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Investors stampede for Russia's TMK
TMK, the Russian oil and gas pipemaker, will raise more than $1 billion (£530m) from floating in London and Moscow at a price at the top end of expectations.
Strong demand saw the group's initial public offering oversubscribed 19 times and led the stock to be priced at the top of an indicative range of between $4.60 and $5.40 a share.
The move gives TMK a market capitalisation of $4.7 billion (£2.5bn). TMK’s free float will be around 23 per cent if shares issued under an over-allotment option, triggered by strong demand, and to employees are included.
The company, which will be listed on the London Stock Exchange and the Russian Trading System, said global depositary receipts to be traded in London, representing four shares, were valued at $21.60 each.
Chairman Dmitriy Pumpyanskiy, who holds two thirds of TMK's capital, said:
TMK, the Russian oil and gas pipemaker, will raise more than $1 billion (£530m) from floating in London and Moscow at a price at the top end of expectations.
Strong demand saw the group's initial public offering oversubscribed 19 times and led the stock to be priced at the top of an indicative range of between $4.60 and $5.40 a share.
The move gives TMK a market capitalisation of $4.7 billion (£2.5bn). TMK’s free float will be around 23 per cent if shares issued under an over-allotment option, triggered by strong demand, and to employees are included.
The company, which will be listed on the London Stock Exchange and the Russian Trading System, said global depositary receipts to be traded in London, representing four shares, were valued at $21.60 each.
Chairman Dmitriy Pumpyanskiy, who holds two thirds of TMK's capital, said:
Chairman Dmitriy Pumpyanskiy, who holds two thirds of TMK's capital, said: "We are delighted with the strong levels of interest and participation in the offering from a broad range of investors. We are looking forward to the next stage of development of TMK as a public company."
TMK has benefited from the renovation of Russia's gas and oil pipelines as the country emerged as a leading player in the world energy markets. The second largest pipemaker in the world, it posted first-half net profits of $229 million on sales of $1.57 billion.
Credit Suisse, Dresdner Kleinwort and Renaissance Capital are acting as joint global co-ordinators.
TMK has benefited from the renovation of Russia's gas and oil pipelines as the country emerged as a leading player in the world energy markets. The second largest pipemaker in the world, it posted first-half net profits of $229 million on sales of $1.57 billion.
Credit Suisse, Dresdner Kleinwort and Renaissance Capital are acting as joint global co-ordinators.
TMK places its stock at the upper end of the bookbuilding range
TMK placed its shares at the upper end of the bookbuliding range during a recent IPO which shows that the pipe segment is of great interest to investors.
On October 30, 2006 TMK completed placement of 23% of its stock at $5.40 and $21.60 per share and GDR, respectively, (i.e. the common share/GDR ratio is 1/4) which corresponds to the upper end of the announced bookbuilding range.
TMK Steel Limited, TMK’s core shareholder and whose sole beneficiary is Chairman of TMK’s BoD Dmitry Pumpyansky, raised $1.081 bln in IPO proceeds.
All in all, 200,650,000 shares were sold to the general public during the IPO, 30% of which were floated in Russia and 70% on foreign stock exchanges and TMK’s market capitalization now stands at $4.714 bln.
The company plans to spend the IPO proceeds to repay the loan which it borrowed some time ago to acquire 33% in TMK (see our daily dated October 26, 2006).
As we noted earlier, the timing of the IPO is quite good, since demand for pipe products is on the rise and there are hardly any liquid names of pipe producers listed on the stock market.
We have no official recommendation on TMK’s shares, however, it should be noted that the pipe segment of the metals&steel industry is one of the most lucrative at present.
finam.ru
TMK placed its shares at the upper end of the bookbuliding range during a recent IPO which shows that the pipe segment is of great interest to investors.
On October 30, 2006 TMK completed placement of 23% of its stock at $5.40 and $21.60 per share and GDR, respectively, (i.e. the common share/GDR ratio is 1/4) which corresponds to the upper end of the announced bookbuilding range.
TMK Steel Limited, TMK’s core shareholder and whose sole beneficiary is Chairman of TMK’s BoD Dmitry Pumpyansky, raised $1.081 bln in IPO proceeds.
All in all, 200,650,000 shares were sold to the general public during the IPO, 30% of which were floated in Russia and 70% on foreign stock exchanges and TMK’s market capitalization now stands at $4.714 bln.
The company plans to spend the IPO proceeds to repay the loan which it borrowed some time ago to acquire 33% in TMK (see our daily dated October 26, 2006).
As we noted earlier, the timing of the IPO is quite good, since demand for pipe products is on the rise and there are hardly any liquid names of pipe producers listed on the stock market.
We have no official recommendation on TMK’s shares, however, it should be noted that the pipe segment of the metals&steel industry is one of the most lucrative at present.
finam.ru
TMK (ISIN: US87260R2013 ; WKN: A0LB2N)
02/11/2006
Arrangers of TMK's IPO have bought out 18 mln shares worth $97.2 mln under the overallotment option.
The Joint Global Coordinators of the Pipe Metallurgic Company's IPO - Credit Suisse, Dresdner Kleinwort and investment company Renaissance Capital - have fully exercised the overallotment option for 18 mln shares of the Company. The price for a share placed under the option totaled $5.4, TMK says.
Thus, TMK's shareholders raised $1.069 bn in the IPO, including $97.2 mln from the option exercise. This amount doesn't include proceeds that will be received from the sale of 2.65 mln shares to the Company's officials.
