<SEC-DOCUMENT>0001193125-15-215020.txt : 20150724
<SEC-HEADER>0001193125-15-215020.hdr.sgml : 20150724
<ACCEPTANCE-DATETIME>20150605164159
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-215020
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150605

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
		BUSINESS PHONE:		212-376-6500

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESPONDENCE</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g938855g66v22.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tenaris S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Soci&eacute;t&eacute; Anonyme
Holding</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">46a, Avenue John F. Kennedy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">L &#150; 1855
LUXEMBOURG</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">R.C.S. Luxembourg B-85.203</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:52%; font-size:10pt; font-family:Times New Roman">June&nbsp;5, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Terence O&#146;Brien, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-4631. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Tenaris S.A. </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>December&nbsp;31, 2013 Form 20-F filed April&nbsp;30, 2014 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;1-31518 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Comment Letter dated February&nbsp;19, 2015 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;O&#146;Brien: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Set out below is the response of Tenaris S.A. (the &#147;<U>Company</U>&#148;) to the comment of the Staff of the United States Securities and
Exchange Commission (the &#147;<U>Staff</U>&#148;) set forth in its letter dated February&nbsp;19, 2015, to Mr.&nbsp;Edgardo Carlos, the Company&#146;s Chief Financial Officer (the &#147;<U>Comment Letter</U>&#148;). The Staff&#146;s comment is set
forth below in boldface type, and the Company&#146;s response is included below the comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your responses in your January&nbsp;30, 2015, letter responding to our comment letter dated January&nbsp;13, 2015. Based on your responses in that and previous letters, as well as supplemental documentation
provided to us, we believe that an impairment of the Usiminas investment should be recorded at a date no later than September&nbsp;30, 2014. We base our conclusion on several factors including: 1) the large discrepancy between Ternium&#146;s
October&nbsp;2, 2014, transaction price per share and the book value per share 2) your acknowledgement in your letter dated January&nbsp;30, 2015, of the lack of any entity specific factors, such as tax benefits or synergies, that may explain a
difference between the fair value and value in use of the investment, 3) the premium paid per share over quoted market price of 82% in Ternium&#146;s October 2014 transaction appears consistent with the premium paid for the initial acquisition of
shares, which is significantly lower than the percentage by which the carrying value per share exceeds the quoted market price per share, and 4) other responses in several of the letters provided to us including the discussion of key macroeconomic
and industry indicators and decisions in your response dated December&nbsp;18, 2014, that appear consistent with a diminution in value of your investment in Usiminas. Please tell us how you intend to measure the impairment taking into account that
Ternium&#146;s October 2014 arms-length transaction appears to provide objective evidence of value, the period in which you intend to record the impairment, and how you intend to report the impairment in documents filed or furnished with the SEC.
</B></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On April&nbsp;2, 2015, Ternium S.A. (&#147;<U>Ternium</U>&#148;), an affiliate of the Company,
submitted supplemental and additional materials to the Staff with the concurrence of the Company, and on May&nbsp;6, 2015, the Company submitted supplemental and additional materials to the Staff. In each case, confidential treatment pursuant to
Rule 83 of the Rules of Practice of the Commission was requested for such materials. Representatives of the Company and Ternium, their independent auditors and legal counsel engaged in discussions with members of the staff of the Division of
