FORM 6 - K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                        Report of Foreign Private Issuer
                    Pursuant to Rule 13a - 16 or 15d - 16 of
                       the Securities Exchange Act of 1934

                                As of May 9, 2003

                                  TENARIS, S.A.
                 (Translation of Registrant's name into English)

                                  TENARIS, S.A.
                               23 Avenue Monterey
                                 2086 Luxembourg
                    (Address of principal executive offices)


     Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or 40-F.

                             Form 20-F  X      Form 40-F

     Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12G3-2(b) under the Securities Exchange Act of 1934.

                                  Yes ___     No  X
                                                 ---

       If "Yes" is marked, indicate below the file number assigned to the
              registrant in connection with Rule 12g3-2(b): 82- .

<PAGE>

The attached material is being furnished to the Securities and Exchange
Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange
Act of 1934, as amended. This report contains Tenaris' consolidated condensed
interim financial statements

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Date: May 9, 2003


                                  Tenaris, S.A.


By: /s/ Cecilia Bilesio
Cecilia Bilesio
Corporate Secretary

<PAGE>

                                  TENARIS S.A.


               CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS


                                 MARCH 31, 2003

<PAGE>

Consolidated interim income statement

<TABLE>
<CAPTION>

                                                                 Three-month period ended
                                                                         March 31,
                                                             --------------------------------
(all amounts in USD thousands)                      Notes           2003              2002
                                                             --------------------------------
                                                                        (Unaudited)
<S>                                                   <C>          <C>               <C>
Net sales                                             1            789,579           810,205
Cost of sales                                         2           (558,534)         (544,637)
                                                             --------------------------------
Gross profit                                                       231,045           265,568
Selling, general and administrative expenses          3           (132,998)         (135,170)
Other operating income and expenses                                    521            (1,482)
                                                             --------------------------------
Operating income                                                    98,568           128,916
Financial income (expenses), net                      4            (22,691)          (19,272)
                                                             --------------------------------
Income before tax, equity in losses of associated                   75,877           109,644
companies and minority interest
Equity in losses of associated companies                            (9,034)           (6,368)
                                                             --------------------------------
Income before income tax and minority interest                      66,843           103,276
Income tax                                            5            (17,927)         (129,148)
                                                             --------------------------------
Net income before minority interest                                 48,916           (25,872)
Minority interest (1)                                               (3,404)           (9,459)
                                                             --------------------------------
Net income before  other minority interest                          45,512           (35,331)
Other minority interest (2)                                           -                 (133)
                                                             --------------------------------
Net income (loss) for the period (3)                                45,512           (35,464)
                                                             ================================
</TABLE>

(1)  Minority interest represents the participation of minority shareholders of
     those consolidated subsidiaries not included in the exchange transaction
     completed on December 13, 2002 (including Confab Industrial, NKK Tubes and
     Tubos de Acero de Venezuela), as well as the participation at March 31,
     2003, of minority shareholders of Siderca, Dalmine and Tamsa that did not
     exchange their participation.

(2)  Other minority interest represents the participation of minority
     shareholders attributable to the exchanged shares, since January 1, 2002
     until the end of the period.

(3)  See note 6 for Earnings per share calculation.

The accompanying notes are an integral part of these consolidated condensed
interim financial statements. The limited review Report of independent auditor
on these consolidated condensed interim financial statements is issued as a
separate document.

<PAGE>

<TABLE>
<CAPTION>

Consolidated interim balance sheet

(all amounts in USD thousands)                         At March 31, 2003             At December 31, 2002
                                                  ---------------------------     --------------------------
                                          Notes           (Unaudited)
<S>                                         <C>       <C>          <C>               <C>          <C>
ASSETS
Non-current assets
  Property, plant and equipment, net        7         1,935,579                      1,934,237
  Intangible assets, net                    7            32,939                         32,684
  Investments in associated companies                     5,267                         14,327
  Other investments                                     158,434                        159,303
  Deferred tax assets                                    53,140                         49,412
  Receivables                                            25,096     2,210,455           16,902     2,206,865
                                                  -------------                   ------------
Current assets
  Inventories                                           675,108                        680,113
  Receivables                                           140,764                        155,706
  Trade receivables                                     685,082                        670,226
  Cash and cash equivalents                             390,051     1,891,005          304,536     1,810,581
                                                  -------------                   ------------
                                                                -------------                 --------------
Total assets                                                        4,101,460                      4,017,446
                                                                =============                 ==============

EQUITY AND LIABILITIES
Shareholders' Equity                                                1,722,972                      1,694,054

Minority interest                                                     189,388                        186,783

Non-current liabilities
  Borrowings                                8           317,391                        322,205
  Deferred tax liabilities                              296,198                        320,753
  Effect of currency translation on
     tax base                                           100,664                        114,826
  Employee liabilities                                  117,185                        123,023
  Provisions                                             35,665                         33,874
  Trade payables                                         19,252       886,355           18,650       933,331
                                                  --------------                  ------------

Current liabilities
  Borrowings                                8           397,282                        393,690
  Current tax liabilities                               204,512                        161,704
  Other liabilities                                      74,199                         53,428
  Provisions                                             83,025                         73,953
  Customers advances                                     41,489                         37,085
  Trade payables                                        502,238     1,302,745          483,418     1,203,278
                                                  -------------                   ------------
                                                                -------------                 --------------
Total liabilities                                                   2,189,100                      2,136,609
                                                                -------------                 --------------

Total equity and liabilities                                        4,101,460                      4,017,446
                                                                =============                 ==============

Contingencies  and commitments  (Note 10)
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  condensed
interim financial  statements.  The limited review Report of independent auditor
on these  consolidated  condensed  interim  financial  statements is issued as a
separate document.


                                       2

<PAGE>


Consolidated interim statement of changes in shareholders' equity

(all amounts in USD
thousands)

<TABLE>
<CAPTION>
                          Statutory balances according to Luxembourg Law                                          Total at March 31,
                          ----------------------------------------------                                          ------------------
                                                              Other                     Currency    Retained
                            Share      Legal     Share    Distributable  Adjustments   translation  Earnings
                           Capital    Reserves  Premium      Reserves      to IAS      adjustments     (1)         2003       2002
                           -------    --------  -------   -------------  -----------   -----------  --------       ----       ----
                                                                                                                     (Unaudited)
<S>                       <C>         <C>       <C>          <C>           <C>           <C>          <C>       <C>         <C>
Balance at January 1,     1,160,701   116,070   587,493      206,744       (376,954)         --          --     1,694,054   875,401

Currency translation
differences                                                                              (16,594)                 (16,594)     (533)
Change in ownership in
Exchange Companies                                                                                                            1,724
Net income (loss)                                                                                     45,512       45,512   (35,464)

Balance at March 31,      1,160,701   116,070   587,493      206,744       (376,954)     (16,594)     45,512    1,722,972   841,128
</TABLE>

(1)   Dividends  may be paid by  Tenaris to the  extent  distributable  retained
      earnings  calculated in accordance with Luxembourg GAAP exist.  Therefore,
      retained  earnings included in the consolidated  financial  statements may
      not be wholly distributable.

The  accompanying  notes are an integral  part of these  consolidated  condensed
interim financial  statements.  The limited review Report of independent auditor
on these  consolidated  condensed  interim  financial  statements is issued as a
separate document.


