Independent research report on TENARIS in the FISCAL YEAR 2006. This report consists of a contextual explanation and an in-depth analysis of sales performance, other incomes, costs & expenses, net income, considerations on earnings and OUTLOOK, assets, liabilities, company's fundamental ratios and peer group comparisons in key ratios as well as rankings. Additionally, it is included an updated profile of the company and its structure, as well as the annual stock performance of TENARIS versus the Dow Jones index and the stock of TERNIUM.