TMK’s Second-Quarter Oil, Gas Pipeline Shipments Rise 17%

OAO TMK, Russia’s largest producer of steel pipes for the oil and gas industry, posted a 17 percent increase in shipments in the second quarter as demand from energy producers increased.

TMK shipped 1.09 million metric tons of pipes in the three months, it said in a statement today. That compares with 931,000 tons a year earlier, according to a 2010 filing.
Shipments of large-diameter pipes declined quarter-on- quarter as OAO Gazprom and OAO Transneft cut purchases after completing projects, TMK said without giving figures. Shipments rose 34 percent in the first half from a year earlier to 377,000 tons, it said.
U.S. unit TMK IPSCO’s first-half shipments climbed 16 percent to 479,000 tons, the statement shows.
Second-quarter adjusted earnings before interest, taxes, depreciation and amortization are expected to be little changed from the first quarter, TMK said.
Source: Bloomberg