                                       3
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Consolidated interim cash flow statement

<TABLE>
<CAPTION>
(all amounts in USD thousands)                     Three-month period ended
                                                           March 31,
                                                   ------------------------
                                                       2003        2002
                                                         (Unaudited)
<S>                                                  <C>          <C>
Net income (loss) for the period                      45,512     (35,464)
Depreciation and amortization                         47,867      42,916
Tax accruals less payments                             4,338     116,747
Equity in losses of associated companies               9,034       6,368
Interest accruals less payments                        2,426      (7,069)
Net provisions                                         3,203      (8,329)
Minority interest                                      3,404       9,592
Change in working capital                             42,280     (57,987)
                                                    --------    --------
Net cash provided by operations                      158,064      66,774
                                                    --------    --------
Capital expenditure                                  (43,611)    (24,531)
Acquisitions of subsidiaries                         (26,232)       --
Proceeds from disposition of property, plant and
equipment                                                658       2,185

Changes in Trust fund                                   --       (10,565)
                                                    --------    --------
Net cash used in investment activities               (69,185)    (32,911)
                                                    --------    --------
Proceeds from borrowings                              84,493      97,184

Repayments of borrowings                             (94,374)    (86,469)
                                                    --------    --------
Net cash (used in) provided by financing              (9,881)     10,715
activities                                              --

Increase in cash and cash equivalents                 78,998      44,578
                                                    --------    --------

Cash at January 1,                                   304,536     213,814
Effect of exchange rate changes on cash
  and cash equivalents                                   298         (75)
Increase in cash and cash equivalents provided by
business acquisitions                                  6,219        --

Increase                                              78,998      44,578
                                                    --------    --------
Cash at March 31,                                    390,051     258,317
                                                    --------    --------

Non-cash financing activity:
Fair value adjustment of minority interest
acquired                                                 748        --
                                                    --------    --------
</TABLE>

The  accompanying  notes are an integral  part of these  consolidated  condensed
interim financial  statements.  The limited review Report of independent auditor
on these  consolidated  condensed  interim  financial  statements is issued as a
separate document.


                                       4
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies

          Index to accounting policies

     A    Business of the Company and basis of presentation
     B    Translation  of financial  statements and  transactions  in currencies
          other than the measurement currency
     C    Use of estimates
     D    Summary of accounting  policies regarding specific asset and liability
          categories
     E    Revenue recognition
     F    Earnings per share


                                       5
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies

The consolidated  condensed interim  financial  statements have been prepared in
accordance  with  International  Accounting  Standards  ("IAS")  adopted  by the
International  Accounting Standards Board ("IASB") and interpretations issued by
the Standing Interpretations Committee ("SIC") of the IASB.

These consolidated  condensed interim financial statements have been prepared in
accordance with IAS 34, "Interim Financial  Reporting".  The accounting policies
used in the preparation of the interim financial  statements are consistent with
those used in the consolidated  combined financial statements for the year ended
31 December 2002, unless specified. These interim financial statements should be
read in  conjunction  with  the  said  consolidated  combined  annual  financial
statements for the year ended December 31, 2002.

The following is a summary of the principal  accounting policies followed in the
preparation of these consolidated  condensed interim financial statements.  This
summary has been  included for the  convenience  of the reader and should not be
regarded  as a  complete  explanation  of the  accounting  policies  used by the
Company.

A     Business of the Company and basis of presentation

      Tenaris S.A. (the "Company" or "Tenaris"),  a Luxembourg corporation,  was
      incorporated  on December  17,  2001,  to hold  investments  in steel pipe
      manufacturing  and  distributing  companies.  The  Company  holds,  either
      directly  or  indirectly,  controlling  interests  in  certain  subsidiary
      companies.  A  detail  of these  holdings  is  included  in Note 29 to the
      consolidated combined financial statements for the year ended December 31,
      2002.

      On November 11, 2002 Tenaris  announced the  commencement  of its offer to
      exchange its ordinary shares and ADSs for all outstanding Class A ordinary
      shares and ADSs of  Siderca,  all  outstanding  common  shares and ADSs of
      Tamsa and all  outstanding  ordinary  shares  of  Dalmine  ("the  Exchange
      Offer").  The Exchange  Offer was concluded  successfully  on December 13,
      2002.  As a result of the  transaction,  the  Company  acquired  27.94% of
      Siderca  shares  and ADSs,  43.73% of Tamsa  shares and ADSs and 41.19% of
      Dalmine  shares.  Therefore,  at the  conclusion  of the  Exchange  Offer,
      Tenaris held directly or indirectly 99.11%, 94.50% and 88.41% of the share
      capital of Siderca, Tamsa and Dalmine,  respectively.  Changes occurred to
      Tenaris'  holdings in  subsidiaries  during the  three-month  period ended
      March 31, 2003 are  described in Note 12 to these  consolidated  financial
      statements.

      At March 31, 2003 the financial statements of Tenaris and its subsidiaries
      have been  consolidated.  At March 31,  2002 and up to October  18,  2002,
      Tenaris'  subsidiaries  were under the common  control of Sidertubes  S.A.
      Thus, for comparative purposes,  the consolidated  financial statements of
      Siderca,  Dalmine,  Tamsa and Tenaris Global Services and their respective
      subsidiaries  at March 31,  2002 have been  retroactively  combined at the
      relevant predecessor's cost, reflecting the carrying amount of such assets
      and  liabilities  with those of the Company and  presented  as one company
      ("Tenaris")  in the  consolidated  combined  condensed  interim  financial
      statements at that date.  The  percentages  of ownership and voting rights
      considered in the  preparation  of such  consolidated  combined  financial
      statements correspond to those of the parent company at that period-end.

      Certain  reclassifications  of balances  and  elimination  of all material
      intercompany  transactions  and balances between the Company and the other
      consolidated companies and their respective subsidiaries have been made.


                                       6
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies (Cont'd.)

B     Translation of financial  statements and  transactions in currencies other
      than the measurement currency

      The  measurement  currency  of Tenaris is the U.S.  dollar.  Although  the
      Company is located in Luxembourg,  Tenaris  operates in several  countries
      with  different  currencies.  The U.S.  dollar is the currency that better
      reflects the economic substance of the underlying events and circumstances
      relevant to Tenaris as a whole. Generally, the measurement currency of the
      main  companies in these  financial  statements  is the  respective  local
      currency.  As further  explained in the  Company's  consolidated  combined
      financial statements for the year ended December 31, 2002, the measurement
      currency for Siderca is the U.S. dollar, because:

      -     Siderca is located in Argentina  and its local  currency is affected
            by recurring severe economic crisis
      -     sales  are  denominated  and  settled  in U.S.  dollars  or, if in a
            currency  other  than the U.S.  dollar,  the price is  sensitive  to
            movements in the exchange rate with the U.S. dollar;
      -     purchases of critical  raw  materials  are financed in U.S.  dollars
            generated by financing or operating activities;
      -     most of the net financial assets and liabilities are mainly obtained
            and retained in U.S. dollars.

      Income statements of subsidiary  companies stated in currencies other than
      the U.S. dollar are translated into U.S.  dollars at the weighted  average
      exchange rates for the period,  while balance sheets are translated at the
      exchange rates at period end.  Translation  differences  are recognized in
      shareholders'  equity.  In case of sale or other  disposition  of any such
      subsidiary, any accumulated translation differences would be recognized in
      the income statement as part of the gain or loss on sale.

      Transactions  in  currencies  other  than  the  measurement  currency  are
      accounted  for  at the  exchange  rates  prevailing  at  the  date  of the
      transactions,  and  their  corresponding  exchange  gains and  losses  are
      recognized  in the  income  statement.  Further  reference  regarding  the
      accounting  policies  applied for the translation of financial  statements
      and transactions  subject to the consolidation  process is included in the
      notes to the Company's  consolidated combined financial statements for the
      year ended December 31, 2002.

C     Use of estimates

      The  preparation  of  financial  statements  requires  management  to make
      estimates and assumptions  that affect the reported  amounts of assets and
      liabilities and the disclosure of contingent assets and liabilities at the
      balance  sheet dates,  and the  reported  amounts of revenues and expenses
      during  the  reporting  periods.  Actual  results  may  differ  from these
      estimates.

D     Summary of  accounting  policies  regarding  specific  asset and liability
      categories

      An overview of relevant accounting policies applied in the recognition and
      valuation of assets and  liabilities  is described  below. A more detailed
      description  is  included  in  the  notes  to the  Company's  consolidated
      combined financial statements for the year ended December 31, 2002.


                                       7
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies (Cont'd.)

