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Annual Production Capacity(Steel Pipes)6.0 m illion tons

Annual Net SalesU S$10.0 billion (2007)

Employees23,500

Tenaris is a leading supplier of tubes and related services for the world’s energy

industry and certain other industrial applications. Our mission is to deliver value

to our customers through product development, manufacturing excellence,and supply chain management. We minimize risk for our customers and help

them reduce costs, increase flexibility and improve time-to-market. Tenaris

employees around the world are committed to continuous improvement by

sharing knowledge across a single global organization”.

Paolo Rocca

Chairman and Chief Executive Officer

“

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Snøhvit Project Location Barents Sea

C ustom er Statoil

Project description Tenaris is providing carbo n and corrosion -resistant alloy tub ing

and casing w ith TenarisHydril Blue TM D op eless TM prem ium

connections to this offsho re developm en t in the A rctic circle.

Th is is the first field w orldw ide w here all casing and tubing w ill

be dope-free to help m eet the stringent environm ental standards

established by the N orw egian go vernm ent.

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Tenaris supplies an extensive range of seam-less and welded line pipe products completewith coatings and accessories for use inonshore, offshore and deepwater pipelineswith on-site, ready-for-installation delivery.We are a major player in the offshore markets(mainly deepwater and ultra deepwater) of the Gulf of Mexico, West Africa, Far East,United Kingdom and Scandinavia.

Our products are suitable for use in the mostadvanced risers, flowlines and subsea systems.We use sophisticated heat treatment processes,tightly controlled chemical compositions,and precision welding techniques to achievethe optimum balance between strength andfatigue-resistance.

Our services, many of which are integratedinto the manufacturing process, include materialselection and project management, double

jointing, internal and external coating, inter-nal blasting, anode pad installation, bucklearrestors and tight dimensional tolerancesachieved with internal diameter machining

or cold-end sizing.

The constan t search for new oil

and gas reserves is generating the

development of deepw ater and

ultra-deepwa ter projects. Tena ris

is a lea ding supplier o f specialized

pipes for this segment a nd is apply-

ing its met a llurgical expertise

an d w elding resea rch f acili t ies to

develop the tubular technologies

required t o help operato rs to extend

the o ffshore frontier.Thun der Ho rse, G ulf o f M exico

Tenaris w as selected to custom develop and

m anufacture the pipes used for the steel

catenary risers and flow lines in this grou nd-

breaking deepw ater project.

C o u r

t e s y o

f B P

Tenaris Pipeline Services

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N a Kika Project Location G ulf of M exico

C ustom er Shell

Project description Tenaris supplied 10" ou tside d iam eter (O D ) seam less inn er

steel pipe and 16" O D doub le subm erged arc w elded pipe

for the outer pipe of one of the largest pipe-in-pipe flow lineslaid in the G ulf of M exico. The flow lines reach a dep th o f

6,35 0 ft (1,93 7 m ) and are 25 m iles (41 km ) lon g in the

north oil loop of the satellite w ells.

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Tenaris provides a complete range of seam-less line pipe and pressure pipe in differentsteel grades for gas processing, refining andpetrochemical industries as well as tubularproducts for power generation applications.All our products are designed according tothe most stringent quality standards.

Through our advanced reservation of millcapacity, we aim at meeting customer’s projects

timetables by synchronizing material needs inthe gas processing, refining and petrochemicalprojects as close as possible to mill load plan-ning. Tenaris provides customers the flexibilityto make last-minute order changes in wallthickness and diameter, due to our fully inte-grated steel shops.

For the power generation industry, Tenarissupplies carbon and special alloy steel tubingused for conventional fired boilers and HeatRecovery Steam Generation (HRSG) usedin combined cycle plants as well as pipingand other power plant devices which require towithstand high temperatures and high pressures.

In order to respond t o the dem ands

of the pow er genera t ion market

for increasingly higher efficiencies

an d lo w er em ission s, Tena ris ha s

been se t t ing up a dedica ted h igh

alloy offer for ultra supercritical

and cri t ical pow er plants.

Brescia, Italy

Tenaris developed a w ide range of custom ized

steel tubes to m eet highly dem anding specifica-

tions at this w aste-to-pow er gen eration plant.

Tenaris Process &Pow er Plant Services

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Plock Project Location Plock, Poland

C ustom er Snam progetti

Project description Tenaris provided a full range of stainless, carbo n and alloy

steel pipe cut to size, fittings, flan ges and connections to this

petrochem ical com plex. By planning m ill production early,Tenaris supplied alm ost all the custom er’s need s direct from

the m ill and thereby reduced handling , storage and delays

to a m inim um .

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Tenaris provides a wide variety of hot-rolledand cold-drawn seamless pipe products forindustrial applications with a focus on segments

such as automotive components, hydrauliccylinders, gas cylinders, mechanical andengineering applications where we add valuewith specialized product development andsupply chain management expertise.

