KEY RESULTS

CONSOLIDATED INCOME STATEMENT DATA

(millions of U.S. dollars)

Year ended 31 December

	2007	2006	2005	2004	2003
Net Sales	4,178	3,402	2,952	1,984	1,369
Sales Growth, % (1)	22.8 %	15.2 %	48.8 %	45.0 %	n/a
Gross Profit	1,288	1,048	756	387	152
Gross Profit Margin, % (2)	30.8 %	30.8 %	25.6 %	19.5  %	11.1 %
Adjusted EBITDA (3)	931.5	800	548	321	72
Adjusted EBITDA Margin, % (2)	22.3 %	23.5 %	18.6 %	11.8 %	5.3 %
Net Profit (Loss)	506	462	268	115	(27) %
Net Profit Margin, % (2)	12.1 %	13.6 %	9.1 %	5.8 %	(1.9) %

Consolidated Financial Data by Segments

(millions of U.S. dollars)

Year ended 31 December

	2007	2006	2005	2004	2003
Seamless pipe segment
Net Sales	2849	2 213	1 786	1 314	902
Gross Profit	1,094	886	604	320	120
Gross Profit Margin, % (2)	38.4 %	39.6 %	33.3 %	24.4 %	13.3 %
Welded pipe segment
Net Sales	1,119	949	913	488	371
Gross Profit	188	144	129	61	20
Gross Profit Margin, % (2)	16.8 %	15.1 %	14.1 %	12.6 %	5.5 %
Other operations
Net Sales	211	240	253	182	96
Gross Profit	6	19	23	5	12
Gross Profit Margin, % (2)	2.9 %	6.1 %	9.6 %	2.8 %	12.6 %

Sales Volumes

(thousands of tonnes)

Year ended 31 December

	2007	2006	2005	2004	2003
Seamless pipes
OCTG	919	946	817	728	641
Line Pipes	471	388	405	440	422
Industrial	648	594	672	645	587
Total seamless pipes	2,039	1,928	1,894	1,813	1,650
Welded pipes
Large-diameter	418	432	503	309	339
Industrial	631	637	543	407	408
Total welded pipes	1,049	1,069	1,046	716	747
Total pipes	3,088	2,997	2,940	2,529	2,397

(1) Sales growth % represents a percentage change between  year ended 31 December 2007 and 2006, 2006 and 2005, 2005 and 2004, 2004 and 2003.

(2) Margins are calculated as a percentage of net sales.

(3) Adjusted EBITDA is a non-IFRS measure, EBITDA represents profit before interest (financing cost and financing income), taxes, depreciation and amortisation.