D     Summary of  accounting  policies  regarding  specific  asset and liability
      categories (Cont'd)

(1)   Property, plant and equipment and Intangible assets

      Property,  plant and equipment are recognized at historical acquisition or
      construction  cost less  depreciation,  calculated using the straight line
      method to amortize the cost of each asset over its estimated  useful life.
      In the case of  business  acquisitions  proper  consideration  to the fair
      value of the  assets  has  been  given as  explained  in the  notes to the
      consolidated combined financial statements for the year ended December 31,
      2002.  Expenditure is  capitalized  as property,  plant and equipment only
      when the investment enhances the condition of an asset beyond its original
      condition.

      Intangible  assets including  goodwill;  certain costs directly related to
      the development, acquisition and implementation of information system; and
      expenditures  on acquired  patents,  trademarks,  technology  transfer and
      licenses are capitalized and amortized using the straight line method over
      their useful lives; the useful lives of Tenaris' intangible assets average
      4 years and none exceeds 20 years. Research and development expenditure is
      recognized  as expenses as incurred.  Negative  goodwill is  recognized as
      income on a systematic  basis over the remaining  weighted  average useful
      life of the identifiable acquired depreciable assets.

      In all cases  where the  carrying  amount of an asset is greater  than its
      estimated  recoverable  amount,  it is  written  down  immediately  to its
      recoverable amount.  However,  management considers that there has been no
      reason to effect an  impairment in the carrying  value of property,  plant
      and equipment or intangible assets.

(2)   Impairment

      Circumstances  affecting  the  recoverability  of tangible and  intangible
      assets may change. If this happens, the recoverable amount of the relevant
      assets is estimated. The recoverable amount is determined as the higher of
      the  asset's  net selling  price and the  present  value of the  estimated
      future  cash  flows.  If the  recoverable  amount of the asset has dropped
      below its  carrying  amount the asset is written down  immediately  to its
      recoverable amount.

      No  impairment  provisions  were  recorded,  other than the  investment in
      Amazonia,  as reflected in Note 11 to the consolidated  combined financial
      statements for the year ended December 31, 2002.

(3)   Other investments

      All   the   Company's    investments    are   currently    classified   as
      available-for-sale in non-current assets in accordance with IAS 39.

      Other investments  comprise mainly financial  resources placed by Siderca,
      Siat and Confab within  trusts,  the objective of which is  exclusively to
      ensure that the financial needs for normal development of their operations
      are met.

      All purchases and sales of  investments  are recognized on the trade date,
      not  significantly  different from the settlement  date, which is the date
      that Tenaris  commits to purchase or sell the  investment.  Costs  include
      transaction costs.

      Subsequent  to  their  acquisition,   available-for-sale  investments  are
      carried at fair value.  Realized and  unrealized  gains and losses arising
      from  changes in the fair value in those  investments  are included in the
      income  statement  for the  period in which  they  arise.  Investments  in
      companies for which fair values  cannot be measured  reliably are reported
      at cost less impairment.


                                       8
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies (Cont'd.)

D     Summary of  accounting  policies  regarding  specific  asset and liability
      categories (Cont'd)

(4)   Inventories

      Inventories  are  stated  at the  lower of cost and net  realizable  value
      (calculated  principally  using  the  average  cost  method).  The cost of
      finished goods and work in progress comprises raw materials, direct labor,
      other direct costs and related production overheads.  Net realizable value
      is estimated  collectively  for  inventories  as the selling  price in the
      ordinary  course of  business,  less the costs of  completion  and selling
      expenses.  Goods in transit at period end are valued at  supplier  invoice
      cost. An allowance for  obsolescence  or slow-moving  inventory is made in
      relation  to  supplies  and  spare  parts  and  based on the  management's
      analysis of their aging.

(5)   Trade receivables

      Trade  receivables are carried at original invoice amount less an estimate
      made for doubtful receivables.

      This  estimate is  calculated as a percentage of sales based on historical
      statistics  and on the  probability,  based  on  current  information  and
      events,  that the Company  will be unable to collect  all  amounts  due. A
      provision  for  customer  claims is  constituted  when a claim is made and
      management  estimates that despite its efforts, the amount due is unlikely
      to be collected in full.

      At March 31, 2003 the  allowance  for doubtful  accounts and provision for
      customer claims that were deducted from the  corresponding  gross accounts
      receivable totaled USD33.7 million.

(6)   Borrowing

      Borrowings  are  recognized  initially for an amount equal to the proceeds
      received net of transaction costs. In subsequent  periods,  borrowings are
      stated  at  amortized  cost;  any  difference  between  proceeds  and  the
      redemption  value is recognized in the income statement over the period of
      the borrowings.

(7)   Deferred income taxes

      Under present  Luxembourg law, so long as the Company maintains its status
      as  a  holding  billionaire   company,  no  income  tax,  withholding  tax
      (including  with respect to dividends),  or capital gain tax is payable in
      Luxembourg by the Company.  The current income tax charge is calculated on
      the  basis  of the tax  laws in  force  in the  countries  where  Tenaris'
      subsidiaries  operate.  Deferred income tax is provided in full, using the
      liability method, on temporary  differences  arising between the tax bases
      of assets and  liabilities  and their  carrying  amounts in the  financial
      statements.  A more detailed  description of temporary  differences can be
      found in the Company's  consolidated combined financial statements for the
      year ended December 31, 2002.

(8)   Employee-related liabilities

      (a) Employees' statutory profit sharing

      Under Mexican law, Tenaris's Mexican subsidiary  companies are required to
      pay an annual benefit to their employees, which is calculated on the basis
      of the performance of each company. Employees' statutory profit sharing is
      provided under the liability method.  Temporary  differences arise between
      the "statutory"  bases of assets and liabilities used in the determination
      of the  profit  sharing  and  their  carrying  amounts  in  the  financial
      statements.


                                       9
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies (Cont'd.)

D     Summary of  accounting  policies  regarding  specific  asset and liability
      categories (Cont'd)

(8)   Employee-related liabilities (Cont'd)

      (b) Employees' severance indemnity

      An employees'  severance indemnity provision is recorded,  which comprises
      the  liability  accrued on behalf of Dalmine  and Tamsa  employees  at the
      balance sheet date in accordance  with current  legislation  and the labor
      contracts in effect in the respective countries.

      Employees' severance indemnity costs are assessed using the projected unit
      credit  method:  the cost of providing  this  obligation is charged to the
      income  statement  over the service lives of employees in accordance  with
      the advice of the  actuaries.  This  provision  is measured at the present
      value of the estimated  future cash  outflows  using  applicable  interest
      rates.

      (c) Pension obligations

      Certain Siderca  officers are  encompassed by a defined  benefit  employee
      retirement  plan (the  "Siderca  Plan")  designed  to provide  retirement,
      termination and other benefits to those officers.

      Siderca is accumulating  assets for the ultimate payment of those benefits
      in  the  form  of  investments   that  carry  time  limitation  for  their
      redemption.  The  investments  are  not  part  of a  particular  plan  nor
      segregated from Siderca's other assets. Due to these conditions,  the plan
      is classified  as  "unfunded"  under  International  Accounting  Standards
      definition.

      Retirement costs are assessed using the projected unit credit method:  the
      cost of providing  retirement  benefits is charged to the income statement
      over the service lives of employees based on actuarial calculations.  This
      provision is measured at the present  value of the  estimated  future cash
      outflows using applicable  interest rates.  Actuarial gains and losses are
      recognized over the average remaining service lives of employees.

      Benefits  provided  by the  plan  are in U.S.  Dollars,  but  depend  on a
      three-year  or seven  years  salary  average  (the  better  option for the
      beneficiary) if the event of retirement  happened  between January 1, 2002
      and  December  31,  2003 and,  after this date,  the  benefits of the plan
      depend on a seven-year salary average.