Under the floatation, TMK's major shareholder - TMK Steel Limited - sold 180 mln shares at the top end of the price range - $5.4 per share and $21.6 per depositary receipt. With the shares offered to the Company's members, TMK's free float ÒÌÊ will total some 23% of its authorized capital.
TMK manages the Volzhsky Pipe Plant, (Volgograd Region), Seversky Tube Works (Sverdlovsk Region), Sinarsky Pipe Plant (Sverdlovsk Region), Taganrog Metallurgical Works (Rostov Region). In addition, this March, the Company closed the transaction on acquiring 100% of Sinara Handel GmbH from its shareholders. Sinara Handel GmbH holds interests in two Romanian plants - ArtRom è Combinatul Siderurgic Resita. TMK is the largest manufacturer of pipe products in Russia. Its enterprises produce over 44% of Russian pipes of wide range, among them more than 60% of Russian pipes for the oil-and-gas industry. The volume of pipe production totaled 2.86 million tons in 2005, 740,000 tons of them were exported.
TMK's authorized capital is RUB 8.73 bn. The Company has issued 873000000 ordinary shares of RUB 10 par.
In 2005, TMK's net income under IFRS grew 9.4 times to RUB 7.597 billion. Its proceeds rose 1.4 times to RUB 79.175 billion. EBITDA was RUB 15.88 billion against RUB 6.942 billion in 2004.
In the IH 2006, TMK's net income under IFRS almost doubled and reached $229.05 mln; its proceeds grew by 9.6% to $1.576 bn from $1.438 bn.
02/11/2006
Arrangers of TMK's IPO have bought out 18 mln shares worth $97.2 mln under the overallotment option.
The Joint Global Coordinators of the Pipe Metallurgic Company's IPO - Credit Suisse, Dresdner Kleinwort and investment company Renaissance Capital - have fully exercised the overallotment option for 18 mln shares of the Company. The price for a share placed under the option totaled $5.4, TMK says.
Thus, TMK's shareholders raised $1.069 bn in the IPO, including $97.2 mln from the option exercise. This amount doesn't include proceeds that will be received from the sale of 2.65 mln shares to the Company's officials.
Under the floatation, TMK's major shareholder - TMK Steel Limited - sold 180 mln shares at the top end of the price range - $5.4 per share and $21.6 per depositary receipt. With the shares offered to the Company's members, TMK's free float ÒÌÊ will total some 23% of its authorized capital.
TMK manages the Volzhsky Pipe Plant, (Volgograd Region), Seversky Tube Works (Sverdlovsk Region), Sinarsky Pipe Plant (Sverdlovsk Region), Taganrog Metallurgical Works (Rostov Region). In addition, this March, the Company closed the transaction on acquiring 100% of Sinara Handel GmbH from its shareholders. Sinara Handel GmbH holds interests in two Romanian plants - ArtRom è Combinatul Siderurgic Resita. TMK is the largest manufacturer of pipe products in Russia. Its enterprises produce over 44% of Russian pipes of wide range, among them more than 60% of Russian pipes for the oil-and-gas industry. The volume of pipe production totaled 2.86 million tons in 2005, 740,000 tons of them were exported.
TMK's authorized capital is RUB 8.73 bn. The Company has issued 873000000 ordinary shares of RUB 10 par.
In 2005, TMK's net income under IFRS grew 9.4 times to RUB 7.597 billion. Its proceeds rose 1.4 times to RUB 79.175 billion. EBITDA was RUB 15.88 billion against RUB 6.942 billion in 2004.
In the IH 2006, TMK's net income under IFRS almost doubled and reached $229.05 mln; its proceeds grew by 9.6% to $1.576 bn from $1.438 bn.
14.12.2006
Standard & Poor’s Rating Agency upgraded Corporate Governance Score on ТМК
Standard & Poor’s International Rating Agency announced the rise of its corporate governance score (CGS) on ТМК . The Governance Services of the agency raised the score on TMK according to the international scale from CGS-5+ up to the CGS-6+ level. At the same time Standard & Poor's raised its score on the Russian national scale from CGS-5,9 to CGS-6,7.
In the opinion of Standard & Poor’s, raise of TMK scores reflects consistent conscious efforts of the Board of Directors, management and the major shareholder of the Company aimed at development of efficient corporate governance mechanisms.
According to Standard & Poor’s, strength of the corporate governance system of ТМК include balanced membership of the efficient Board of Directors with a significant degree of independency, high level of Company transparency as well as considerable scope of shareholders’ rights in accordance with the requirements of Russian legislation and requirements of regulatory authorities of Great Britain.
The corporate governance score was first assigned to TMK in January 2006.
Standard & Poor’s Rating Agency upgraded Corporate Governance Score on ТМК
Standard & Poor’s International Rating Agency announced the rise of its corporate governance score (CGS) on ТМК . The Governance Services of the agency raised the score on TMK according to the international scale from CGS-5+ up to the CGS-6+ level. At the same time Standard & Poor's raised its score on the Russian national scale from CGS-5,9 to CGS-6,7.
In the opinion of Standard & Poor’s, raise of TMK scores reflects consistent conscious efforts of the Board of Directors, management and the major shareholder of the Company aimed at development of efficient corporate governance mechanisms.
According to Standard & Poor’s, strength of the corporate governance system of ТМК include balanced membership of the efficient Board of Directors with a significant degree of independency, high level of Company transparency as well as considerable scope of shareholders’ rights in accordance with the requirements of Russian legislation and requirements of regulatory authorities of Great Britain.
