|Exhibit 99.1Press Release
|-------------------------



|[LOGO] Siderca 
      Tenaris Group
|-----------------------------------



|Siderca S.A.I.C. Announces Unaudited Results
for the Nine Months and Quarter ended September 30, 2002
|-----------------------------------------------------------------------------------------------------





|Edgardo Carlos/Fernando Pardo 
      Siderca S.A.I.C. 
      (54) 11 4318-4043 | Cesar Villavicencio 
      Citigate Dewe Rogerson 
      (212) 688-6840
|------------------------------------------------------------------------------ | -----------------------------------------------------------------------



|Buenos Aires, November 7, 2002.  Siderca
      S.A.I.C. (New York Stock Exchange: SDT and Buenos Aires Stock Exchange:
      ERCA), a Tenaris company, today announced its earnings for the nine months
      and third quarter ended September 30, 2002.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|These results are expressed in constant
September 30, 2002 Argentine pesos by applying the variation in the Argentine wholesale
price index (WPI) from the time of the applicable operation until the end of the period.
The results of the corresponding periods of the prior year have been adjusted by the
cumulative variation (121.3%) in the WPI over the first nine months of 2002. Where given,
figures in U.S. dollars are convenience translations only.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Results from operations in foreign currency are
converted to Argentine pesos at the exchange rate prevailing at the time of the
applicable operation. Earnings from investments in investee companies are converted using
the exchange rate at the end of the period. Siderca estimates that the average rate used
for the conversion of its foreign currency operations during the nine months ended
September 30, 2002, was ARP3.00 per U.S. dollar and ARP3.53 per U.S. dollar during the
quarter ended September 30, 2002. The bank buying rate for U.S. dollars at the end of the
nine months ended September 30, 2002, was ARP3.64, and the bank selling rate was ARP3.74.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Figures are for Sidercas consolidated results.
Siderca consolidates its results with its subsidiaries, NKKTubes, AlgomaTubes, Confab and
Siat, as well as other smaller subsidiaries.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Highlights: Nine months ended September 30,
2002
|------------------------------------------------

| |  |  | Net
income of ARP1,513.3 million
| | - |  | --------------------------------

| |  |  | Operating
income of ARP1,095.2 million
| | - |  | --------------------------------------

| |  |  | Net
sales of ARP3,931.4 million
| | - |  | -------------------------------



|Unaudited Results for the Nine Months ended September
      30, 2002 vs. the Nine Months ended 
      September 30, 2001
|------------------------------------------------------------------------------------------------------------------------



|Sidercas results for the nine months ended
September 30, 2002, expressed in constant Argentine pesos of that date, were
significantly affected by the rapid and substantial devaluation of the Argentine peso
that occurred during the period, particularly during the first half of the period.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