(9)   Provisions and Other liabilities

      Provisions  are accrued to reflect  estimations of amounts due relating to
      incurred   expenses  for  which  billing  remains   outstanding  based  on
      information  available  as of the  date of  preparation  of the  financial
      statements.  Furthermore,  Tenaris accrues liabilities when it is probable
      that  future  cost  could  be  incurred  and that  cost can be  reasonably
      estimated  in relation  to a  contingent  liability  or  potential  claim,
      resulting from lawsuits and other proceedings.

      Restructuring  provisions  mainly comprise employee  termination  benefits
      which are recognized  only when Tenaris has a  constructive  obligation to
      effect a restructuring  plan,  generally occurs when an agreement has been
      reached with employee  representatives  on the terms of redundancy and the
      number of  employees  affected  or after  individual  employees  have been
      advised of the specific terms.


                                       10
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Accounting policies (Cont'd.)

E     Revenue recognition

      Revenues are recognized as sales when revenue is earned and is realized or
      realizable.   This  includes  satisfying  the  following   criteria:   the
      arrangement with the customer is evident, usually through the receipt of a
      purchase  order;  the sales price is fixed or  determinable;  delivery has
      occurred.

      Other revenues earned by Tenaris are recognized on the following bases:

      -     Interest income: on an effective yield basis.
      -     Dividend  income from  investments  in companies  under cost method:
            when Tenaris' right to receive collection is established.

F     Earnings per share

      Earnings per share are calculated by dividing the net income  attributable
      to  shareholders  by the daily weighted  average number of ordinary shares
      issued during the period. See Note 6.


                                       11
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements

Index to the notes to the consolidated condensed interim financial statements

      1    Segment information
      2    Cost of sales
      3    Selling, general and administrative expenses
      4    Financial income (expenses), net
      5    Tax charge
      6    Earnings per share
      7    Property, plant and equipment and Intangible assets, net
      8    Borrowings
      9    Derivative financial instruments
      10   Contingencies and commitments
      11   Other events with potential impact on minority interest
      12   Acquisitions


                                       12
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated  condensed interim financial  statements (In the notes
all amounts are shown in USD thousands, unless otherwise stated)

1     Segment information

      Primary reporting format-business segments

<TABLE>
<CAPTION>
                                               Welded &
                                                Other
                                               Metallic
                                    Seamless   Products      Energy       Other     Total
      Three-month period                                  (Unaudited)
      ended March 31, 2003
<S>                                 <C>          <C>          <C>         <C>       <C>
      Net sales                     565,565      98,521       72,081      53,412    789,579
      Cost of sales                (375,174)    (66,189)     (71,310)    (45,861)  (558,534)
      Gross profit                  190,391      32,332          771       7,551    231,045

      Depreciation and
      amortization                   43,564       2,008        1,133       1,162     47,867

      Three-month period
      ended March 31, 2002
      Net sales                     567,317     145,269       47,677      49,942    810,205
      Cost of sales                (360,508)    (95,390)     (44,883)    (43,856)  (544,637)
      Gross profit                  206,809      49,879        2,794       6,086    265,568

      Depreciation and
      amortization                   39,261       2,299          473         883     42,916
</TABLE>

      Tenaris's main business segment is the manufacture of seamless pipes.

      Intersegment net sales from "Energy" to "Seamless"  amounted to USD 16,893
      and USD 12,862 for the three-month  periods ended March 31, 2003 and 2002,
      respectively.
      Intersegment net sales from "Welded" to "Seamless" amounted to USD 296 and
      USD 1,582  for the  three-month  periods  ended  March 31,  2003 and 2002,
      respectively.
      Intersegment  net sales from "Other" to "Seamless"  amounted to USD 16,616
      and USD 10,735 for the three-month  periods ended March 31, 2003 and 2002,
      respectively.
      Intersegment  net sales from  "Seamless" to "Other"  amounted to USD 1,096
      and USD 833 for the  three-month  periods  ended  March 31, 2003 and 2002,
      respectively.


                                       13
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

1     Segment information (Cont'd)

      Secondary reporting format-geographical segments

<TABLE>
<CAPTION>
                                 ------------------------------------------------------------
                                  South     Europe    North   Middle East  Far East &   Total
                                 America             America  and Africa   Oceania
                                 ------------------------------------------------------------
      Three-month period ended                         (Unaudited)
      March 31, 2003
<S>                              <C>       <C>       <C>        <C>         <C>        <C>
      Net sales                  189,557   226,371   182,792    90,801      100,058    789,579
      Depreciation and
      amortization                28,752    11,914     5,811         3        1,387     47,867

      Three-month period ended
      March 31, 2002
      Net sales                  240,608   205,114   135,159   135,033       94,291    810,205
      Depreciation and
      amortization                21,239    10,339    10,214        --        1,124     42,916
</TABLE>

      Allocation of net sales is based on the customers' location. Allocation of
      depreciation and amortization are based on the related assets' location.

      Although Tenaris's business is managed on a worldwide basis, the companies
      forming part of Tenaris operate in five main geographical  areas, as shown
      above.

2     Cost of sales

                                                     Three-month period ended
                                                           March 31,
                                                     ------------------------
                                                        2003         2002
                                                       -------     -------
                                                           (Unaudited)

      Raw materials and consumables used and
        change in inventories                          352,505     354,745
      Services and fees                                 75,705      61,037
      Labor cost                                        65,967      63,232
      Depreciation of property, plant and
        equipment                                       39,490      37,040
      Amortization of intangible assets                  1,160       1,472
      Maintenance expenses                              12,042      13,536
      Provisions for contingencies                       1,783       2,736
      Allowance for obsolescence                           520       1,521
      Taxes                                              1,150         993
      Others                                             8,212       8,325
                                                       -------     -------
                                                       558,534     544,637
                                                       -------     -------


                                       14
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

3     Selling, general and administrative expenses

                                                             Three-month
                                                            period ended
                                                              March 31,
                                                         -----------------
                                                           2003       2002
                                                         -------   -------
                                                             (Unaudited)
      Commissions, freights and other selling expenses    45,783    68,575
      Labor cost                                          30,788    30,291
      Services and fees                                   28,639    20,049
      Taxes                                                9,422     2,765
      Depreciation of property, plant and equipment        4,412     2,731
      Amortization of intangible assets                    2,805     1,673
      Provisions for contingencies                         1,356       601
      Allowance for doubtful accounts                        248     2,654
      Others                                               9,545     5,831
                                                         -------   -------
                                                         132,998   135,170
                                                         -------   -------

4     Financial income (expenses), net

                                                             Three-month
                                                            period ended
                                                              March 31,
                                                         -----------------
                                                           2003       2002
                                                         -------   -------
                                                             (Unaudited)
      Interest expense                                    (7,591)   (7,455)
      Interest income                                      2,265     3,457
      Net foreign exchange transaction losses (1)        (16,581)   (6,278)
      Financial discount on trade receivables               --      (8,810)
      Others                                                (784)     (186)
                                                         -------   -------
                                                         (22,691)  (19,272)
                                                         -------   -------

(1) Net foreign exchange  transactions  losses for the three-month periods ended
March 31, 2003 and 2002 do not include  the impact of currency  fluctuations  on
income tax provisions.

5    Tax charge

                                                             Three-month
                                                            period ended
                                                              March 31,
                                                         -----------------
                                                           2003       2002
                                                         -------   -------
                                                             (Unaudited)

      Current tax                                         48,101     86,288
      Deferred tax                                       (16,012)     1,688
      Effect of currency translation on tax base (a)     (14,162)    41,172
                                                        --------   --------
                                                          17,927    129,148
                                                        --------   --------

(a) As discussed in Note D (7), Tenaris, using the liability method,  recognizes
a deferred income tax charge on temporary  differences  between the tax bases of
its  assets  and  their  carrying  amounts  in  the  financial  statements.   By
application of this method, Tenaris recognized the impact of deferred income tax
due to the effect of the  devaluation  of the Argentine peso on the tax bases of
the non-monetary assets of its Argentine subsidiaries.