The corporate governance score was first assigned to TMK in January 2006.
Trading Spotlight
18/12/2006
TMK Board of Directors Awarded Independent Directors Association Special Prize
The Board of Directors of the OAO "TMK" (LSE: TMKS; RTS: TRMKG) has been awarded a special prize of the Independent Directors Association's Supervisory Board and management as part of the Director of the Year 2006 National Award. The award was established jointly by the Independent Directors Association and PricewaterhouseCoopers with support from VympelCom.
The award jury praised the TMK Board of Directors' contribution to the preparation and conduct of the IPO and conferred on it a prize of the Independent Directors Association's Supervisory Board and management.
Established in 2006, the Director of the Year National Award is aimed at improving corporate governance in Russia, implement best practices in line with international standards, and promote implementation of board of directors best practices.
TMK Board of Directors Awarded Independent Directors Association Special Prize
The Board of Directors of the OAO "TMK" (LSE: TMKS; RTS: TRMKG) has been awarded a special prize of the Independent Directors Association's Supervisory Board and management as part of the Director of the Year 2006 National Award. The award was established jointly by the Independent Directors Association and PricewaterhouseCoopers with support from VympelCom.
The award jury praised the TMK Board of Directors' contribution to the preparation and conduct of the IPO and conferred on it a prize of the Independent Directors Association's Supervisory Board and management.
Established in 2006, the Director of the Year National Award is aimed at improving corporate governance in Russia, implement best practices in line with international standards, and promote implementation of board of directors best practices.
20.12.2006
Hot testing of primary mill completed at Sinarsky Pipe Plant
Hot test run of the primary mill has been succesfully completed in Tube mill workshop No.3 of the Sinarsky Pipe Plant (SinTZ), an affiliate of the OAO «TMK». The new plant will allow the enterprise to use in its tube production uninterruptedly cast billets made at the Seversky Tube Works, the Volzhsky Pipe Plant, and the Taganrog Metallurgical Works which also belong to TMK.
The primary mill, the capacity of which completely covers the Tube mill workshop No.3 demand for strained billets, was manufactured at the “Electrostal’mash” factory to SinTZ’s special order.
Installation of the primary mill at the Sinarsky Pipe Plant was carried within the framework of TMK’s Strategic investment program. The new equipment will allow SinTZ to increase production of uninterruptedly cast tube billets up to 70% as early as 2007.
Hot testing of primary mill completed at Sinarsky Pipe Plant
Hot test run of the primary mill has been succesfully completed in Tube mill workshop No.3 of the Sinarsky Pipe Plant (SinTZ), an affiliate of the OAO «TMK». The new plant will allow the enterprise to use in its tube production uninterruptedly cast billets made at the Seversky Tube Works, the Volzhsky Pipe Plant, and the Taganrog Metallurgical Works which also belong to TMK.
The primary mill, the capacity of which completely covers the Tube mill workshop No.3 demand for strained billets, was manufactured at the “Electrostal’mash” factory to SinTZ’s special order.
Installation of the primary mill at the Sinarsky Pipe Plant was carried within the framework of TMK’s Strategic investment program. The new equipment will allow SinTZ to increase production of uninterruptedly cast tube billets up to 70% as early as 2007.
28.12.2006
Volzhsky Pipe Plant named “Leader of the 21st Century”
Volzhsky Pipe Plant, a subsidiary of ОАО «TMK», has won the “Leader of the 21st Century” contest of enterprises of the Southern Federal District in the categories “Elite of Russia’s Metallurgical Complex” and “Modernization of Production.”
Public recognition of the company’s successes reflects the high level of social responsibility of TMK, which is carrying out broad-scale modernization of production at all of its enterprises. A number of investment projects directed towards the implementation of new equipment and technologies in production were realized at Volzhsky Pipe Plant in 2006. These projects allowed the enterprise to increase the quality of its output, expand its range in conformity with the requirements of its main consumers, and reduce the company’s effect on the environment.
Volzhsky Pipe Plant is a regular participant in the “Leader of the 21st Century” contest. In 2006 the enterprise confirmed its high title of leader for the sixth time.
TMK PR Department, 28.12.06
Volzhsky Pipe Plant named “Leader of the 21st Century”
Volzhsky Pipe Plant, a subsidiary of ОАО «TMK», has won the “Leader of the 21st Century” contest of enterprises of the Southern Federal District in the categories “Elite of Russia’s Metallurgical Complex” and “Modernization of Production.”
Public recognition of the company’s successes reflects the high level of social responsibility of TMK, which is carrying out broad-scale modernization of production at all of its enterprises. A number of investment projects directed towards the implementation of new equipment and technologies in production were realized at Volzhsky Pipe Plant in 2006. These projects allowed the enterprise to increase the quality of its output, expand its range in conformity with the requirements of its main consumers, and reduce the company’s effect on the environment.
Volzhsky Pipe Plant is a regular participant in the “Leader of the 21st Century” contest. In 2006 the enterprise confirmed its high title of leader for the sixth time.
TMK PR Department, 28.12.06
Jan 9. Deutsche Bank becomes shareholder in Sistema and TMK and ups its stake in Sberbank.