---





|Operating income was ARP1,095.2 million (27.9%
of net sales) in the first nine months of 2002, compared to ARP363.8 million (15.7% of
net sales) in the same period last year. This improvement reflected higher operating
margins in Sidercas Argentine operations and higher operating profits in terms of
Argentine pesos in the operations of Sidercas non-Argentine subsidiaries, in both cases
due principally to the effects of the devaluation of the Argentine peso.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net income rose to ARP1,513.3 million (ARP1.51
per share and ARP15.13 per ADR) in the first nine months of 2002, compared to ARP274.0
million (ARP0.27 per share and ARP2.74 per ADR) in the corresponding period of 2001. This
increase in recorded earnings reflected a sharply higher operating income (three times
higher at ARP1,095.2 million) and increased equity in earnings from investee companies
(almost double at ARP192.4 million) as well as the inclusion of an unrealized gain of
ARP708.0 million arising from the conversion of the financial statements of Sidercas
foreign equity holdings, partially offset by increased income tax provisions (three times
higher at ARP294.2 million).
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net sales were ARP3,931.4 million in the first
nine months of 2002, compared to ARP2,321.5 million in the same period of 2001. Although
most of this increase in net sales was due to the effects of converting Sidercas foreign
currency earnings to Argentine pesos, net sales also rose slightly in U.S. dollar terms
as a result of increased sales at Sidercas welded pipe subsidiaries arising from higher
sales volumes (but with lower average selling prices), which more than offset lower sales
revenues in U.S. dollar terms on Sidercas domestic sales arising from lower sales
volumes and lower average selling prices.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Overall sales volume increased 5.7% to 1,144.3
thousand tons in the first nine months of 2002 from 1.082.6 thousand tons in the same
period of 2001, reflecting a strong increase (39.6%) in welded pipe sales volumes,
partially offset by a decrease (8.0%) in seamless pipe sales volumes. In the domestic
market, seamless pipe sales volumes declined by 30% as a result of the Argentine crisis
affecting adversely local drilling activity and sales to Sidercas oil and gas and
commercial customers. Sidercas export sales of 391.5 thousand tons in the first nine
months of 2002 were down by 4.3% compared to the same period of 2001 , whereas sales by
its seamless pipe subsidiaries, principally NKKTubes, rose 3.0% to 202.7 thousand tons.
During the period, demand for seamless pipes from the oil sector remained firm, though
down on last years high levels, due to sustained international oil and gas drilling
activity in regions such as the Middle East, Asia and Africa, which partially offset the
declines shown in countries such as Canada, Venezuela and Argentina. Demand from the
industrial sector was affected by weak levels of industrial activity in the main
industrialized economies. Welded pipe sales volumes rose to 433.9 thousand tons in the
first nine months of 2002 from 310.7 thousand tons in the same period of 2001, reflecting
high demand for welded pipes from regional pipeline projects in Ecuador, Peru and Bolivia.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Cost of goods sold, expressed as a percentage of
net sales, decreased to 59.1% in the first nine months of 2002 from 68.8% in the same
period of 2001, reflecting the positive effect of the devaluation of the Argentine peso
on the ratio between Sidercas revenues and production costs in its Argentine operations.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Selling, general and administrative expenses
represented 13.0% of net sales in the first nine months of 2002, compared to 15.6% of net
sales in the same period of the previous year. Selling expenses
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