Corporation Finance and the Office of the Chief Accountant regarding the contents of such submissions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As a result of these discussions,
the Company has re-evaluated and revised the assumptions used to calculate the carrying value of the Usiminas investment at September&nbsp;30, 2014 and recorded an impairment of the Usiminas investment of USD 161.2&nbsp;million as of
September&nbsp;30, 2014, reaching a carrying value for the Usiminas investment of BRL12 per share. In addition, the Company&#146;s investment in Ternium was adjusted to reflect the change in the value of that company&#146;s participation in
Usiminas. As a result of the impairment and adjustment as of September&nbsp;30, 2014, the Company did not record a further impairment or adjustment as of December&nbsp;31, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On June&nbsp;1, 2015, the Company filed its annual report on Form 20-F with the Securities and Exchange Commission. The Form 20-F includes
restated consolidated financial statements as of December&nbsp;31, 2014 and for the year ended December&nbsp;31, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure
in its filings. In addition, the Company acknowledges that the Staff&#146;s comments do not foreclose the Commission from taking any action with respect to the Company&#146;s filings and that the Company may not assert the Staff&#146;s comments as a
defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If you have
any questions relating to this letter, please feel free to call Robert S. Risoleo of Sullivan&nbsp;&amp; Cromwell LLP at (202)&nbsp;956-7510. He may also be reached by facsimile at (202)&nbsp;956-6974 and by e-mail at risoleor@sullcrom.com. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Edgardo Carlos</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Edgardo Carlos</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Jenn Do </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Al Pavot </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">(Securities and Exchange Commission) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mervyn Martins </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">(PricewaterhouseCoopers) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Christian J.P. Mitrani </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">(Mitrani, Caballero, Ojam&nbsp;&amp; Ruiz Moreno Abogados) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Robert S. Risoleo </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">(Sullivan&nbsp;&amp; Cromwell LLP) </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g938855g66v22.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g938855g66v22.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``C`(,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#4_M:/_GIK
MG_@&?_BZ/[6C_P">FN?^`9_^+J7[%X\_Y[W?_@2O^-'V+QY_SWN__`E?\:W]
MI#^5_>>/]9K]I_C_`)D1U:/'W]<_\`S_`/%UZ79MNLH&^;F-3\PP>G<>M><F
MR\>X_P!?=_\`@2O^-=MJ<>I/X6DCM&<:@;=0I5@&WX&>?SJ)RC+96^9UX6K4
MFWS\WSO^K->BO(=3N/&6CQI)J%]>0K(=JDS`Y/X5;TV/QO>K;7<5U>26TC*V
MXSC!7//&?K69VGJ=%9DGB/18IC#)JEJK@X(\P<&KYGA$'GF5/*V[O,W#;CUS
M0!)15%]:TM(6F;4;41J<%O.7`/YU+9ZA9ZC&9+.ZBG4<$QL#CZT`6:*HWFMZ
M7I\GEW=_;PO_`'&D&?RJ>TOK2^B\RTN8IT[M&X;'Y4`3T53BU?39V=8M0MG:
M,$N%F4[0.I//%<SXLEOKN>TFTGQ%:V4#1MG==A!(<]1Z^E`'9454-Y!8V$4U
M[=11J$&9'<`,<>O>HK37=)OY?*M=1MY9#T19!D_A0!H4444`>8_\(K%_T"+S
M_P`"I_\`XW1_PBL7_0(O/_`J?_XW7IU%;^WE_5_\RO;8K_GZSS`^%8L?\@B\
M_P#`J?\`^-UZ39IY=E!&%*[8U&"22,#WJ:BHG4<MQ.=67\25SA?BE_R#K#_K
MLW_H-4-4U2:P^&^E6T#E&NP49E.#M&21^/%:/Q.BEET^Q$43R$3-D(I../:J
M]YH%UJWP[TS[/$QN;1=XB(PS#D$?6LQ',V1\)KHYCO3>'4&4G>B_*C=@.>16
MAX4U.9_#^N:6\A>)+-I8P3]WL0/;D4NE>,1I.EKIUSHB37,(VQLRX)]-P(S6
MSIB:W<>%-6N-3MXT66W?R%$(64Y!/;MZ#K0!A>"O"UGXB2\:\DE18-JH(SCD
MYY/Y5-X`66V\6W%JDA7]U(A]"01@D5K_``OAEBM]1\V)X\O'C>I&>#ZUC^';
M.\D\4ZFD<4L;R0W"QNRD#<3QS0`R6R\+Z7J<SZKJLNKRDG='#$1\^>I;/-+X
M!E">,REL9([>5)/D8\E1RN?<52T&_P#^$=O+A+O1#=7N`L2R*<QL/;'?U%:'
M@V&]B\<K)?6TL4CB4ONC(`8C.*`,G0]$.OZ_-8"?R%)D=VQG@-TQ^-:'CK3(
M]'72=/CD:58+=P'88)RV:M>`K>>/QC.\D$J+Y4OS,A`^\*G^)T$TNIV)BADD
M`@;)1"<?-[4`9WCEK@:I8_:5<V8MH_*`.`>/FP?7_P"M26<7@N^O+;]Y>Z<0
MXW+(=RO[;A]WZUMZ[KFL:;<6\=QHT=SI0A4!7CWB3@<DX^4^U<S?H/$FH11Z
M)H)M"1A@F2"3W/8`4`>QH%"*$^Z!QSGBBH;"W:TT^VMG;<T,2H6]2`!FB@"Q
M1110`4444`%%%%`#3&A;<44GUQ3J**`"BBB@!-J[MV!GUQ2T44`%%%%`"$9&
0#0%"]`!]***`%HHHH`__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