In our fully integrated manufacturing process,

steelmaking, tube rolling, cold drawing, heattreatment and tubular parts processing, wefocus on designing tailor-made products whichcan meet the needs of our customers forlonger product life, weight reduction, bettermechanical properties and cutback in costs.

To reduce costs we work with our customers tosimplify the supply chain, eliminate unnecessaryprocess steps and provide just-in-time deliveryof cut-to-length tubes and components.Additional services include stocking andconsignment programs, and production forecastsynchronized with customer’s operations.

As auto mob ile ma nufa cturers seek

w ays of reducing fuel consumption

and increasing user security

and comfort , Tena ris offe rs tubular

component s made from precisely

calibrated seamless tubes. According

to custo mer’s specifica tions, w e de sign

and manufa cture a w ide range of

tubes for airbag inflator vessels, axles,

transmission parts and o ther a utomo -

tive applications. We perform high

added-value operations at our auto-

components centers located in Mexico

and Romania.

USA

Tenaris is serving the hydraulic cylinders’

needs of C aterpillar w ith m ulti-custom ized

tub ular com po nents throu gh a dedicated

com ponen t center set up in Rom ania.

Tenaris Industrial &A utom otive Services

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M estre H ospital Location M estre, Italy

A rchitectural project A lberto A ltieri and Em ilio A m basz

Project description Tenaris supplied a w ide range o f structural pipes for the realization

of the 8,000 square m eters steel and glass grand “sail”façade

of this Italian healthcare structure. Th e inclined colum ns w ithellipticalprofile w ere obtained from tubes w ith high yield strength

characteristics and guaranteed im pact strengths also at low

tem peratures.

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Tenaris is at the forefront of developingthe tubular technologies required foroperating in the world’s most demandingenvironments, not only to meet thechallenges of drilling in extreme conditionsof pressure and temperature but also inhigh performance mechanical and struc-tural applications. For example, our

TenarisHydril premium connections areestablishing new standards for operating

and environmental performance andsimplifying tubular running activitiesworldwide.

Our global industrial structure supportsa worldwide research and developmentorganization that is committed to develop-ing new products and to constantlyimproving existing products and manufac-turing processes. We have more than200 scientists and engineers staffingthe research facilities and nearly half hold M aster or Doctoral degrees. T heirmetallurgical expertise and extensiveknowledge of tubular properties is com-

bined with the practical knowledge gainedfrom working closely with our customers.

Our R& D facilities are located in the fol-lowing countries:Argentina: Our center in Campana providesscientific and technological research supportin a variety of areas including finite elementanalysis (FEA) and modeling, full-scaleproduct testing, process metallurgy, fracturemechanics and corrosion testing.Italy: We have an equity participation in theCentro Sviluppo Materiali S.p.A. (CSM),

a leading European center for innovation inmaterials and in related production, designand application technologies, located in Rome.CSM carries out full-scale testing of premiumconnections and tubes, physical modeling,mechanical product design and testing, physi-cal metallurgy and welded line pipe.

Japan: Our laboratory in Kawasaki is mainlydevoted to full-scale testing of premiumconnections, corrosion-resistant alloys anddrill pipe design.Mexico: Our center in Veracruz conductsadvanced technology research on new prod-ucts with full-scale testing of premiumconnections, full-scale fatigue testing of welded

and threaded products, fracture mechanicsand a welding technology laboratory.

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•

•

•

D eveloping theTubular Technologiesof Tom orrow

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Tenaris’s industrial system is the coreof the company. Steelmaking, rolling,tubular treatment and finishing opera-

tions are integrated across five conti-nents and united with uniform qualitycontrol policies, production standardsand common IT platforms. Facilitiesand processes are renewed constantlywith continuous investment to incorpo-rate new technology, improve quality

and efficiency and reduce costs.

We are extending this system to comple-ment the operations of our customerseven in areas of the world where logis-tics and access are a challenge. For

Tenaris, supply chain integration startswith the design and definition of

product specifications, and continuesthrough the purchase of raw materials,the reservation of mill capacity, theexpediting of the entire manufacturingprocess, testing, logistics, handling, thepurchase of accessories, make-up of assemblies, up to the just-in-time deliv-

ery and installation of the right productwhen it is needed.

We build transparency into the entiresupply chain process because this helpsus to manage it and our customers tocount on it. And we work hard to pro-vide effective compliance in a systemwith a multitude of variables.Consistency in the execution of global

tasks requires specific and sharedexpertise, including logistics, on-siteservices, and organization of servicecenters. Tenaris, therefore, has organ-ized the supply chain as a specializedmanagement unit within the company.

This focus on the performance and man-

agement of each link in the supply chaintranslates into added value for our cus-tomers, helping them minimize risk, savecosts, increase flexibility on their opera-tions and reduce time-to-market.

Integrating theTubular SupplyC hain

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Tenaris recognizes that its presentand future depend on the professionaland personal development of its

employees. T he quality of our productsand services is the result of the combi-nation of talent and technology broughttogether in a global organizationalstructure.