During the quarter ending October 31, 2006, investment fund Central Europe and Russia Fund (CERF), run by Deutsche Bank, became a shareholder in AFK Sistema and Pipe Metallurgical Company (TMK), upped its stake in Sberbank and divested its holdings in Mechel. In line with the fund's official report, in August-October, the fund acquired 525,000 GDRs in AFK Sistema at the market price of nearly $14 mln and 153,200 GDRs for TMK shares worth around $4 mln. CERF's stake in Sberbank grew from 3,000 to 5,000 shares ($11.25 mln as of the end of October).
In August-October, the fund divested 85,600 GDRs for Mechel shares and left the metal maker's charter capital and also reduced its holdings in Novatek from 450,000 to 270,000 GDRs and Tatneft – from 169,000 to 137,000 ADRs. Meanwhile, the fund's stakes in Gazprom, Lukoil, Surgutneftegaz, UES, TNK-BP, the Ufa refinery, Vyksunsk Metallurgical Works, Rostelecom, MTS, VimpelCom, Norilsk Nickel, Polyus, Lebedyansky, Concern Kalina, Urals Energy, Pyaterochka Holding and Vostok Nafta Investment were left unchanged.
finam.ru
During the quarter ending October 31, 2006, investment fund Central Europe and Russia Fund (CERF), run by Deutsche Bank, became a shareholder in AFK Sistema and Pipe Metallurgical Company (TMK), upped its stake in Sberbank and divested its holdings in Mechel. In line with the fund's official report, in August-October, the fund acquired 525,000 GDRs in AFK Sistema at the market price of nearly $14 mln and 153,200 GDRs for TMK shares worth around $4 mln. CERF's stake in Sberbank grew from 3,000 to 5,000 shares ($11.25 mln as of the end of October).
In August-October, the fund divested 85,600 GDRs for Mechel shares and left the metal maker's charter capital and also reduced its holdings in Novatek from 450,000 to 270,000 GDRs and Tatneft – from 169,000 to 137,000 ADRs. Meanwhile, the fund's stakes in Gazprom, Lukoil, Surgutneftegaz, UES, TNK-BP, the Ufa refinery, Vyksunsk Metallurgical Works, Rostelecom, MTS, VimpelCom, Norilsk Nickel, Polyus, Lebedyansky, Concern Kalina, Urals Energy, Pyaterochka Holding and Vostok Nafta Investment were left unchanged.
finam.ru
17.01.2007
Seversky Tube Works has brought to a commercial level a new type of pipes
Seversky Tube Works (STW), which is part of the ОАО TMK , has brought to a commercial status the production of OTTG-M plant pipes, diameter 250.8 mm, and wall thickness 15.88 mm, thread connected.
The pipes of a new standard size, manufactured under order from OAO Gazprom affiliated company OOO Burgaz, have successfully undergone industrial testing. Operational parameters of the pipes have been positively assessed by an expert committee of OOO Tyumenburgaz and research institute OOO VNIIGAZ.
The OTTG-M pipes, diameter 250.8 mm, wall thickness 15.88 mm, extremely gas-tight and highly bearing strain resistant are used to accommodate wells of petroleum, gas and condensed gas fields in the extreme North under temperatures of down to – 60°C and with high inter-stratum pressures. No pipes of this standard size have been produced in Russia till now on the industrial basis.
The production of these pipes has been brought to a commercial level by Seversky Tube Works within the framework of implementing the Research & Technology Cooperation Programme between TMK and Gazprom. The Programme is directed at coordinating the companies' efforts involving the launch of import-replacement and new type pipe products with high technological and economic parameters to cater for the needs of Gazprom.
Press Release
Seversky Tube Works has brought to a commercial level a new type of pipes
Seversky Tube Works (STW), which is part of the ОАО TMK , has brought to a commercial status the production of OTTG-M plant pipes, diameter 250.8 mm, and wall thickness 15.88 mm, thread connected.
The pipes of a new standard size, manufactured under order from OAO Gazprom affiliated company OOO Burgaz, have successfully undergone industrial testing. Operational parameters of the pipes have been positively assessed by an expert committee of OOO Tyumenburgaz and research institute OOO VNIIGAZ.
The OTTG-M pipes, diameter 250.8 mm, wall thickness 15.88 mm, extremely gas-tight and highly bearing strain resistant are used to accommodate wells of petroleum, gas and condensed gas fields in the extreme North under temperatures of down to – 60°C and with high inter-stratum pressures. No pipes of this standard size have been produced in Russia till now on the industrial basis.
The production of these pipes has been brought to a commercial level by Seversky Tube Works within the framework of implementing the Research & Technology Cooperation Programme between TMK and Gazprom. The Programme is directed at coordinating the companies' efforts involving the launch of import-replacement and new type pipe products with high technological and economic parameters to cater for the needs of Gazprom.
Press Release
22.01.2007
TMK Announces Production Results for 2006
OAO ТМК (TMK), one of the world’s largest oil and gas pipe producers, and the market leader of the Russian pipe industry, today announces its production results for 2006.
The total volume of pipes shipped [1] reached an all-time high of 3,018,000 tonnes . Shipments of billets were 320,000 tonnes.
Shipment Volumes in 2006
(Thousand Tonnes)
.............................2006..........2005.........Change %
Seamless pipes....1,944.........1,877........+3.6%
Including, OCTG.....955...........818..........+16 .7 %
Welded pipes........1,074.........1,047........+2.6 %
Total, pipes...........3,018.........2,924.......+3.2%
Pipe shipments increased by 94,000 tonnes or by 3.2% over 2005 with high-tech, seamless pipes experiencing the highest levels of growth. OCTG shipment increased by 16.7% on the previous 12 months and the total share of OCTG shipments in 2006 increased by 3.6% to 31.6%. Shipments of seamless pipes in 2006 accounted for 64.4% of the Company total, compared with 64.2% in 2005.
