarter of 2009, compared to US$2,170.7 million in the first quarter of 2008, as a 29% decrease in sales volume was largely offset by higher average selling prices. In North America, although shipments in Mexico remained stable, in the USA and Canada they were affected by the decline in drilling activity and the extraordinarily high levels of inventories mainly driven by Chinese OCTG imports. Sales in South America increased as higher average selling prices more than offset a decline in volumes sold.