---





|increased as a percentage of net sales
reflecting the higher proportion of export sales in the sales mix, whereas general and
administration expenses declined, reflecting reduced costs in Argentina.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Financial income (expenses) and holding gains
(losses) represented a net loss of ARP47.9 million in the first nine months of 2002,
compared to a net loss of ARP96.6 million in the same period of 2001. This result
includes the effect of the devaluation of the Argentine peso on the value of Sidercas
net monetary assets (excluding equity holdings) held in foreign currency (a gain of
ARP505.7 million) and the effect of Argentine inflation on the value of its net monetary
assets held in Argentine pesos (a loss of ARP552.8 million).
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Other income and expenses showed a net loss of
ARP34.1 million in the first nine months of 2002, compared to a net loss of ARP13.8
million in the same period of the previous year, mainly due to an increase in provisions
by Siderca related to the impairment of certain credits with the Argentine government,
which are now fully provisioned.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Equity in earnings from investee companies rose
to ARP192.4 million (US$53 million) in the first nine months of 2002, compared to
ARP101.0 million (US$46 million) in the same period of the previous year.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sidercas investment in Tamsa generated a net
gain of ARP152.2 million (US$42 million) in the first nine months of 2002, compared to a
net gain of ARP79.9 million (US$36 million) in the same period of 2001. Tamsas net
income for the period benefited from a favorable tax judgment in a claim brought by Tamsa
and improved results on Tamsas investment in Sidor. Demand for Tamsas seamless pipes in
Venezuela and from the non-oil sector in Mexico in the first nine months of 2002 was
lower than in the same period of 2001 but demand from the Mexican oil sector was higher.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sidercas investment in Dalmine generated a net
gain of ARP11.0 million (US$3 million) in the first nine months of 2002, compared with a
net gain of ARP13.6 million (US$6 million) in the same period of 2001. Although Dalmine
reported net income of Euro 20.3 million (US$20 million) in the first nine months of
2002, Sidercas results from its investment in Dalmine over the period were adversely
affected by the recording of a loss of approximately US$12 million corresponding to the
provision made by Dalmine in its 2001 financial statements relating to the claim brought
by BHP Petroleum Ltd. against Dalmine. If this loss had been recorded in 2001, Sidercas
investment in Dalmine in the first nine months of 2002 would have generated a net gain of
ARP26.1 million. Dalmines net sales in the period showed a slight decrease and were
affected by lower sales of seamless pipes as compared to the same period of 2001,
principally due to reduced demand from the industrial sector, offset in part by higher
sales of electricity and natural gas by its subsidiary, Dalmine Energie.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Equity in earnings from investee companies also
included a gain of ARP9.1 million on our investment in Tenaris Connections A.G., a gain
of ARP7.6 million arising from negative goodwill on Sidercas investment in Confab in
1999 and a gain of ARP7.8 million arising from negative goodwill on Sidercas additional
investment in Tamsa in 2001.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Siderca recorded an increased income tax
provision of ARP294.2 million in the first nine months of 2002, compared to ARP96.0
million in the same period of last year, reflecting higher earnings.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Cash and cash equivalents at September 30, 2002,
amounted to ARP587.9 million (US$157 million), representing an increase of approximately
US$48 million over the period. Net financial debt amounted to ARP372.7 million (US$100
million) at September 30, 2002, down from approximately US$173 million at December 31,
2001.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sidercas consolidated financial debt (all denominated
      in foreign currency) was ARP960.6 million (US$257 million) at September
      30, 2002, compared to ARP1,062.0 million (US$286 million) at September
      30, 2001. The debt was held principally at Confab (ARP280.4 million, or
      US$75 million), Siderca (ARP267.0 million, or US$71 million), NKKTubes (ARP179.3
      million, or US$48 million), Siderca International (ARP138.4 million, or
      US$37 million), Siat (ARP46.2 million or US$12 million) and AlgomaTubes
      (ARP45.5 million, or US$12 million).
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Unaudited Results for the Fiscal Quarter Ended September
      30, 2002 vs. the Fiscal Quarter Ended 
      September 30, 2001
|------------------------------------------------------------------------------------------------------------------------------



|Operating income was ARP291.0 million (24.9% of
net sales) in the third quarter of 2002, compared to ARP139.2 million (18.5% of net
sales) in the same period of 2001. This improvement reflected higher operating margins at
Sidercas Argentine operations and higher operating income in terms of Argentine pesos at
the operations of Sidercas foreign subsidiaries due principally to the devaluation of
the Argentine peso.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Siderca recorded a net loss of ARP283.0 million
(ARP0.28 per share and ARP2.83 per ADR) in the third quarter of 2002, compared to a net
income of ARP113.3 million (ARP0.11 per share and ARP1.13 per ADR) in the corresponding
quarter of 2001. Despite a sharp increase in operating income in the third quarter of
2002 (ARP291.0 million, as compared to ARP139.2 million), Siderca showed a loss in the
period primarily as a consequence of an unrealized loss of ARP331.6 million arising from
the conversion of the financial statements of Sidercas foreign equity holdings and a
loss of ARP174.9 million arising from the effect on Sidercas holdings of net monetary
assets in foreign currency of Argentine inflation and the appreciation of the Argentine
peso in the quarter. Accordingly, these losses were a result of the inflation in the
period (13.1% as measured by the change in the WPI) and the revaluation of the Argentine
peso (1.6%) during the quarter and did not reflect results at the operating level.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net sales were ARP1,171.2 million in the third
quarter of 2002, compared to ARP754.3 million in the same period of 2001. This increase
in net sales was due to the effect of converting Sidercas foreign currency earnings to
Argentine pesos. Net sales in U.S. dollar terms were affected by lower sales volumes and
average selling prices for seamless pipes. The average selling price of Sidercas
seamless pipes declined 8.2% in U.S. dollar terms as compared to the same quarter of
2001, reflecting reduced U.S. dollar prices in the domestic market and the impact of a 5%
export sales tax and a 50% reduction in tax rebates on export sales that was in full
effect during the period.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Overall sales volume decreased 3.8% to 332.5
thousand tons in the third quarter of 2002, from 345.7 thousand tons in the same period
of 2001, reflecting a 19% decrease in seamless pipe sales volumes and a 37.5% increase in
welded pipe sales volumes. In Sidercas domestic market, sales volumes declined by 22.9%,
with the Argentine crisis continuing to impact local drilling activity and sales to
Sidercas oil and gas and commercial customers. Sidercas export sales of 98.3 thousand
tons in the
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---





