LUXEMBOURG--(Marketwire - August 6, 2008) - Tenaris S.A. ("Tenaris") (NYSE: TS) (BAE: TS) (MXSE: TS) (MILAN: TEN) today announced its results for the quarter and semester ended June 30, 2008 with comparison to its results for the quarter and semester ended June 30, 2007.

Summary of 2008 Second Quarter Results

(Comparison with first quarter of 2008 and second quarter of 2007)

                                     Q2 2008     Q1 2008        Q2 2007
                                     -------  -------------  -------------
Net sales (US$ million)              3,148.4  2,626.2    20% 2,555.0    23%
Operating income (US$ million)         823.7    710.9    16%   771.2     7%
Net income (US$ million)             1,030.0    500.0   106%   534.5    93%
Shareholders' net income
 (US$ million)                         987.5    473.0   109%   496.0    99%
Earnings per ADS (US$)                  1.67     0.80   109%    0.84    99%
Earnings per share (US$)                0.84     0.40   109%    0.42    99%
EBITDA (US$ million)                   958.1    845.4    13%   895.8     7%
EBITDA margin (% of net sales)            30%      32%            35%


Our results in the second quarter reflect an improving market environment particularly in North America. Earnings per share, excluding income from discontinued operations, were up 21% year on year and 30% sequentially at $0.50 ($1.00 per ADS). Net sales were boosted by record shipments of seamless and welded pipe products. Net financial debt (total financial debt less cash and other current investments) declined in the quarter by US$1,056.5 million to US$1,444.7 million as of June 30, 2008 following the sale of the Hydril Pressure Control business.

Market Background and Outlook

In the first half of 2008, global oil prices rose sharply before coming off their highs in the past few weeks, reflecting steady global demand and concerns about supply. North American gas prices also rose sharply, reflecting increased demand and lower levels of imports, but have fallen sharply in the past month as markets show increased volatility.

Oil and gas drilling activity, as measured by the Baker Hughes count of active rigs, has increased worldwide with the total world rig count up 5% in the first half of 2008, compared to the corresponding period of 2007. In North America, there has been increased activity in U.S. oil drilling and the development of U.S. gas shale reserves. Additionally, there are signs that the sharp decline in Canadian gas drilling activity seen in 2007 has bottomed out with expectations for an increase in activity in the second half. In the rest of the world, drilling activity has continued to increase in most regions with the international count of active rigs, as published by Baker Hughes, showing an average increase of 7% in the first half of 2008 compared to the same period of 2007.

Demand for OCTG and other pipe products from the oil and gas industry has increased this year, particularly in the USA, reflecting increased drilling activity worldwide. Distributor inventory levels in the USA remain at low levels following last year's destocking activity. However, apparent demand in the Middle East is being affected by inventory adjustments after the build-up of stocks in the past two years.

Demand for our large diameter pipes for pipeline projects in South America in 2008 remains good as we make deliveries to gas and mineral pipeline projects in Brazil and Argentina and orders for additional projects in Brazil and Colombia have been received. We expect our sales in this segment will remain strong in the second half of the year but segment margins may decline as we make shipments to projects with higher logistics costs in Colombia.

Steelmaking raw material costs for our seamless pipe products and steel costs for our welded pipe products have risen steeply in the year to date. Energy and labor costs have also increased. Pipe prices are adjusting to the cost increases and a stronger demand environment, though not at the same pace across all markets. We expect that net sales will continue to grow strongly in the second half, particularly in the fourth quarter, but that the impact of cost increases will continue to affect margins during the third quarter.

Analysis of 2008 Second Quarter Results

                                                                Increase/
Sales volume (metric tons)                   Q2 2008   Q2 2007  (Decrease)
                                            --------- --------- ----------
Tubes - Seamless                              784,000   750,000          5%
Tubes - Welded                                270,000   215,000         26%
Tubes - Total                               1,054,000   965,000          9%
Projects - Welded                             170,000   115,000         48%
Total                                       1,224,000 1,080,000         13%


Tubes                                                           Increase/
(Net sales - $ million)                      Q2 2008   Q2 2007  (Decrease)
                                            --------- --------- ----------
North America                                   986.5    693.8          42%
South America                                   334.2    326.5           2%
Europe                                          480.8    421.6          14%
Middle East & Africa                            565.6    547.3           3%
Far East & Oceania                              187.1    203.2         (8%)
Total net sales ($ million)                   2,554.2  2,192.3          17%
Cost of sales (% of sales)                         56%      50%
Operating income ($ million)                    707.1    719.5         (2%)
Operating income (% of sales)                      28%      33%


