Tenaris Announces 2004 Annual and Fourth Quarter Results.

LUXEMBOURG -- Tenaris S.A. (NYSE:TS) (Buenos Aires:TS) (BMV:TS) (MTA Italy:TEN)

--The financial and operational information contained in this press release is based on audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and presented in U.S. dollars.

Tenaris S.A. ("Tenaris") today announces its results for the year and quarter ended December 31, 2004 with comparison to its results for the year and quarter ended December 31, 2003.

Summary of 2004 Annual Results

--Net sales of US$4,136.1 million, up 30% from US$3,179.7 million

--Operating income of US$813.5 million, up 182% from US$288.2 million

--Net income of US$784.7 million, up 273% from US$210.3 million

--Net earnings per share of US$0.665 (US$6.65 per ADS), up 269% from US$0.18 per share

--Increase of 48% proposed in annual dividend to US$0.169 per share (US$1.69 per ADS)

These results reflect strong market demand and growth in our seamless pipe business, where we are the leading suppliers of seamless pipe products to the global energy industry. Net sales of our seamless pipes, which accounted for 79% of our total net sales, rose 37% and we were able to increase our seamless pipe selling prices sufficiently to offset the impact of higher raw material costs. In addition, we recorded a strong equity income gain from our investment in Sidor, the Venezuelan steel producer, where we have recently i...

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