|third quarter of 2002 were 22.2% down compared
to the corresponding period of 2001 and sales by Sidercas seamless subsidiaries
decreased 11.1% to 61.9 thousand tons. The decline in Sidercas export sales reflected in
part weaker demand and in part the effect of variations in delivery terms with a
corresponding increase in inventories. During the quarter, demand for seamless tubes was
affected by lower drilling activity in countries such as Canada, Venezuela and Argentina
and lower demand from the industrial sector due to weak levels of industrial activity in
the main industrialized economies, partially offset by increased drilling activity in
regions such as the Middle East,Asia and Africa. Welded pipe sales volumes rose to 129.3
thousand tons in the third quarter of 2002, from 94.0 thousand metric tons in the same
period of 2001, reflecting high demand for welded pipes from regional pipeline projects.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Cost of goods sold, expressed as a percentage of
net sales, decreased to 60.2% in the third quarter of 2002, from 68.8% in the same period
of 2001. This improvement was principally due to the increased competitiveness of
Sidercas domestic operations where the cost of goods sold rose at a lower rate than net
sales, reflecting Sidercas profile as an exporter of industrial products with
substantial domestic added value.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Selling, general and administrative expenses
represented 15.0% of net sales in the third quarter of 2002, compared to 12.7% of net
sales in the same period of the previous year. Selling expenses increased as a percentage
of net sales reflecting non-recurring costs incurred on the exports of Confabs products
during the quarter and increased sales of some high value products which have higher
associated selling expenses , which effect was partially offset by reduced general and
administration expenses expressed as a percentage of net sales, reflecting reduced costs
in Argentina.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Financial income (expenses) and holding gains
(losses) represented a net loss of ARP222.4 million in the third quarter of 2002,
compared to a net loss of ARP33.4 million in the same period of 2001. The result for the
period included a loss of ARP174.9 million arising from the effect of Argentine inflation
and appreciation of the Argentine peso on Sidercas holdings of net monetary assets in
foreign currency (ARP174.9 million) and a loss of ARP33.1 million on the value of
inventories.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Other income and expenses represented a net gain
of ARP4.0 million in the third quarter of 2002, compared to a net gain of ARP4.2 million
in the same period of the previous year.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Equity in earnings from investee companies
declined to ARP20.7 million in the third quarter of 2002, compared to ARP46.5 million in
the same period of the previous year.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sidercas investment in Tamsa generated a gain
of ARP22.8 million (US$6 million) in the third quarter of 2002, compared to a gain of
ARP17.2 million (US$8 million) in the same period of 2001.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sidercas investment in Dalmine generated a
loss of ARP8.6 million (US$2 million) in the third quarter of 2002, compared with a loss
of ARP25.3 million (US$11 million) in the same period of 2001.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Equity in earnings from investee companies also
included a gain of ARP1.8 million arising from negative goodwill on Sidercas investment
in Confab in 1999 and Sidercas additional investment in Tamsa in 2001.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





