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Tenaris' CEO Discusses Q2 2011 Results Earnings Call Transcript

I would like to start by mentioning that we will host an investor plan visit in Veracruz on September 20th, and we look forward to seeing many of you there.

The event will give us the opportunity to walk you through our new rolling and meet with Paolo Rocca and other members of our senior management. Before passing over the call to Paolo for his opening remarks, I would like to briefly comment our results.

During the quarter, sales increased sequentially in each of our operating segments, but sales growth in our tubes operating segment was held back by lower sales in Canada and lower shipments of deepwater line pipe projects in the Middle East and Oceania.

During the second quarter of 2011 sales increased 21% to 2.4 billion compared to 2 billion recorded in the second quarter of last year, and 3% sequentially. Our EBITDA reached 548 million, which was 3% higher than the corresponding quarter of 2010, but 4% lower sequentially. Our EBITDA was affected by some unexpected delays in shipments, mainly in Mexico, and some one-off events coupled with the continued cost increases that exceeded increases in average selling prices.

Average selling prices were up 9% compared to the corresponding quarter of last year and 4% sequentially.

During the quarter, our sales of high-end seamless products were 50% of our total seamless volumes compared to 46% posted during the second quarter of last year, and 47% recorded in the first quarter of 2011.

Results of our project segments have also recorded significant year-on-year and sequential increase. However, this quarter the mix in our projects segment has been particularly favorable and may not be repeatable in the remaining two quarters of the year.

Now, I will ask Paolo to say a few words before opening the call to questions.

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