                                       15
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

6     Earnings per share

(i)   Under IAS,  Earnings per share are  calculated  by dividing the net income
      attributable  to  shareholders  by the daily  weighted  average  number of
      ordinary shares issued during the period.  The weighted  average number of
      ordinary  shares  for the  three-month  period  ended  March 31,  2002 was
      determined  considering that the 710,747,090  shares issued for Sidertubes
      contribution were issued and outstanding as of January 1, 2002.

                                                  Three-month period ended
                                                          March 31,
                                                     2003           2002
                                                  ------------------------
                                                         (Unaudited)

      Net income attributable to shareholders        45,512       (35,464)
      Weighted average number of ordinary
      shares in issue (thousands)                 1,160,701       710,747
      Basic and diluted earnings per share
                                                       0.04         (0.05)

(ii)  As  explained  in  the  notes  to  the  consolidated   combined  financial
      statements   for  the  year  ended   December  31,  2002  the   Sidertubes
      contribution and the exchange transaction took place in 2002. For a better
      understanding  of the  reader  and  future  comparisons  the  Company  has
      calculated the pro-forma  Earnings per share as if these  transactions had
      taken place on January 1, 2002, as follows:

                                                  Three-month period ended
                                                          March 31,
                                                     2003           2002
                                                  ------------------------
                                                         (Unaudited)

      Net income attributable to shareholders        45,512       (35,331)
      Weighted average number of ordinary
      shares in issue (thousands)                 1,160,701     1,160,701

      Basic and diluted earnings per share             0.04         (0.03)

7     Property, plant and equipment and Intangible assets, net

                                                Net Property,       Net
                                                  Plant and      Intangible
                                                  Equipment        Assets
                                                -------------   -----------
     Three-month period ended March 31, 2003     (Unaudited)    (Unaudited)
     Opening net book amount                      1,934,237        32,684
     Translation differences                        (13,855)          459
     Additions                                       38,542         3,761
     Increase due to business combinations           21,215            --
     Disposals                                         (658)           --
     Depreciation/ Amortization charge              (43,902)       (3,965)
                                                  ---------        ------
     At March 31, 2003                            1,935,579        32,939
                                                  ---------        ------


                                       16
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

8     Borrowings

                                               At March 31,   At December 31,
                                                  2003             2002
                                               ------------   ---------------
                                                         (Unaudited)
      Non-current
      Bank borrowings                             250,328         260,596
      Debentures                                   56,268          54,187
      Finance lease liabilities                    10,795           7,422
                                                 --------        --------
                                                  317,391         322,205
                                                 --------        --------

      Current
      Bank borrowings                             385,714         380,380
      Bank overdrafts                               7,636           9,649
      Finance lease liabilities                     4,781           4,176
      Costs for issue of debt                        (849)           (515)
                                                 --------        --------
                                                  397,282         393,690
                                                 --------        --------
      Total borrowings                            714,673         715,895
                                                 --------        --------

9     Derivative financial instruments

      The net fair values of  derivative  financial  instruments  at the balance
      sheet date, in accordance with IAS 39, were:

      Net fair value of derivative financial   At March 31,   At December 31,
      instruments                                 2003             2002
                                               ------------   ---------------
                                                         (Unaudited)

      Contracts with positive fair values:
        Interest rate swaps                             385           556
        Forward foreign exchange contracts            2,035         2,867
        Commodities contracts                           182           639

      Contracts with negative fair values:
        Interest rate swap contracts                 (5,092)       (3,274)
        Forward foreign exchange contracts           (1,910)         (777)
        Commodities contracts                        (3,390)       (3,511)


10    Contingencies and commitments

      Tenaris  is  involved  in  litigation  arising  from  time  to time in the
      ordinary  course of business  (exception  made of the litigation  with the
      consortium led by BHP -see (i) below-.  Based on  management's  assessment
      and the advice of legal counsel,  it is not anticipated  that the ultimate
      resolution  of  existing  litigation  will  result in amounts in excess of
      recorded  provisions that would be material to the Tenaris's  consolidated
      financial position or income statement.


                                       17
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

(i)   Claim against Dalmine

      In June 1998, British Steel plc ("British Steel") and Dalmine were sued by
      a consortium led by BHP Petroleum Ltd. ("BHP") before the Commercial Court
      of the High Court of Justice Queen's Bench Division of London.  The action
      concerns the failure of an underwater pipeline built in 1994 in the Bay of
      Liverpool.  Dalmine,  at that time a subsidiary  of Ilva S.p.A.  ("Ilva"),
      supplied pipe products to British Steel,  which,  in turn,  resold them to
      BHP for use in  constructing  the Bay of Liverpool  pipeline.  BHP claimed
      that British Steel  breached the contract of sale relating to the pipe and
      that the pipe was defectively manufactured by Dalmine.

      The products sold were valued at 1.9 million  British  pounds  ("GBP") and
      consisted of pipe for use in maritime applications. Dalmine received court
      notice of the action  more than two years after the  contractual  warranty
      covering the pipe had expired and four years after the pipe was  delivered
      and placed into  operation.  British Steel and Dalmine denied the claim on
      the basis that the warranty  period had expired  and, in the  alternative,
      that the amount claimed  exceeded the contractual  limitation of liability
      (equal  to  GBP300  thousand,  or  approximately  15% of the  value of the
      products supplied).

      The Commercial  Court  dismissed the contract claim against British Steel.
      The  decision  was  subsequently  confirmed  by the Court of  Appeals in a
      ruling  issued on April 7,  2000,  as a result of which the claim  against
      British Steel was definitively  dismissed.  BHP's product  liability claim
      against Dalmine remained outstanding.

      On November 24, 2000, the Commercial Court granted BHP permission to amend
      its pleading  against Dalmine to include a deceit tort claim under English
      law based on  inconsistencies  between the  results of  internal  chemical
      tests  performed  by  Dalmine  on the  pipe and the  results  shown in the
      quality  certificates  issued to BHP by  Dalmine.  In May 2002,  the trial
      court  issued  a  judgment  in  favor of BHP,  holding  that the  products
      supplied by Dalmine were the cause for the failure of the gas pipeline and
      that  Dalmine was liable for  damages to BHP.  The  court's  judgment  was
      limited to the issue of liability, and the amount of damages to be awarded
      to BHP is being determined in a separate proceeding. Dalmine's petition to
      the  trial  court  for  leave to  appeal  its  judgment  was  denied,  but
      subsequently  granted by the Court of  Appeals.  However,  on  February 5,
      2003, the Court of Appeals dismissed Dalmine's appeal, closing the dispute
      on the issue of liability.

      BHP has  indicated  in court  proceedings  that it will  seek  damages  of
      approximately  GBP35  million to cover the cost of replacing the pipeline,
      GBP70 million to compensate for  consequential  damages,  GBP73 million to
      cover loss or deferred revenues, GBP31 million to compensate for increased
      income  tax  resulting  from a change in law plus  interest  and costs for
      unspecified amounts. Subsequent to the court's judgment in favor of BHP on
      the issue of liability,  BHP petitioned the court for an interim  judgment
      of damages in the amount of approximately  GBP37 million to cover the cost
      of replacing the  pipeline.  On July 31, 2002,  Dalmine  agreed to pay BHP
      GBP15 million  (approximately  USD22.5  million) in interim  damages.  The
      court is now  expected to hear  arguments  regarding,  and issue its final
      judgment on, total damages during the first half of 2004.


                                       18
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

      Based on the information  provided so far by BHP,  Dalmine  considers that
      the  compensation  requested to cover the cost of  replacing  the pipeline
      exceeds  the  cost  actually  incurred  for  such  purpose.   Taking  into
      consideration  such  information  and the  preliminary  views expressed by
      independent  experts,  Dalmine  believes  that certain of the other claims
      fail to show an appropriate  connection  with the events for which Dalmine
      was found  responsible,  while others appear to exceed the damage actually
      incurred.