---





|Siderca recorded an income tax provision of
ARP45.6 million in the third quarter of 2002, compared to ARP46.8 million in the same
period of last year.
|------------------------------------------------------------------------------------------------------------------------------------------------------



|Recent Developments
|-------------------



|On September 13, 2002, Tenaris S.A., a
wholly-owned subsidiary of Sidertubes S.A., announced that it would seek from the
regulatory authorities in Argentina, Mexico, Italy and the United States the approvals
necessary to make an offer to exchange its shares and ADSs for shares and ADSs of Siderca
and Tamsa and shares of Dalmine. Tenaris S.A. also announced that it would seek
authorization to list its ordinary shares on the Buenos Aires, Mexican and Milan stock
exchanges and its ADSs on the New York Stock Exchange.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|On October 18, 2002, Sidertubes S.A. informed
Siderca that it had transferred to its subsidiary, Tenaris S.A., its entire interest in
Siderca (519,578,214 shares, or 51.9% of the total outstanding share capital of Siderca).
Consequently, Tenaris S.A. now controls 71.2% of the Sidercas outstanding share capital.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





---





|The table below shows Sidercas consolidated
total sales volume by product and market for the periods indicated.
|----------------------------------------------------------------------------------------------------------------

|                                | For the nine months ended 
        September 30, | For the three months ended
        September 30,
|------------------------------- | ------------------------------------------------ | ------------------------------------------------
|                                | 2002                                             | 2001                                            
|                                | (tons)                                           |                                                 
|Seamless Steel Pipe Sales       |                                                  |                                                 
|Domestic sales                  | 116,218                                          |                                                 
|Exports                         | 391,490                                          |                                                 
|NKKTubes and AlgomaTubes        | 202,739                                          |                                                 
|                                |                                                  |                                                 
|Total seamless steel pipe sales | 710,447                                          |                                                 
|                                |                                                  |                                                 
|Welded Steel Pipe Sales         | 433,863                                          |                                                 
|                                |                                                  |                                                 
|Total Sales                     | 1,144,310                                        |                                                 
|                                |                                                  |                                                 

|The table below shows Sidercas unconsolidated
total sales volume by product and market for the periods indicated.
|------------------------------------------------------------------------------------------------------------------

|                                | For the nine months ended 
        September 30, | For the three months ended
        September 30,
|------------------------------- | ------------------------------------------------ | ------------------------------------------------
|                                | 2002                                             | 2001                                            
|                                | (tons)                                           |                                                 
|Seamless Steel Pipe Sales       |                                                  |                                                 
|Domestic sales                  | 117,419                                          |                                                 
|Exports                         | 391,490                                          |                                                 
|                                |                                                  |                                                 
|Total seamless steel pipe sales | 508,909                                          |                                                 
|Steel Bars                      | 28,383                                           |                                                 
|                                |                                                  |                                                 
|Total Sales                     | 537,292                                          |                                                 
|                                |                                                  |                                                 

---





|The table below shows, for the periods
indicated, Sidercas consolidated income statements. Amounts expressed in millions of
Argentine pesos with purchasing power as of September 30, 2002, except per share and per
ADR data.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                                                           | For the nine months ended
        September 30, | For the three months ended
        September 30,
|------------------------------------------------------------------------------------------ | ----------------------------------------------- | ------------------------------------------------
|
|                                                                                           | 2002                                            | 2001                                            
|Net sales                                                                                  | 3,931.4                                         |                                                 
|                                                                                           |                                                 |                                                 
|Cost of sales                                                                              | (2,324.9                                        | )                                               
|                                                                                           |                                                 |                                                 
|Gross profit                                                                               | 1,606.5                                         |                                                 
|                                                                                           |                                                 |                                                 
|Selling, general and
           administrative expenses                                    | (511.3                                          | )                                               
|                                                                                           |                                                 |                                                 
|Total operating income (loss)
           for the period                                    | 1,095.2                                         |                                                 
|                                                                                           |                                                 |                                                 
|Financial income (expenses)
           and holding gains (losses)                          | (47.9                                           | )                                               
|                                                                                           |                                                 |                                                 
|                                                                                           |                                                 |                                                 
|Other income (expenses), net                                                               | (34.1                                           | )                                               
|                                                                                           |                                                 |                                                 
|Results from investments in
           investee companies:                                 |                                                 |                                                 
|                                                                                           |                                                 |                                                 
|For investments in companies                                                               | 177.0                                           |                                                 
|                                                                                           |                                                 |                                                 
|Other results                                                                              | 15.4                                            |                                                 
|                                                                                           |                                                 |                                                 
|Results from conversion intoArgentine pesos of foreigncurrency equity holdings             | 708.0                                           |                                                 
|                                                                                           |                                                 |                                                 
|Income tax                                                                                 | (294.2                                          | )                                               
|                                                                                           |                                                 |                                                 
|Income (loss) before minority
        interest                                             | 1,619.4                                         |                                                 
|                                                                                           |                                                 |                                                 
|Minority interest in losses
           (earnings) of consolidated 
           subsidiaries | (106.1                                          | )                                               
|                                                                                           |                                                 |                                                 
|Net (loss) income for the period                                                           | 1,513.3                                         |                                                 
|                                                                                           |                                                 |                                                 
|Earnings (loss) per share                                                                  | 1.513                                           |                                                 
|Earnings (loss) per ADR                                                                    | 15.133                                          |                                                 
|Depreciation and amortization                                                              | 154.3                                           |                                                 