Net sales of tubular products and services rose 17% to US$2,554.2 million in the second quarter of 2008, compared to US$2,192.3 million in the second quarter of 2007, due to higher volumes and higher average selling prices. In North America, sales rose strongly as oil and gas drilling activity increased in the USA and Mexico and selling prices began to reflect higher raw material costs. In the Middle East and Africa, increased sales of high-end OCTG products offset lower volumes of API and line pipe products. In Europe, sales increased primarily due to an increase in average selling prices reflecting, in part, higher sales of OCTG products and lower sales to industrial customers.

                                                                Increase/
Projects                                     Q2 2008   Q2 2007  (Decrease)
                                            --------- --------- ----------
Net sales ($ million)                           368.1    200.8          83%
Cost of sales (% of sales)                         71%      72%
Operating income ($ million)                     77.6     38.3         103%
Operating income (% of sales)                      21%      19%


Net sales of pipes for pipeline projects increased 83% to US$368.1 million in the second quarter of 2008, compared to US$200.8 million in the second quarter of 2007, reflecting a quarterly record level of shipments in this segment as deliveries were made to various projects in Brazil, including Petrobras' Plangas and a mineral slurry pipeline, and to the loops extension project in Argentina.

                                                                Increase/
Others                                       Q2 2008   Q2 2007  (Decrease)
                                            --------- --------- ----------
Net sales ($ million)                           226.1    161.8          40%
Cost of sales (% of sales)                         69%      79%
Operating income ($ million)                     39.0     13.4         191%
Operating income (% of sales)                      17%       8%


Net sales of other products and services rose 40% to US$226.1 million in the second quarter of 2008, compared to US$161.8 million in the second quarter of 2007, reflecting higher sales of industrial equipment in Brazil and of welded pipes for electric conduits in the USA. In addition to higher sales, the increase in operating income reflects a solid recovery in the electric conduit business, higher plant utilization in the industrial equipment business and higher margins on sales of surplus raw materials.

Selling, general and administrative expenses, or SG&A, decreased as a percentage of net sales to 15.2% in the quarter ended June 30, 2008, compared to 15.6% in the corresponding quarter of 2007.

Net interest expenses decreased to US$18.7 million in the second quarter of 2008 compared to US$47.8 million in the same period of 2007 reflecting a lower net debt position and lower interest rates.

Other financial results recorded a gain of US$1.1 million during the second quarter of 2008, compared to a gain of US$15.2 million during the second quarter of 2007.

Equity in earnings of associated companies generated a gain of US$48.1 million in the second quarter of 2008, compared to a gain of US$29.4 million in the second quarter of 2007. These gains were derived mainly from our equity investment in Ternium.

Income tax charges totalled US$218.6 million in the second quarter of 2008, equivalent to 27% of income before equity in earnings of associated companies and income tax, compared to US$240.7 million in the second quarter of 2007, equivalent to 33% of income before equity in earnings of associated companies and income tax. The result in the second quarter of 2008 benefited from a tax reduction equivalent to US$28.3 million incurred on the reversal of deferred taxes in Italy due to the anticipated payment of taxes at a reduced rate.

Income from discontinued operations amounted to US$394.3 million in the second quarter of 2008. This income corresponds to the result of the sale of Hydril's pressure control business, completed on April 1, 2008.

Income attributable to minority interest amounted to US$42.6 million in the second quarter of 2008, compared to US$38.5 million in the corresponding quarter of 2007. Although net results at our Confab subsidiary were higher during the period, they were lower at our NKKTubes subsidiary.

Cash Flow and Liquidity

Net cash provided by operations during the second quarter of 2008 was US$274.0 million (US$842.9 million in the first half), compared to US$211.1 million in the second quarter of 2007 (US$899.4 million in the first half). Working capital increased by US$326.9 million during the second quarter. Trade receivables and trade payables rose US$372.7 million and US$225.4 million respectively during the second quarter as quarterly net sales increased. Inventories rose U$243.2 million during the second quarter, primarily due to increases in raw material and production costs.

Capital expenditures amounted to US$116.9 million in the second quarter of 2008 ($205.4 million in the first half), compared to US$109.2 million in the second quarter of 2007 (US$229.1 million in the first half).