Despite lower shipment volumes of large-diameter welded pipes, as a result of the ongoing modernisation program, total sales of welded pipes increased in 2006. TMK shipments of industrial welded pipes were 18.1% higher than in 2005.
Amidst a favourable environment for the world pipe industry, TMK increased its share of the total number of pipes exported from Russia from 48.8% to 56.1%. The total volume of pipes supplied by the Russian subsidiaries of the company in 2006 to non-Russian customers was 806,000 tonnes, which exceeded the volume in 2005 by 56,000 tonnes.
Within the framework of TMK’s program to achieve self-sufficiency in billets, TMK produced 2,150,000 tonnes of steel in 2006. The Company is continuing to successfully implement its strategic investment program. In 2006 two continuous casters of one million tonnes capacity each were put into operation at Seversky Pipe Plant and Taganrog Metallurgical Works. As a result of these measures, self-sufficiency in billets will reach 90% in 2007.
In 2007 TMK will also continue upgrading its high value-added, seamless pipe production capacities. The share of Premium tubular goods of the total shipment volume in 2006 accounted for approximately 23%.
Measures taken to upgrade production capacities during 2006 were performed on time and in accordance with the approved budgets. Currently, approximately 30% of the strategic investment program, which runs until 2010, has been financed.
TMK’s CEO Mr. Konstantin Semerikov said, “In 2006, TMK undertook large-scale works aimed at upgrading production and mastering new technologies, and simultaneously increased shipment volumes, particularly in the high value-added segment. We are confident that we have the capabilities and infrastructure in place for further successful development”.
--------------------------------------------------------------------------------
[1] Shipments are goods produced and shipped from the plants for the sale to third parties (excl. intra—group deliveries)
TMK PR Department, 22.01.07
TMK Announces Production Results for 2006
OAO ТМК (TMK), one of the world’s largest oil and gas pipe producers, and the market leader of the Russian pipe industry, today announces its production results for 2006.
The total volume of pipes shipped [1] reached an all-time high of 3,018,000 tonnes . Shipments of billets were 320,000 tonnes.
Shipment Volumes in 2006
(Thousand Tonnes)
.............................2006..........2005.........Change %
Seamless pipes....1,944.........1,877........+3.6%
Including, OCTG.....955...........818..........+16 .7 %
Welded pipes........1,074.........1,047........+2.6 %
Total, pipes...........3,018.........2,924.......+3.2%
Pipe shipments increased by 94,000 tonnes or by 3.2% over 2005 with high-tech, seamless pipes experiencing the highest levels of growth. OCTG shipment increased by 16.7% on the previous 12 months and the total share of OCTG shipments in 2006 increased by 3.6% to 31.6%. Shipments of seamless pipes in 2006 accounted for 64.4% of the Company total, compared with 64.2% in 2005.
Despite lower shipment volumes of large-diameter welded pipes, as a result of the ongoing modernisation program, total sales of welded pipes increased in 2006. TMK shipments of industrial welded pipes were 18.1% higher than in 2005.
Amidst a favourable environment for the world pipe industry, TMK increased its share of the total number of pipes exported from Russia from 48.8% to 56.1%. The total volume of pipes supplied by the Russian subsidiaries of the company in 2006 to non-Russian customers was 806,000 tonnes, which exceeded the volume in 2005 by 56,000 tonnes.
Within the framework of TMK’s program to achieve self-sufficiency in billets, TMK produced 2,150,000 tonnes of steel in 2006. The Company is continuing to successfully implement its strategic investment program. In 2006 two continuous casters of one million tonnes capacity each were put into operation at Seversky Pipe Plant and Taganrog Metallurgical Works. As a result of these measures, self-sufficiency in billets will reach 90% in 2007.
In 2007 TMK will also continue upgrading its high value-added, seamless pipe production capacities. The share of Premium tubular goods of the total shipment volume in 2006 accounted for approximately 23%.
Measures taken to upgrade production capacities during 2006 were performed on time and in accordance with the approved budgets. Currently, approximately 30% of the strategic investment program, which runs until 2010, has been financed.
TMK’s CEO Mr. Konstantin Semerikov said, “In 2006, TMK undertook large-scale works aimed at upgrading production and mastering new technologies, and simultaneously increased shipment volumes, particularly in the high value-added segment. We are confident that we have the capabilities and infrastructure in place for further successful development”.
--------------------------------------------------------------------------------
[1] Shipments are goods produced and shipped from the plants for the sale to third parties (excl. intra—group deliveries)
TMK PR Department, 22.01.07
na du einsamer reiter,bin seit einigen tagen bei TMK
an bord.mit pipelineproduzenten habe ich seit einigen
jahren nur die allerbesten erfahrungen gemacht
an bord.mit pipelineproduzenten habe ich seit einigen
jahren nur die allerbesten erfahrungen gemacht
Shareholders of ОАО TMK Approve Revised Management Board Regulations
MOSCOW (RNWire) – At an Extraordinary General Meeting of Shareholders (EGM), which took place in Moscow on January 17, 2007, the shareholders of ОАО TMK (LSE: TMKS; RTS: TRMKG) reviewed the proposed amendments to the Management Board Regulations of the Company.