---





|The table below shows, for the periods
indicated, Sidercas unconsolidated income statements. Amounts expressed in millions of
Argentine pesos with purchasing power as of September 30, 2002, except per share and per
ADR data.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                                               | For the nine months ended
        September 30, | For the three months ended 
        September 30,
|------------------------------------------------------------------------------ | ----------------------------------------------- | -------------------------------------------------
|
|                                                                               | 2002                                            | 2001                                             
|                                                                               |                                                 |                                                  
|Net sales                                                                      | 1,734.5                                         |                                                  
|                                                                               |                                                 |                                                  
|Cost of sales                                                                  | (726.0                                          | )                                                
|                                                                               |                                                 |                                                  
|Gross profit                                                                   | 1,008.5                                         |                                                  
|                                                                               |                                                 |                                                  
|Selling, general and administrative
           expenses                        | (250.2                                          | )                                                
|                                                                               |                                                 |                                                  
|Total operating income (loss)
           for the period                        | 758.2                                           |                                                  
|                                                                               |                                                 |                                                  
|Financial income (expenses)
           and holding gains (losses), net         | (1.0                                            | )                                                
|                                                                               |                                                 |                                                  
|Other income and expenses, net                                                 | (39.7                                           | )                                                
|                                                                               |                                                 |                                                  
|Results from investments in
           investee companies:                     |                                                 |                                                  
|                                                                               |                                                 |                                                  
|For investments in companies                                                   | 273.1                                           |                                                  
|                                                                               |                                                 |                                                  
|Other results                                                                  | (3.3                                            | )                                                
|Results from conversion intoArgentine pesos of foreigncurrency equity holdings | 708.0                                           |                                                  
|                                                                               |                                                 |                                                  
|Income tax                                                                     | (182.0                                          | )                                                
|                                                                               |                                                 |                                                  
|                                                                               |                                                 |                                                  
|Net income (loss) for the period                                               | 1,513.3                                         |                                                  
|                                                                               |                                                 |                                                  
|Earnings (loss) per share                                                      | 1.513                                           |                                                  
|                                                                               |                                                 |                                                  
|Earnings (loss) per ADR                                                        | 15.133                                          |                                                  
|                                                                               |                                                 |                                                  
|Depreciation and amortization                                                  | 120.9                                           |                                                  



| |  | 
| |  | 



---





|The table below shows, for the periods
indicated, Sidercas consolidated balance sheet.
|---------------------------------------------------------------------------------------