During the first half of 2008, total financial debt decreased by US$885.8 million to US$3,134.5 million at June 30, 2008 from US$4,020.2 million at December 31, 2007. Net financial debt during the first half of 2008 decreased by US$1,525.5 million to US$1,444.7 million at June 30, 2008 following the receipt of proceeds from the sale of Hydril's pressure control business and the payment of the balance of the annual dividend, amounting to approximately US$295 million in June 2008.

Analysis of 2008 First Half Results

Net income attributable to equity holders in the company during the first semester of 2008 was US$1,460.5 million, or US$1.24 per share (US$2.47 per ADS), which compares with net income attributable to equity holders in the company during the first semester of 2007 of US$976.3 million, or US$0.83 per share (US$1.65 per ADS). Operating income was US$1,534.6 million, or 27% of net sales, compared to US$1,528.8 million, or 31% of net sales. Operating income plus depreciation and amortization for this semester was US$1,803.5 million, or 31% of net sales, compared to US$1,753.9 million, or 35% of net sales during the first semester of 2007.

                                                                Increase/
Sales volume (metric tons)                   H1 2008   H1 2007  (Decrease)
                                            --------- --------- ----------
Tubes - Seamless                            1,475,000 1,497,000        (1%)
Tubes - Welded                                552,000   466,000         18%
Tubes - Total                               2,027,000 1,963,000          3%
Projects - Welded                             302,000   190,000         59%
Total                                       2,329,000 2,153,000          8%





Tubes                                                           Increase/
(Net sales - $ million)                      H1 2008   H1 2007  (Decrease)
                                            --------- --------- ----------
North America                                 1,819.1  1,421.6          28%
South America                                   572.4    587.1         (3%)
Europe                                          928.4    840.3          10%
Middle East & Africa                          1,041.3  1,127.2         (8%)
Far East & Oceania                              363.7    360.9           1%
Total net sales ($ million)                   4,724.8  4,337.1           9%
Cost of sales (% of sales)                         55%      50%
Operating income ($ million)                  1,344.6  1,441.5         (7%)
Operating income (% of sales)                      28%      33%


Net sales of tubular products and services rose 9% to US$4,724.8 million in the first half of 2008, compared to US$4,337.1 million in the first half of 2007, due to higher average selling prices, reflecting in part higher sales of specialized high-end products, and an increase in welded pipe sales volumes.

                                                                Increase/
Projects                                     H1 2008   H1 2007  (Decrease)
                                            --------- --------- ----------
Net sales ($ million)                           639.8    325.3          97%
Cost of sales (% of sales)                         71%      70%
Operating income ($ million)                    128.9     64.6          99%
Operating income (% of sales)                      20%      20%


Net sales of pipes for pipeline projects increased 97% to US$639.8 million in the first half of 2008, compared to US$325.3 million in the first half of 2007, reflecting higher deliveries in Brazil and Argentina to gas and other pipeline projects.

                                                                Increase/
Others                                       H1 2008   H1 2007  (Decrease)
                                            --------- --------- ----------
Net sales ($ million)                           409.9    318.0          29%
Cost of sales (% of sales)                         71%      80%
Operating income ($ million)                     61.2     22.6         170%
Operating income (% of sales)                      15%       7%


Net sales of other products and services rose 29% to US$409.9 million in the first half of 2008, compared to US$318.0 million in the first half of 2007, reflecting higher sales of electric conduit pipes and industrial equipment.

Selling, general and administrative expenses, or SG&A, remained stable as a percentage of net sales at 15.4% in the semester ended June 30, 2008 compared to 15.5% in the corresponding semester of 2007.

Net interest expenses decreased to US$73.5 million in the first half of 2008 compared to US$83.3 million in the same period of 2007 reflecting a lower net debt position and lower interest rates.

Other financial results recorded a loss of US$13.2 million during the first half of 2008, compared to a gain of US$2.1 million during the first half of 2007.

Equity in earnings of associated companies generated a gain of US$98.1 million in the first half of 2008, compared to a gain of US$55.3 million in the first half of 2007. These gains were derived mainly from our equity investment in Ternium.

Income tax charges totalled US$427.2 million in the first half of 2008, equivalent to 30% of income before equity in earnings of associated companies and income tax, compared to US$466.2 million in the first half of 2007, equivalent to 32% of income before equity in earnings of associated companies and income tax.

Income from discontinued operations amounted to US$411.1 million in the first half of 2008. This included the result of the sale of Hydril's pressure control business, completed on April 1, 2008, amounting to US$394.3 million.