      Dalmine  created  a  provision  in the  amount of EUR45  million  (USD41.3
      million)  in its results  for 2001 to account  for  potential  losses as a
      result  of  BHP's  lawsuit.   During  2002,  in  light  of  the  practical
      difficulties to come to a precise estimate of the liability in view of the
      complexity  and diversity of the elements  brought to the  proceedings  by
      BHP,  Dalmine has decided to increase the amount of the provision by EUR20
      million  (USD18.9  million),  inclusive  of  interest  accrued  and  legal
      expenses incurred in connection with such proceedings.  Dalmine has stated
      that the provision was created and increased as a prudent way of complying
      with  applicable  accounting  principles,  and  should  therefore  not  be
      regarded as an admission of indemnification payable to the plaintiffs.

      The pipe that is the subject of this  lawsuit was  manufactured  and sold,
      and the tort  alleged by BHP took  place,  prior to the  privatization  of
      Dalmine,  and Techint  Investments  Netherlands  BV ("Tenet") -the Siderca
      subsidiary party to the contract pursuant to which Dalmine was privatized-
      believes that, under the Dalmine privatization  contract,  Tenet should be
      entitled to recover from Fintecna S.p.A. ("Fintecna") on behalf of Dalmine
      (as a third party  beneficiary under the Dalmine  privatization  contract)
      84.08% of any damages it may be required to pay BHP.  Tenet has  commenced
      arbitration proceedings against Fintecna to compel it to indemnify Dalmine
      for any amounts  Dalmine may be required to pay BHP.  Fintecna  has denied
      that it has any  contractual  obligation to indemnify  Dalmine,  asserting
      that the  indemnification  claim is  time-barred  under  the  terms of the
      privatization  contract  and,  in any  event,  subject  to a cap of  EUR13
      million. Tenet disputes this assertion.  The arbitration  proceedings were
      suspended at a  preliminary  stage pending a decision by the British trial
      court in BHP's lawsuit against Dalmine. Upon request by Tenet and Dalmine,
      the  arbitration  panel decided to resume the  proceedings in light of the
      court of appeal's recent decision to dismiss  Dalmine's appeal against the
      judgment of liability in favor of BHP.

(ii)  Consorcio Siderurgia Amazonia, Ltd.

      In  January  1998,  Amazonia  purchased  a  70%  equity  interest  in  CVG
      Siderurgica  del Orinoco C.A.  ("Sidor") from the  Venezuelan  government.
      Tamsider, a wholly-owned  subsidiary of Tamsa had an initial 12.50% equity
      interest in Amazonia,  which increased to 14.11% in March 2000 as a result
      of  additional  investments  as  described  below.  As of March 31,  2003,
      Tamsider's equity interest in Amazonia remained at 14.11%.  The Venezuelan
      government continues to own a 30% equity interest in Sidor.

      Sidor,  located  in the city of  Guayana in  southeast  Venezuela,  is the
      largest  integrated  steel  producer in  Venezuela  and the sixth  largest
      integrated steel producer in Latin America,  with an installed capacity of
      more than 3.5  million  tons of liquid  steel  per  year.  In 2002,  Sidor
      shipped 3.2 million tons of steel.


                                       19
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

      Sidor has  experienced  significant  financial  losses and other  problems
      since the  acquisition by Amazonia in January 1998,  despite a significant
      reduction in Sidor's  workforce  and  management's  efforts to improve the
      production  process and reduce  operating  costs. In 1999, due to negative
      conditions in the international steel market, a sustained and intensifying
      domestic  recession in Venezuela,  deteriorating  conditions in the credit
      markets,  an increase in the value of the Venezuelan  currency relative to
      the U.S.  Dollar and other adverse  factors,  Sidor and Amazonia  incurred
      substantial  losses  and were  unable  to make  payments  due  under  loan
      agreements with their respective creditors. In 2000, these loan agreements
      were  restructured.  Despite  continued  efforts by Sidor's  management to
      improve technology and optimize  production levels, in late 2001 Sidor and
      Amazonia  were again unable to make  payments  due under the  restructured
      loan  agreements,  following a  continuation  and  aggravation of the same
      negative factors described above accompanied by increased competition from
      steel imports in Venezuela.  Sidor and Amazonia are currently  involved in
      discussions with their creditors and the Venezuelan government regarding a
      possible restructuring of their loan agreements.  As of December 31, 2002,
      Sidor had approximately  USD1.58 billion of indebtedness  (secured in part
      by fixed  assets  valued at  USD827.0  million as  determined  at the time
      Sidor's  loans  were   restructured   in  March  2000)  and  Amazonia  had
      approximately  USD313  million  of  indebtedness.  We cannot  give you any
      assurance as to whether  Sidor or Amazonia  will succeed in  restructuring
      their existing indebtedness, or that their lenders will not accelerate any
      defaulted indebtedness in accordance with the terms of the applicable loan
      agreements or foreclose on any of the assets of Sidor or Amazonia  pledged
      as collateral.

      As  a  result  of  the  adverse  trends  discussed  above,  Tamsider  made
      additional   capital   contributions  to  Amazonia,   resulting  from  the
      restructuring concluded in 2000, while recording significant losses in the
      value of its investment.  In addition to its initial capital  contribution
      of USD87.8 million, Tamsider was required to make capital contributions in
      the amount of USD36.1 million (of which USD18.0 million took the form of a
      convertible   subordinated  loan  to  Amazonia,  as  described  below)  in
      connection with the  restructuring  of Amazonia's loan agreements in 2000.
      The value of Tamsider's  investments (as recorded in Tamsa's  consolidated
      financial statements) has decreased significantly since 1998, from USD94.2
      million as of December 31, 1998,  to USD4.2  million as of March 31, 2003.
      Further  losses and  provisions  may be recorded in respect of  Tamsider's
      investment  in  Amazonia.  Subject to various  conditions  it is currently
      contemplated that Tamsider would make additional capital  contributions as
      a part of a restructuring of Sidor's and Amazonia's existing indebtedness.

      In  addition  to the risk of  further  losses in the  equity  value of its
      investment, Tamsider has significant exposure in respect of its investment
      in  Amazonia  under  several   agreements  and  guarantees.   Below  is  a
      description of the nature and extent of this  exposure.  We cannot predict
      whether Tamsider will be required to make payments or will otherwise incur
      losses under these agreements and guarantees.


                                       20
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

      o     The Sidor  purchase  agreement  between  Amazonia and the Venezuelan
            government   requires  the   shareholders  of  Amazonia,   including
            Tamsider,  to indemnify the  government  for breaches by Amazonia of
            the Purchase  Agreement up to a maximum  amount of USD150.0  million
            for five years from the  acquisition  date. In connection  with this
            indemnity,  the  shareholders of Amazonia are required to maintain a
            performance  bond (which  Tamsa has  guaranteed  directly)  for five
            years,  beginning in 1998, in the amount of USD150.0  million during
            the first three years, USD125 million in the fourth year and USD75.0
            million in the fifth year.  Tamsider's  maximum  liability under the
            indemnity would be USD18.8 million,  as its obligations with respect
            to the  indemnity  are  proportional  to its initial  12.50%  equity
            interest  in  Amazonia.   The  five-year   period   covered  by  the
            indemnification clause included in the purchase agreement expired on
            January 26, 2003;  all events  occurred after the date of expiration
            are not subject to the provisions of the said clause.

      o     The Sidor purchase  agreement  further  requires the shareholders of
            Amazonia to guarantee,  also on a proportional  basis, the principal
            and a portion of the interest  payable under a loan made to Sidor by
            the Venezuelan  government.  Tamsider's maximum liability under this
            guarantee,  which  continues to apply to the loan as restructured in
            2000, is USD92.2 million.

      o     The loan agreement  between  Amazonia and a group of private lenders
            (the  proceeds  of  which  were  used by  Amazonia  to  finance  the
            acquisition   of  its  equity   interest  in  Sidor)   required  the
            shareholders of Amazonia, including Tamsider, to pledge their shares
            in  Amazonia as security  and also  required  Amazonia to pledge its
            shares in Sidor as security.  These pledges continue to apply to the
            loan as restructured in 2000.

