The Pipe Metal Company, one of the world’s largest pipe producers, has sold TMK-Chermet for 6.2 billion rubles.
“This sale has decreased our net debt”, the company said in a statement.
The deal will not result in the change of the supply system.
“TMK will still receive scrap under competitive market conditions”, the statement reads.
In order to diversify the raw materials sources and decrease scrap dependency TMK has signed a long-term agreement with Metalloinvest for the supply of hot-briquetted iron. (Ukrainian metal)