|CONSOLIDATED BALANCE SHEET at September 30, 2002
and 2001 Amounts expressed in millions of Argentine pesos with purchasing power as of
September 30, 2002
|---------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                       |  | At September, 30
|------------------------------------------------------ |  | ----------------
|                                                       |  | 2002            
|ASSETS                                                 |  |                 
|CURRENT ASSETS                                         |  |                 
|Cash and banks                                         |  | 201.3           
|Short-term investments                                 |  | 386.6           
|Trade receivables                                      |  | 1,037.1         
|Other receivables                                      |  | 162.5           
|Inventories                                            |  | 972.6           
|                                                       |  |                 
|TOTAL CURRENT ASSETS                                   |  | 2,760.0         
|                                                       |  |                 
|NON-CURRENT ASSETS                                     |  |                 
|Trade receivables                                      |  | 11.3            
|Other receivables                                      |  | 61.9            
|Long-term investments                                  |  | 2,649.2         
|Property, plant and equipment                          |  | 1,718.9         
|Intangible assets                                      |  | 41.5            
|                                                       |  |                 
|TOTAL NON-CURRENT ASSETS                               |  | 4,482.7         
|                                                       |  |                 
|TOTAL                                                  |  | 7,242.8         
|                                                       |  |                 
|LIABILITIES                                            |  |                 
|CURRENT LIABILITIES                                    |  |                 
|Accounts payable                                       |  | 751.1           
|Short-term financial debt                              |  | 710.1           
|Taxes, payroll and social security payable             |  | 381.8           
|Others                                                 |  | 98.8            
|                                                       |  |                 
|TOTAL CURRENT LIABILITIES                              |  | 1,941.8         
|                                                       |  |                 
|NON-CURRENT LIABILITIES                                |  |                 
|Accounts payable                                       |  | 35.5            
|Long-term financial debt                               |  | 250.4           
|Taxes, payroll and social security payable             |  | 21.8            
|Others                                                 |  | 16.4            
|Allowance for lawsuits and contingencies               |  | 67.9            
|Other liabilities                                      |  | 23.4            
|                                                       |  |                 
|TOTAL NON-CURRENT LIABILITIES                          |  | 415.4           
|                                                       |  |                 
|Subtotal                                               |  | 2,357.3         
|MINORITY INTEREST IN CONSOLIDATED
        SUBSIDIARIES |  | 398.9           
|                                                       |  |                 
|SHAREHOLDERS EQUITY                                   |  | 4,486.7         
|                                                       |  |                 
|TOTAL                                                  |  | 7,242.8         
|                                                       |  |                 



---





|The table below shows, for the periods
indicated, Sidercas consolidated statement of cash flow. Amounts expressed in millions
of Argentine pesos with purchasing power as of September 30, 2002
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Amounts expressed en pesos
|--------------------------

|                                                                                            |  | For the nine months ended 
        September, 30
|------------------------------------------------------------------------------------------- |  | ------------------------------------------------
|                                                                                            |  | 2002                                            
|                                                                                            |  |                                                 
|Net income (loss) for the period                                                            |  | 1,513.3                                         
|Adjustments to reconcile net income to 
        resources provided by operating activities: |  |                                                 
|Results from conversion into Argentine 
        pesos of foreign currency equity holdings   |  | (708.0                                          
|Exchange rate related earnings from 
        long-term investments                          |  | (442.2                                          
|                                                                                            |  |                                                 
|Subtotal                                                                                    |  | 363.1                                           
|Depreciation and amortization                                                               |  | 154.3                                           
|Equity in the losses (gains) of investee
        
              companies and others        |  | 56.6                                            
|                                                                                            |  |                                                 
|Cash provided by the operations                                                             |  | 574.0                                           
|Dividends proceeds from investees                                                           |  | 46.3                                            
|                                                                                            |  |                                                 
|Subtotal                                                                                    |  | 620.3                                           
|Resources (used in) working capital
      and others                                        |  | (124.7                                          
|                                                                                            |  |                                                 
|Resources provided by operations                                                            |  | 495.6                                           
|Resources (used in) investing activities                                                    |  | (96.1                                           
|Resources (used in) provided by financing
      activities                                  |  | (53.8                                           
|                                                                                            |  |                                                 
|Net increase (decrease) in cash                                                             |  | 345.7                                           
|Increase provided by business acquisitions                                                  |  |                                                
|Cash at the beginning of the period                                                         |  | 242.1                                           
|                                                                                            |  |                                                 
|Cash at the end of the period                                                               |  | 587.8                                           
|                                                                                            |  |                                                 

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