Our human resources philosophy is

based on promoting flexibility, team-work and job rotation. Knowledgeaccumulated at the individual level iscommunicated through training,systematically improved through researchand development, and strengthenedthrough the interchange of the bestpractices among different parts of the

company.

Training and knowledge managementactivities are organized and conductedby TenarisUniversity.

Our rich cultural diversity, as representedin the varied nationalities of ouremployees, enhances this interchange

and represents one of our key assets. The integration of global and localfunctions makes for a stimulating envi-ronment and requires a global perspectiveas well as a high capacity to adapt tolocal conditions.

Human resources policies are designedto select and promote individuals basedon their professional abilities, interper-sonal skills and commitment. A workenvironment that rewards innovation,initiative and teamwork reinforces thosepolicies. Respect for cultural, genderand linguistic differences is a guiding

principle for relations among employeesat all levels of the company.

A Stim ulatingand M ulticulturalW orkplace

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Tenaris works constantly to improve itssafety performance on two main levels.On one, we upgrade the physical condi-

tion of our workplace by continuallyinvesting in new technologies, infrastruc-ture and maintenance. On the other,we work on attitudes relative to safetythrough innovative programs that rewardsafe behavior. Our plants hold regularmeetings with managers and staff in order

to discuss and share ideas for improvingsafety and safety indicators are monitoredpermanently with ever more stringent tar-gets established every year.

Environmental policy at Tenaris is basedon the principles of sustainable develop-ment. In our processes, works, products

and services, we adopt designs and tech-nologies that are the most appropriateand eco-efficient available at a reasonablecost in order to preserve health, mini-mize the risk of accidents and impact onthe environment, and to ensure the mostefficient use of resources. At all of our

plant sites, we follow rigorous standardsfor environmental protection as well as

the preservation of natural resources andwe dedicate a significant portion of newinvestment to reduce the environmental

impact of our activities, products and serv-ices. We continually review our operationsto maximize the efficiency of the use of energy resources, the re-use of by-productsand the appropriate treatment and disposalof waste, emissions and effluents.

Our concern for environmental protectiondoes not stop at the factory gates. On alocal level, we collaborate with community,institutions and residents where we operatein order to identify, reduce or eliminatepossible environmental risks. And we sup-ply our customers with products and serv-ices that reduce environmental impact and

potential risks at the different life-cyclestages involved. Environmental conscious-ness in the design and operation of ourproducts and services has become just asmuch a part of the Tenaris mission as sup-plying tubes that guarantee absolute safetyin the most extreme conditions.

C om m itted toSafety in the W orkplaceand SustainableD evelopm ent

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A Partner inthe C om m unity

Our history is deeply entwined withthat of the communities where we haveour roots. As a long-term industrial

project, we at Tenaris maintain ourfounding family’s conviction that thecompany’s continuing strength dependson an active participation that linksour own development to that of the com-munities where the company resides.

This framework encompasses continu-ous commitment to promoting healthand safety among our employees, tominimizing the impact of operations onthe environment, to maintaining trans-parent relations with suppliers, cus-tomers, employees and local communi-ties, and to working with local authori-

ties and non-governmental organiza-tions to promote education and fosterself-reliance.

We are committed to improving thequality of life for those who live in theareas surrounding our plants. Working

with local institutions to identify priori-ties and articulate actions, we helpto build and equip schools, finance schol-

arships that reward academic excellence,sponsor cultural, sports and leisureevents, improve medical and sanitationsystems and promote employment.

Through our community investments,we systematically encourage a connec-tion with public and private organiza-tions and the joint application of knowl-edge, experience and best practices.

Working through Fundación PROAin Buenos Aires and the Associazioneper la Galleria d’Arte M oderna e Contemporanea of Bergamo, Italyas well as through agreements with the

Museum of Fine Arts in Houstonand Mexican, Brazilian and Japanesecultural institutions, we promote cultur-al exchanges in our local communitiesthrough exhibits, seminars and otherinitiatives.

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Integrity andTransparencyas C ore Values

Respect for applicable laws, externaland internal regulations, and the com-munication of significant strategic ini-

tiatives and management practices formthe cornerstone of our commitment tointegrity and transparency.

As part of this policy, Tenaris hasadopted a Code of Conduct that estab-lishes ethical principles that form thebasis for relations between the compa-ny, its employees and third parties,while also providing the means andinstruments to give transparency toissues and problems that may havea bearing on the management of thecompany.

Suppliers and contractors are madeaware of our quality, ethical, and health,safety and environmental policies andtheir responsibility in implementing themand we help them to understand anddevelop the skills necessary to be competi-

tive at a global level as well as facilitatingtheir access to our management.

With its shares listed on the New YorkStock Exchange and in Buenos Aires,Italy and Mexico, Tenaris adheres torigorous international standards forcorporate governance, financial trans-parency and information disclosure.

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©Tenaris 2008. Version 10 , M ay 2008 .

Tubul ar Technologies. Innovative Services.

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www.tenar is .com

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