Income attributable to minority interest amounted to US$69.5 million in the first half of 2008, compared to US$67.6 million in the corresponding semester of 2007. Although net results at our Confab subsidiary were higher during the period, they were lower at our NKKTubes subsidiary.

Some of the statements contained in this press release are "forward-looking statements." Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars (US$) and prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standard Board (IASB) and adopted by the European Union.

Consolidated Condensed Interim Income Statement

(all amounts in thousands
 of U.S. dollars, unless      Three-month period    Six-month period ended
 otherwise stated)              ended June 30,             June 30,
                            ======================  ======================
                               2008        2007        2008        2007
                            ==========  ==========  ==========  ==========
Continuing operations             (Unaudited)             (Unaudited)
Net sales                    3,148,385   2,554,968   5,774,572   4,980,267
Cost of sales               (1,842,911) (1,374,318) (3,343,600) (2,665,816)
                            ==========  ==========  ==========  ==========
Gross profit                 1,305,474   1,180,650   2,430,972   2,314,451
Selling, general and
 administrative expenses      (478,076)   (399,009)   (891,670)   (773,276)
Other operating income
 (expense), net                 (3,676)    (10,415)     (4,667)    (12,352)
                            ----------  ----------  ----------  ----------
Operating income               823,722     771,226   1,534,635   1,528,823
Interest income                 16,510      20,191      28,779      42,382
Interest expense               (35,178)    (67,982)   (102,270)   (125,709)
Other financial results          1,146      15,169     (13,156)      2,126
                            ----------  ----------  ----------  ----------
Income before equity in
 earnings of associated
 companies and income tax      806,200     738,604   1,447,988   1,447,622
Equity in earnings of
 associated companies           48,102      29,398      98,096      55,305
                            ----------  ----------  ----------  ----------
Income before income tax       854,302     768,002   1,546,084   1,502,927
Income tax                    (218,590)   (240,683)   (427,196)   (466,214)
                            ----------  ----------  ----------  ----------
Income for continuing
 operations                    635,712     527,319   1,118,888   1,036,713

Discontinued operations
Income for discontinued
 operations                    394,323       7,167     411,110       7,167

                            ----------  ----------  ----------  ----------
Income for the period        1,030,035     534,486   1,529,998   1,043,880

Attributable to:
Equity holders of the
 Company                       987,471     495,950   1,460,514     976,254
Minority interest               42,564      38,536      69,484      67,626
                            ----------  ----------  ----------  ----------
                             1,030,035     534,486   1,529,998   1,043,880
                            ----------  ----------  ----------  ----------




Consolidated Condensed Interim Balance Sheet



(all amounts in thousands of
 U.S. dollars)                    At June 30, 2008    At December 31, 2007
                                ===================== =====================
                                    (Unaudited)
ASSETS
Non-current assets
  Property, plant and equipment,
   net                           3,423,072             3,269,007
  Intangible assets, net         4,427,486             4,542,352
  Investments in associated
   companies                       614,006               509,354
  Other investments                 36,215                35,503
  Deferred tax assets              323,094               310,590
  Receivables                       65,841  8,889,714     63,738  8,730,544
                                ========== ========== ========== ==========

Current assets
  Inventories                    2,991,850             2,598,856
  Receivables and prepayments      227,667               222,410
  Current tax assets               188,553               242,757
  Trade receivables              2,182,535             1,748,833
  Other investments                351,931                87,530
  Cash and cash equivalents      1,337,838  7,280,374    962,497  5,862,883
                                ========== ========== ========== ==========
Current and non current assets
 held for sale                                      -               651,160
                                           ==========            ==========
                                            7,280,374             6,514,043
Total assets                               16,170,088            15,244,587
EQUITY
Capital and reserves
 attributable to the Company’s
 equity holders                             8,324,767             7,006,277
Minority interest                             577,061               523,573
                                           ----------            ----------
Total equity                                8,901,828             7,529,850

LIABILITIES
Non-current liabilities
  Borrowings                     1,589,712             2,869,466
  Deferred tax liabilities       1,150,807             1,233,836
  Other tax liabilities              8,566                     -
  Other liabilities                198,498               185,410
  Provisions                       100,674                97,912
  Trade payables                       800  3,049,057         47  4,386,671
                                ---------- ---------- ---------- ----------