      o     As  discussed  above,  in  connection  with  the   restructuring  of
            Amazonia's  loan  agreements in 2000, the  shareholders of Amazonia,
            including  Tamsider,   were  required  to  make  additional  capital
            contributions in part by making  subordinated loans convertible into
            additional shares of Amazonia.  Tamsider made a subordinated loan of
            USD18 million to Amazonia as a result of this requirement.

      o     Also  in  connection  with  the  restructuring  of  Amazonia's  loan
            agreements in 2000, the parent companies of several  shareholders of
            Amazonia,  including  Tamsider,  were  required  to enter into a put
            agreement  pursuant to which they agreed to  purchase,  upon certain
            conditions  and in no case prior to December 31,  2007,  up to USD25
            million in loans  payable by Amazonia to its  private  lenders.  The
            shareholders  of Amazonia  also  delivered a letter to these lenders
            contemplating the possibility of additional capital contributions of
            up to USD20  million in the event of extreme  financial  distress at
            Sidor.  Tamsa's obligations under the put agreement,  and Tamsider's
            share of any capital  contribution  under the letter, are limited in
            proportion  to its interest in Amazonia when the put is exercised or
            the contribution is made.  Based on Tamsider's  current 14.1% equity
            interest in  Amazonia,  Tamsa's  aggregate  liability  under the put
            agreement  would be  limited  to a  maximum  of USD3.5  million  and
            Tamsider's share of any capital  contribution under the letter would
            be limited to a maximum of USD2.8 million.


                                       21
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

(iii) Tax claims

      Siderca

      On December 18, 2000, the Argentine tax authorities notified Siderca of an
      income tax assessment related to the conversion of tax loss carry-forwards
      into  Debt  Consolidation  Bonds  under  Argentine  Law  No.  24,073.  The
      adjustments  proposed  by  the  tax  authorities  represent  an  estimated
      contingency of ARP44.5 million  (approximately  USD14.9  million) at March
      31, 2003 in tax and penalties.  On the basis of information from Siderca's
      tax advisors,  Tenaris believes that the ultimate resolution of the matter
      will not result in a material  obligation.  Accordingly,  no provision was
      recorded in the financial statements.

(iv)  Other proceedings

      Dalmine is currently subject to a criminal  proceeding before the Court of
      Bergamo,  Italy,  and two  civil  proceedings  for  work-related  injuries
      arising from its use of asbestos in its manufacturing  processes from 1960
      to 1980. In addition, some other asbestos related out-of-court claims have
      been forwarded to Dalmine. Of the 39 claims (inclusive of the out-of-court
      claims),  13  incidents  have already been settled or are to be covered by
      Dalmine's  insurer.  Dalmine  estimates  that its  potential  liability in
      connection  with  the  remaining  cases  not yet  settled  or  covered  by
      insurance is approximately  EUR7.0 million (USD7.6  million).  This amount
      was recognized as a provision for  liabilities and expenses as of December
      31, 2002.

(v)   Contingent liabilities

      Tenaris had the  following  contingent  liabilities  at the  corresponding
      period ends:

                                          -----------------------------
                                          At March 31,  At December 31,
                                             2003            2002
                                          -----------------------------
                                                 (Unaudited)

      Third party assets held in
        custody by Tenaris                    8,559          17,603
      Deposit guarantees and
        other guarantees                    246,724         179,924
                                            --------      ---------
      Total                                 255,283         197,527
                                            --------      ---------

(vi)  Commitments

      The following are the main off-balance sheet commitments:

      (a)   Tamsa entered into an off-take contract with Complejo Siderurgico de
            Guayana C.A. ("Comsigua") to purchase on a take-and-pay basis 75,000
            tons of hot  briquette  iron,  or HBI,  annually  for  twenty  years
            beginning in April 1998 with an option to terminate  the contract at
            any time after the tenth year upon one year's  notice.  Pursuant  to
            this off-take contract,  Tamsa would be required to purchase the HBI
            at a formula price reflecting Comsigua's production costs during the
            first eight contract years; thereafter, it would purchase the HBI at
            a slight discount to market price.


                                       22
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

      The  agreements  among the parties  provide that, if during the eight-year
      period  the  average  market  price is lower than the  formula  price paid
      during such  period,  Tamsa would be  entitled to a  reimbursement  of the
      difference  plus interest,  payable after the project  financing and other
      specific  credits  are  repaid.  In  addition,   under  the  shareholders'
      agreements,  Tamsa has the option to purchase  on an annual  basis up to a
      further  80,000 tons of HBI produced by Comsigua at market  prices.  Under
      its off-take contract with Comsigua, as a result of weak market prices for
      HBI , Tamsa has paid  higher-than-market  prices for its HBI and according
      to the original contract  accumulated a credit that, at December 31, 2002,
      amounted to approximately USD12.6 million. This credit, however, is offset
      by a provision for an equal amount recorded.

      In  connection  with Tamsa's  original  6.9% equity  interest in Comsigua,
      Tamsa paid  USD8.0  million  and agreed to cover its  proportional  (7.5%)
      share of  Comsigua's  cash  operating  and  debt  service  shortfalls.  In
      addition, Tamsa pledged its shares in Comsigua and provided a proportional
      guarantee in support of the USD156 million (USD76.8 million outstanding as
      of March  31,  2003)  project  financing  loan  made by the  International
      Finance Corporation,  or IFC, to Comsigua.  In February and December 2002,
      Tamsa was required to pay USD1.3 million and USD0.2 million  respectively,
      representing  its share of a  shortfall  of  USD14.7  million  payable  by
      Comsigua under the IFC loan and additional  operating shortfalls of USD5.3
      million. Comsigua's financial condition has been adversely affected by the
      consistently  weak  international  market  conditions  for HBI  since  its
      start-up in 1998 and,  unless  market  conditions  improve  substantially,
      Tamsa may be required to make additional  proportional payments in respect
      of its  participation  in Comsigua and continue to pay  higher-than-market
      prices for its HBI pursuant to its ff-take contract.

(b)   Tamsa purchases from Pemex, at prevailing  international  prices,  natural
      gas used for the  furnaces  that  reheat  steel  ingots in the pipe making
      process. In February,  2001, Tamsa signed an agreement with Pemex, for the
      supply of  296,600  million  BTUs  (British  Thermal  Units per  month) of
      natural gas from January 1, 2001 until December 31, 2003, at a fixed price
      of USD4.00  per  million of BTUs.  In order to cover a decrease in natural
      gas prices,  in March 2001,  Tamsa  entered into a forward  contract  with
      Enron North America Corp.("Enron"),  with the option to sell up to 200,000
      million  BTUs per month of natural gas, at a minimum base price of USD4.05
      per million of BTUs, from March 2002, through December 2003.

      As a result of Enron's  bankruptcy in late 2001,  no  reasonable  prospect
      exists of exercising Tamsa's option under this contract.  The premium paid
      to Enron of USD2.3 million for this put option was written-off  during the
      fourth  quarter of 2001.  In order to reduce its exposure to  above-market
      prices under the natural gas supply  agreement  with Pemex,  Tamsa entered
      into agreements with Citibank,  N.A., New York  ("Citibank")  and JPMorgan
      Chase Bank ("JPMorgan  Chase"), in March 2002 and April 2002. The economic
      effect of the  agreements  with  Citibank and JPMorgan  Chase is to permit
      Tamsa to purchase  320,000  million BTUs per month at market price instead
      of at the USD4.00 per million BTU rate  charged by Pemex,  resulting  in a
      more favourable price to Tamsa for natural gas so long as the market price
      remains below USD4.00.


