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Russian Steel Pipe Maker TMK to Post Higher Quarterly Earnings on Demand
Date:2010-07-12 [ Back ]
OAO TMK, Russia’s biggest producer of steel pipes, said earnings before interest, tax, depreciation and amortization were probably higher in the second quarter than in the previous three months as demand rose. “As a result of the strong market environment observed in the second quarter of 2010, the company expects Ebitda to slightly increase as compared to the first quarter,” TMK said today in a statement. “Global demand for TMK pipe products continued to improve.” The company’s U.S. unit, TMK IPSCO, ran at more than 80 percent of capacity in the second quarter on demand from shale- gas producers, Moscow-based TMK said in the statement. Production at the U.S. division rose 20 percent quarter-on-quarter, the company said, without specifying output. TMK’s total production was little changed at 931,000 metric tons, compared with 933,000 tons in the first quarter, the company said. The pipemaker plans to announce second-quarter earnings in October, according to its website.

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