Russia: MMK and TMK developing cooperation

The coordination council of MMK and TMK has held a meeting. The parties discussed the results of cooperation and set prospects to continue it. This was the 27th meeting of the council. In 2018 TMK pipe plants received over half a million tons of flat rolled metal manufactured by MMK. In January-September deliveries will total…

Russia: TMK attracts 14-billion rubles loan

Pipe Metal Company has concluded an agreement with Gazprombank on a loan of 14.09 billion rubles. The funds will be provided until March 21, 2025. TMK daughter companies – Sinarsky Pipe Works, Seversk Pipe Works and Taganrog Iron and Steel Works – acted as guarantors. The agreement with SinTZ was signed on September 18, while…

Russia: TMK revenue up in Q2 2019

In April-June TMK increased revenue by 4% QoQ, to $1307 million.

EBITDA grew by 11%, to $195 million.

Net debt as of June 30 totaled $2641 million.

In H1 revenue decreased by 2% YoY.

EBITDA went up by 4%, to $370 million.

In particular, Russian division EBITDA increased by 18%. (Ukrainian metal)

Russia: TMK sales down in H1 2019

In January-June TMK decreased pipe sales by 3% YoY, to 1.989 million tons. In particular, the sales of seamless and welded pipes dropped by 3% and by 4% respectively. At the same time the sales of large-diameter pipes increased by 48%. Sales of OCTG pipes remained almost unchanged at 948 thousand tons, growing in Russia…

Russia: TMK gets new CEO

On June 21 the TMK board of directors held a meeting. Dmitry Pumpyanskiy has been appointed the chairman. The board also decided to elect Igro Korytko CEO, who had previously been deputy general manager on efficiency management. Alexander Shiryaev, the previous CEO, will continue working in the company as a member of the council. Moreover…

Russia: TMK and Novatek sign Strategic Partnership and Cooperation Agreement

PJSC TMK and PJSC Novatek have signed a Strategic Partnership and Cooperation Agreement at the 23rd St. Petersburg International Economic Forum. Dmitry Pumpyanskiy, Chairman of TMK’s Board of Directors, and Leonid Mikhelson, Chairman of Novatek’s Management Board signed the document. The agreement outlines key policies and approaches for supplying TMK’s premium casing and tubing pipe…

Russia: TMK revenue down in Q1 2019

In January-March, TMK EBITDA grew by 9% YoY, to $175 million. According to the company statement, revenue dropped by 1%, to $12.57 billion, with gross profit up by 6%, to $235 million. Compared to Q4 2018, EBITDA fell by 2%, and revenue by 1%, while gross profit increased by 5%. As of March 31, the…

Russia: TMK postpones Artrom SPO

TMK postpones the SPO of its Romanian enterprise TMK-Artrom. TMK Europe intended to place 69 million shares of TMK-Artrom or 59.3955%. Moreover, the main shareholder demanded to hold a meeting of shareholders to cancel the previous decision to increase statutory capital. SPO was announced in late April. TMK-Artrom has a 16.1% share on the seamless…

Russia: TMK sales down in Q1 2019

In January-March, TMK sold 966 thousand tons of pipes, down by 2% YoY and by 4% QoQ. The negative dynamics was mostly caused by the drop in sales in the American division. At the same time OCTG pipes sales increased by 4% YoY, to 481 thousand tons. This year TMK expects pipe consumption by Russian…

Russia: TMK expecting stable pipes demand

In 2019-2022 demand for large diameter pipes in Russia will remain at the level of 1.9-2.1 million tons. According to TMK, last year pipe consumption grew by 25%, to some 2 million tons. Gazprom will be the main buyer, accounting for 63-66% of all purchases. The second largest consumer – the state company Transneft –…

Russia: TMK Q4 2018 IFRS EBITDA up

Earnings before interest, taxes, depreciation and amortization (EBITDA) of pipe producer TMK increased by 9% QoQ, to $179 million, while revenue grew by 5%, to $1.264 billion in October-December 2018, as calculated under International Financial Reporting Standards. The gross profit rose by 1%, to $224 million, while the EBITDA margin remained unchanged at 14%, it…

Russia: MMK metal shipments to TMK up in 2018

The meeting of the coordinating council of Magnitogorsk Iron and Steel Works (MMK) and TMK was held in Magnitogorsk. The representatives of both companies reviewed their joint work in 2018 and discussed future collaboration. According to the results of 2018, 504,600 tons of MMK’s flat steel products were shipped to TMK’s pipe mill. This represents…

Russia: TMK pipes sales up in 2018

In 2018 TMK sold 4.01 million tons of pipes, up by 6%, mostly due to the growth of OCTG seamless pipe sales in Russia. The volume of seamless pipe sales grew by 3%, to 2.767 million tons. The sales of welded pipes increased by 11%, to 1.243 million tons, and of OCTG pipes also by…