The revised Management Board Regulations of ОАО TMK contain a supplementary phrase in paragraph four "Rights, obligations and responsibility of members of the Management Board" concerning a new obligation for members of the Management Board to inform the Board of Directors, the Audit Committee and the auditor of ОАО TMK in writing of their holdings in ОАО TMK securities as well as of the sale and (or) purchase of securities of ОАО TMK.
89.53% of shareholders took part in the meeting, and this decision was supported by 89.18% of votes cast.
"The results of the vote show that the overwhelming majority of shareholders support the drive at TMK for greater transparency and openness of management with regard to shareholders of the Company and measures to prevent the use of insider information in the trading of Company's shares", said OAO TMK's CEO Konstantin Semerikov.
MOSCOW (RNWire) – At an Extraordinary General Meeting of Shareholders (EGM), which took place in Moscow on January 17, 2007, the shareholders of ОАО TMK (LSE: TMKS; RTS: TRMKG) reviewed the proposed amendments to the Management Board Regulations of the Company.
The revised Management Board Regulations of ОАО TMK contain a supplementary phrase in paragraph four "Rights, obligations and responsibility of members of the Management Board" concerning a new obligation for members of the Management Board to inform the Board of Directors, the Audit Committee and the auditor of ОАО TMK in writing of their holdings in ОАО TMK securities as well as of the sale and (or) purchase of securities of ОАО TMK.
89.53% of shareholders took part in the meeting, and this decision was supported by 89.18% of votes cast.
"The results of the vote show that the overwhelming majority of shareholders support the drive at TMK for greater transparency and openness of management with regard to shareholders of the Company and measures to prevent the use of insider information in the trading of Company's shares", said OAO TMK's CEO Konstantin Semerikov.
30.01.2007
TMK and Corinth Pipeworks S.A. set up joint venture
Seversky Pipe Plant (SPP), part of TMK, and HUMBEL Limited, the 100% subsidiary of Corinth Pipeworks S.A., the largest pipe manufacturer in Greece, have registered a joint venture (JV) named ZAO “TMK-CPW” in Polevskoy town (Sverdlovsk region, Russia). SPP owns 51% of the shares in the JV, with HUMBEL owning the remaining 49%.
The JV involves the installation of high-performance pipe welding equipment presently owned by the Greek partners at a production site of SPP. This equipment is designed for the production of longitudinal welded pipes with a diameter of 168 to 530mm, wall thickness of 4.8 to 12.7mm, and lengths up to 18m with hollow sections complying with the international quality standards.
JV “TМК-СPW” is scheduled to start production in the second quarter of 2007 and is expected to reach sales of over 200,000 tonnes of pipes annually.
The JV will satisfy the growing needs of the largest Russian and CIS oil and gas companies for pipes used in the production and transportation of oil and gas, as well as the growing needs of the construction industry.
The creation of the JV is another strategic move for TMK towards ensuring a larger share of high value products in the Company’s product mix.
CPW’ s participation is part of its global strategy for presence in the major markets of technically sophisticated energy solutions.
TMK and Corinth Pipeworks S.A. set up joint venture
Seversky Pipe Plant (SPP), part of TMK, and HUMBEL Limited, the 100% subsidiary of Corinth Pipeworks S.A., the largest pipe manufacturer in Greece, have registered a joint venture (JV) named ZAO “TMK-CPW” in Polevskoy town (Sverdlovsk region, Russia). SPP owns 51% of the shares in the JV, with HUMBEL owning the remaining 49%.
The JV involves the installation of high-performance pipe welding equipment presently owned by the Greek partners at a production site of SPP. This equipment is designed for the production of longitudinal welded pipes with a diameter of 168 to 530mm, wall thickness of 4.8 to 12.7mm, and lengths up to 18m with hollow sections complying with the international quality standards.
JV “TМК-СPW” is scheduled to start production in the second quarter of 2007 and is expected to reach sales of over 200,000 tonnes of pipes annually.
The JV will satisfy the growing needs of the largest Russian and CIS oil and gas companies for pipes used in the production and transportation of oil and gas, as well as the growing needs of the construction industry.
The creation of the JV is another strategic move for TMK towards ensuring a larger share of high value products in the Company’s product mix.
CPW’ s participation is part of its global strategy for presence in the major markets of technically sophisticated energy solutions.
Antwort auf Beitrag Nr.: 27.438.917 von turanalem am 05.02.07 10:37:01da solltest du grüdlichkeitshalber auch die
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TMK Acquires Orsk Engineering Plant
MOSCOW (RNWire) – OAO TMK (LSE: TMKS; RTS: TRMKG) today announces the acquisition of all of the ordinary shares in OAO Orsk Engineering Plant (OMZ) located in Orsk, in the Orenburg Region. The shareholding represents 75% of the authorised capital stock of the company. The authority of the sole executive body of OAO OMZ has also been transferred to OAO TMK with effect from February 1, 2007.
OMZ specialises in the production of tool joints for drilling pipes, couplings for tubing pipes , hydraulic cylinders for mobile drilling machines and provides services for oil and gas companies including Surgutneftegaz, Rosneft and Gazpromneft. OMZ is the only company in Russia certified by the American Petroleum Institute to produce tool joints for drilling pipes in accordance with the international specification API Spec7.