                                       23
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

10    Contingencies and commitments (Cont'd.)

      Under the agreements,  Tamsa must continue to make its purchase of natural
      gas at market  price even if the  market  price  rise  above  USD4.00  per
      million  BTUs,  thereby  exposing  Tamsa to a later  risk of  above-market
      prices. Also, under the agreements,  Tamsa must continue to make purchases
      at the USD4.00  per  million  BTU rate if the market  price of natural gas
      falls to USD2.00 per million BTUs or lower  (during the period from May 1,
      2002 to February 28, 2003) or to USD2.25 per million BTUs or lower (during
      the period from March 1, 2003 to December 31,  2003).  In addition,  under
      each of the agreements with Citibank and JPMorgan Chase, Tamsa is required
      to purchase  160,000 million BTUs of natural gas per month from January 1,
      2004, to December 31, 2005, at price of USD2.8 per million BTUs.

(c)   In  August  2001,  Dalmine  Energie  S.p.A.  signed an  agreement  for the
      purchase of natural gas with certain take or pay conditions. The agreement
      began on  October 1, 2001,  and will  expire 10 years  later on October 1,
      2011.  The  outstanding  value of the  contract  is  approximately  EUR685
      million (USD746 million) taking into consideration prices prevailing as of
      March 31, 2003.  Dalmine  Energie  S.p.A.  has  contracted  transportation
      capacity  until August 31, 2003 and will be requesting  Snam Rete Gas, the
      transportation  company,  the  necessary  capacity for the  following  six
      years.  Such capacity is allocated  following  regulations  enacted by the
      Italian  energy  regulatory   authority  taking  into   consideration  all
      allocation capacity requests filed by August 1st, 2003.

(d)   Under a lease agreement between Gade Srl (Italy) and Dalmine,  executed in
      2001,  relating to a building site in Sabbio  Bergamasco used by Dalmine's
      former  subsidiary  Tad  Commerciale,  Dalmine is  obligated to bid in the
      auction for the purchase of a building  from Gade for a minimum  amount of
      EUR8.3 million (USD9.0 million).  The notice of the auction,  according to
      the contract, was not to take place before January 1, 2003. Up to the date
      of these financial statements, the auction was not yet announced.

11    Other events with potential impact on minority interest

      (i) Plan for the Acquisition of Remaining Minority Interest in Tamsa

      On March 31,  2003  Tenaris  announced a Plan for the  acquisition  of the
      remaining  minority interest in Tamsa,  which comprised 5.5% of the shares
      and ADSs of the said company, and to cause the delisting of Tamsa from the
      Mexican Stock Exchange and the American Stock Exchange, the termination of
      its ADR facility and, if and when  applicable,  the termination of Tamsa's
      registration with the U.S.  Securities  Exchange Commission (the SEC). The
      plan was subjected to prior approval by the Mexican  securities  regulator
      and Tamsa's extraordinary shareholders meeting. Tenaris currently does not
      expect  to  obtain  the  requisite  approvals,  and  consequently  be in a
      position to effect any exchange of shares and ADSs prior to June 2003.


                                       24
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

11    Other events with potential impact on minority interest (Cont'd.)

      (ii) Dalmine Shareholding

      Pursuant to purchases made in the market,  during the  three-month  period
      ended on March 31, 2003 Tenaris  increased its  shareholding in Dalmine so
      that it now holds over 90% of Dalmine's ordinary shares.  Accordingly,  on
      March 11, 2003 Tenaris  announced its  intention to launch,  in accordance
      with Italian regulations, a residual public offer for the remaining shares
      of  Dalmine  at a  price  to be  determined  by  the  Italian  securities'
      regulator ("CONSOB").  On March 31, 2003 a filing with the CONSOB was made
      in relation to the said  residual  public  offer,  upon the  conclusion of
      which, Dalmine's shares will be delisted.

      (iii) Plan for the Acquisition of Remaining Minority Interest in Siderca

      On  February  21,  2003  Tenaris  announced  a  Plan  for  the  unilateral
      acquisition of the remaining minority interest in Siderca, which comprised
      0.89%  of the  shares  and  ADSs of the said  company,  and to  cause  the
      delisting of Siderca. The acquisition  procedure is based on the authority
      granted to Tenaris by Decree  677/01 of the  Argentine  Government,  which
      entitles  controlling  shareholders holding 95% or more of the shares of a
      public  company  to  compel  the  sale  of the  shares  held  by  minority
      investors.  On April 3, 2003 the Argentine  securities  regulator  ("CNV")
      approved  Tenaris'  proposal to effect such  acquisition.  Simultaneously,
      Siderca's ADR program was terminated.

      Notwithstanding,  on April 11,  2003  Tenaris was served with a claim from
      four Siderca  shareholders and a preliminary order from a commercial court
      sitting in Buenos Aires preventing  Tenaris from acquiring the shares held
      by such shareholders  until a final decision on their claim is made by the
      courts.  The  plaintiffs,  who hold 0.01% of the shares of Siderca,  argue
      that the  provisions of Decree 677/01 that  authorize  Tenaris to purchase
      unilaterally  the shares of minority  holders  contravene  their  property
      rights protected by the Argentine Constitution. Following the court order,
      the   administrative   step   necessary  for  Tenaris  to  consummate  the
      acquisition was delayed,  therefore preventing the Company from completing
      the acquistion. Subsequently Tenaris agreed with the plaintiffs to replace
      the referred  order by an attachment of shares of Siderca owned by Tenaris
      for an amount equivalent to those held by the plaintiffs. In light of such
      agreement,  the CNV authorized the resumption of the  acquisition  process
      (which would also include the acquisition of the plaintiff's  shares).  On
      April 24, 2003 Tenaris  successfully  completed the acquisition of all the
      remaining  minority interests in Siderca at a price of six Argentine pesos
      (ARP6.00)  per  Siderca  share and sixty  Argentine  pesos (ARP 60.00) per
      Siderca  ADS,  plus ARP 0.16 per share  and ARP 1.60 per ADS in  dividends
      approved by the  Extraordinary  General Meeting of Shareholders of Siderca
      held on April 28, 2003, totalling USD 19.1 million.

      With  respect to the  plaintiffs'  claim,  Tenaris  will argue  before the
      competent  courts  its view that the  provisions  of Decree  677/01 do not
      violate any constitutionally protected rights of such persons.


                                       25
<PAGE>

Tenaris  S.A.  Consolidated  Condensed  Interim  Financial  Statements  for  the
three-month period ended March 31, 2003
--------------------------------------------------------------------------------

Notes to the consolidated condensed interim financial statements (Cont'd.)

12    Acquisitions

      During the  three-month  period ended March 31, 2003 the Company  acquired
      1.59% of shares of Dalmine from minority shareholders for USD 3.1 million.
      The fair value of net assets  acquired was USD 4.4 million  giving rise to
      negative goodwill of USD 1.3 million.

      Also during the three-month  period ended March 31, 2003 Siderca  acquired
      Reliant Energy Cayman  Holdings,  Ltd., a company whose principal asset is
      an  electric  power  generating  facility  located  in  Argentina,  with a
      capacity  of  160MW,  for a  total  amount  of  USD  23.1  million,  which
      approximates  with  the  fair  value  of  the  net  assets  acquired.  The
      acquisition was performed with the intention of ensuring  self-sufficiency
      of electrical power  requirements in Siderca's  operations,  which consume
      around 160 MW at peak  production.  The  acquisitions  of  Reliant  Energy
      Cayman Holdings, Ltd. did not give rise to significant goodwill.

      The assets and liabilities arising from the acquisitions are as follows:

                                                                 Three-month
                                                                 period ended
                                                                March 31, 2003
                                                               -----------------
                                                                 (Unaudited)
                                                               -----------------

      Other assets and liabilities, net                             2,734

      Property, plant and equipment                                21,215
      Goodwill                                                     (1,308)
                                                                  -------

      Net assets acquired                                          22,641

      Minority interest                                             3,880

      Total non-current liabilities                                  (289)
                                                                  -------

      Total liabilities assumed                                      (289)
                                                                  -------

      Purchase consideration                                       26,232
                                                                  -------

                                                            Carlos Condorelli
                                                         Chief Financial Officer


                                       26