Current liabilities
  Borrowings                     1,544,755             1,150,779
  Current tax liabilities          813,402               341,028
  Other liabilities                315,647               252,204
  Provisions                        31,823                19,342
  Customer advances                418,361               449,829
  Trade payables                 1,095,215  4,219,203    847,842  3,061,024
                                ---------- ---------- ---------- ----------
  Liabilities associated with
   current and non-current
   assets held for sale                             -               267,042
                                           ----------            ----------
                                            4,219,203             3,328,066
Total liabilities                           7,268,260             7,714,737

Total equity and liabilities               16,170,088            15,244,587



Consolidated Condensed Interim Cash Flow Statement



                              Three-month period    Six-month period ended
                                ended June 30,             June 30,
(all amounts in thousands
 of U.S. dollars)              2008        2007        2008        2007
                            ==========  ==========  ==========  ==========
                                  (Unaudited)             (Unaudited)
Cash flows from operating
 activities
Income for the period        1,030,035     534,486   1,529,998   1,043,880
Adjustments for:
Depreciation and
 amortization                  134,390     130,284     268,873     230,771
Income tax accruals less
 payments                      (17,791)   (375,170)     89,747    (249,793)
Equity in earnings of
 associated companies          (48,102)    (29,398)    (98,096)    (55,305)
Income from the sale of the
 pressure control business    (394,323)          -    (394,323)          -
Interest accruals less
 payments, net                 (62,202)    (40,564)     (7,894)      4,865
Changes in provisions            7,747       3,750      15,243      (3,480)
Changes in working capital    (326,894)    (34,846)   (545,614)   (125,365)
Other, including currency
 translation adjustment        (48,874)     22,560     (15,017)     53,803
                            ==========  ==========  ==========  ==========
Net cash provided by
 operating activities          273,986     211,102     842,917     899,376
                            ==========  ==========  ==========  ==========

Cash flows from investing
 activities
Capital expenditures          (116,911)   (109,237)   (205,366)   (229,149)
Acquisitions of
 subsidiaries and minority
 interest                         (839) (1,925,432)     (1,865) (1,927,182)
Other disbursements
 relating to the
 acquisition of Hydril               -     (71,580)          -     (71,580)
Proceeds from the sale of
 the pressure control
 business                    1,113,805           -   1,113,805           -
Decrease in subsidiaries             -           -           -      (1,195)
Proceeds from disposal of
 property, plant and
 equipment and intangible
 assets                          3,819       1,903       8,826       4,596
Dividends received              13,636      11,496      13,636      11,496
Investments in short term
 securities                   (216,483)     19,277    (264,401)     14,193
Other                                -           -      (3,428)          -
                            ==========  ==========  ==========  ==========
Net cash provided by /
 (used in) investing
 activities                    797,027  (2,073,573)    661,207  (2,198,821)
                            ----------  ----------  ----------  ----------

Cash flows from financing
 activities
Dividends paid                (295,134)   (354,161)   (295,134)   (354,161)
Dividends paid to minority
 interest in subsidiaries      (55,136)    (36,563)    (55,136)    (39,922)
Proceeds from borrowings       299,701   2,159,852     430,088   2,208,026
Repayments of borrowings      (842,478)   (657,814) (1,332,755) (1,018,713)
                            ----------  ----------  ----------  ----------
Net cash (used in) /
 provided by financing
 activities                   (893,047)  1,111,314  (1,252,937)    795,230
                            ----------  ----------  ----------  ----------

Increase / (decrease) in
 cash and cash equivalents     177,966    (751,157)    251,187    (504,215)
Movement in cash and cash
 equivalents
At the beginning of the
 period                      1,072,985   1,614,686     954,303   1,365,008
Effect of exchange rate
 changes                        68,098      19,513     113,559      22,249
Increase / (decrease) in
 cash and cash equivalents     177,966    (751,157)    251,187    (504,215)
At June 30,                  1,319,049     883,042   1,319,049     883,042

Cash and cash equivalents            At June 30,             At June 30,
                                  2008        2007        2008        2007
Cash and bank deposits       1,337,838     891,159   1,337,838     891,159
Bank overdrafts                (18,789)     (8,096)    (18,789)     (8,096)
Restricted bank deposits             -         (21)          -         (21)
                             1,319,049     883,042   1,319,049     883,042

Non-cash financing activity
Conversion of debt to
 equity in subsidiaries              -      35,140           -      35,140

Contact Information: Contact: Nigel Worsnop Tenaris 1-888-300-5432 www.tenaris.com