"The purchase of Orsk Engineering Plant is in line with TMK 's stated objective of increasing the share of the oil and gas services in its sales. This will permit the Company to offer a comprehensive and integrated approach to satisfying customer needs," Konstantin Semerikov, OAO TMK's CEO, said.
"OMZ has been a long term supplier to TMK mills. We are therefore very well acquainted with its strengths and its acquisition will deliver synergy of production assets, facilitate growth of high technology products and will permit TMK to expand its presence in the oil and gas services market".
MOSCOW (RNWire) – OAO TMK (LSE: TMKS; RTS: TRMKG) today announces the acquisition of all of the ordinary shares in OAO Orsk Engineering Plant (OMZ) located in Orsk, in the Orenburg Region. The shareholding represents 75% of the authorised capital stock of the company. The authority of the sole executive body of OAO OMZ has also been transferred to OAO TMK with effect from February 1, 2007.
OMZ specialises in the production of tool joints for drilling pipes, couplings for tubing pipes , hydraulic cylinders for mobile drilling machines and provides services for oil and gas companies including Surgutneftegaz, Rosneft and Gazpromneft. OMZ is the only company in Russia certified by the American Petroleum Institute to produce tool joints for drilling pipes in accordance with the international specification API Spec7.
"The purchase of Orsk Engineering Plant is in line with TMK 's stated objective of increasing the share of the oil and gas services in its sales. This will permit the Company to offer a comprehensive and integrated approach to satisfying customer needs," Konstantin Semerikov, OAO TMK's CEO, said.
"OMZ has been a long term supplier to TMK mills. We are therefore very well acquainted with its strengths and its acquisition will deliver synergy of production assets, facilitate growth of high technology products and will permit TMK to expand its presence in the oil and gas services market".
07.02.2007
Moscow 10:55:03.Russia's largest pipe-maker TMK has signed an agreement on strategic partnership till 2015 with the SMS Group, a German manufacturer of metallurgical and pipe-rolling equipment. SMS Group will help TMK to modernize its facilities and provide technical maintenance to the company, the RBC Daily newspaper reported today. The two companies will form a joint venture to realize these plans. The strategic partnership foresees the coordination of joint activities in the field of developing and implementing technologies for producing steel and seamless pipes at TMK's plants.
TMK is currently carrying out a large-scale investment program to modernize its production facilities, with a total cost of $1.2bn and lasting till 2010.
RosBusinessConsulting
Moscow 10:55:03.Russia's largest pipe-maker TMK has signed an agreement on strategic partnership till 2015 with the SMS Group, a German manufacturer of metallurgical and pipe-rolling equipment. SMS Group will help TMK to modernize its facilities and provide technical maintenance to the company, the RBC Daily newspaper reported today. The two companies will form a joint venture to realize these plans. The strategic partnership foresees the coordination of joint activities in the field of developing and implementing technologies for producing steel and seamless pipes at TMK's plants.
TMK is currently carrying out a large-scale investment program to modernize its production facilities, with a total cost of $1.2bn and lasting till 2010.
RosBusinessConsulting
9.02.2007
TMK and MMK sign Strategic Cooperation Memorandum
OAO TMK (TMK), one of the world’s largest oil and gas pipe producers, and OAO Magnitogorsk Iron and Steel Works (MMK), one of Russia’s largest ferrous metal production companies, announced today that they have signed a strategic cooperation memorandum.
At the time of the signing, Dmitriy Pumpyanskiy, Chairman of the Board of Directors of TMK and Viktor Rashnikov, Chairman of the Board of Directors of MMK, expressed their satisfaction with the performance of recent collaborations. The companies also agreed to cooperate on future joint activities relating to the implementation of key technologies at MMK and TMK’s mills, the use of MMK products in the production of new types of pipes by TMK, and on future deliveries of broad sheets for large diameter pipes.
MMK is one of the main suppliers of flat rolled steel for pipe production at TMK’s mills. The companies are conducting a joint research and development program to create new products.
TMK PR Department, 09.02.07
TMK and MMK sign Strategic Cooperation Memorandum
OAO TMK (TMK), one of the world’s largest oil and gas pipe producers, and OAO Magnitogorsk Iron and Steel Works (MMK), one of Russia’s largest ferrous metal production companies, announced today that they have signed a strategic cooperation memorandum.
At the time of the signing, Dmitriy Pumpyanskiy, Chairman of the Board of Directors of TMK and Viktor Rashnikov, Chairman of the Board of Directors of MMK, expressed their satisfaction with the performance of recent collaborations. The companies also agreed to cooperate on future joint activities relating to the implementation of key technologies at MMK and TMK’s mills, the use of MMK products in the production of new types of pipes by TMK, and on future deliveries of broad sheets for large diameter pipes.
MMK is one of the main suppliers of flat rolled steel for pipe production at TMK’s mills. The companies are conducting a joint research and development program to create new products.
TMK PR Department, 09.02.07
Russischer Rohrproduzent TMK plant Modernisierungsschub
Der russische Rohrproduzent TMK (Trubnaja metallurgitscheskaja kompanija) gilt weltweit als zweitgrößter Produzent von Stahlrohren. 2007 wolle das Unternehmen in seine Projekte für die Modernisierung und Umrüstung der Produktion mehr als 500 Millionen US-Dollar investieren, teilte der Generaldirektor des Unternehmens, Konstantin Semerjakow, am Montag auf einem Hüttengipfeltreffen der GUS-Staaten mit.
TMK habe im vorigen Jahr 260 Millionen US-Dollar und im Jahr davor 116 Millionen US-Dollar in die Modernisierung investiert. Semerjakow bemerkte, es bestehe ein strategisches Investitionsprogramm des Unternehmens für den Zeitraum bis 2010. Die Gesamtsumme dieses Programms betrage 1,3 Milliarden US-Dollar. Das Geld soll hauptsächlich für die Modernisierung und den Ausbau der Produktion von nahtlosen Rohren (60 Prozent des Investitionsprogramms) und für die grundsätzliche Neuausrüstung der Stahlgusskapazitäten (37 Prozent) ausgegeben werden.
„Strategisch wird hauptsächlich auf die Entwicklung der Produktion von nahtlosen Rohren gesetzt. Die Hauptabnehmer dieses Produktes sind die Betriebe des Brennstoff-Energie-Komplexes“, sagte er.
Zu den Finanzergebnissen von TMK teilte Semerjakow mit, dass sein Unternehmen für 2006 eine Zunahme des konsolidierten Erlöses um 1,7 Prozent auf 3,3 Milliarden US-Dollar erwarte.
Im vergangenen Jahr sei eine primäre Platzierung von TMK-Aktien (23 Prozent) an der Londoner Effektenbörse und an der Russischen RTS-Börse durchgeführt worden. Semerjakow zufolge ermöglichte das, die Kapitalisierung des Unternehmens um 50 Prozent, auf mehr als 8 Milliarden US-Dollar (Stand Februar 2007) zu steigern.
Die Offene Aktiengesellschaft TMK ist weltweit das drittgrößte Unternehmen, das nahtlose Rohre für den Brennstoff-Energie-Komplex produziert. Es ist der größte russische Produzent von Rohren (sein geschätzter Anteil am russischen Gesamtausstoß an Stahlrohren beträgt 42 Prozent). [ RIA Novosti / russland.RU ]
Der russische Rohrproduzent TMK (Trubnaja metallurgitscheskaja kompanija) gilt weltweit als zweitgrößter Produzent von Stahlrohren. 2007 wolle das Unternehmen in seine Projekte für die Modernisierung und Umrüstung der Produktion mehr als 500 Millionen US-Dollar investieren, teilte der Generaldirektor des Unternehmens, Konstantin Semerjakow, am Montag auf einem Hüttengipfeltreffen der GUS-Staaten mit.
TMK habe im vorigen Jahr 260 Millionen US-Dollar und im Jahr davor 116 Millionen US-Dollar in die Modernisierung investiert. Semerjakow bemerkte, es bestehe ein strategisches Investitionsprogramm des Unternehmens für den Zeitraum bis 2010. Die Gesamtsumme dieses Programms betrage 1,3 Milliarden US-Dollar. Das Geld soll hauptsächlich für die Modernisierung und den Ausbau der Produktion von nahtlosen Rohren (60 Prozent des Investitionsprogramms) und für die grundsätzliche Neuausrüstung der Stahlgusskapazitäten (37 Prozent) ausgegeben werden.
„Strategisch wird hauptsächlich auf die Entwicklung der Produktion von nahtlosen Rohren gesetzt. Die Hauptabnehmer dieses Produktes sind die Betriebe des Brennstoff-Energie-Komplexes“, sagte er.
Zu den Finanzergebnissen von TMK teilte Semerjakow mit, dass sein Unternehmen für 2006 eine Zunahme des konsolidierten Erlöses um 1,7 Prozent auf 3,3 Milliarden US-Dollar erwarte.
Im vergangenen Jahr sei eine primäre Platzierung von TMK-Aktien (23 Prozent) an der Londoner Effektenbörse und an der Russischen RTS-Börse durchgeführt worden. Semerjakow zufolge ermöglichte das, die Kapitalisierung des Unternehmens um 50 Prozent, auf mehr als 8 Milliarden US-Dollar (Stand Februar 2007) zu steigern.
Die Offene Aktiengesellschaft TMK ist weltweit das drittgrößte Unternehmen, das nahtlose Rohre für den Brennstoff-Energie-Komplex produziert. Es ist der größte russische Produzent von Rohren (sein geschätzter Anteil am russischen Gesamtausstoß an Stahlrohren beträgt 42 Prozent). [ RIA Novosti / russland.RU ]
9.02.2007
TMK’s Board calls EGM to seek Shareholder approval of Option Program
On January 23rd 2007 OAO TMK’s Board of Directors resolved to convene an Extraordinary General Meeting of Shareholders in the form of a postal vote to approve the TMK Option Program.
TMK’s Option Program provides for the possible purchase of shares by members of the Board of Directors and top managers of the Company of up to 1.1% of the total amount of ordinary shares in TMK within 3 years.
The Extraordinary General Meeting of Shareholders of the Company will be held on March 2nd 2007.
A copy of the Notice to shareholders has been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority’s Document Viewing Facility, which is situated at:
The Financial Services Authority
35 The North Colonnade
Canary Wharf
London
E14 5HS
Press Releases
TMK’s Board calls EGM to seek Shareholder approval of Option Program
On January 23rd 2007 OAO TMK’s Board of Directors resolved to convene an Extraordinary General Meeting of Shareholders in the form of a postal vote to approve the TMK Option Program.
TMK’s Option Program provides for the possible purchase of shares by members of the Board of Directors and top managers of the Company of up to 1.1% of the total amount of ordinary shares in TMK within 3 years.
The Extraordinary General Meeting of Shareholders of the Company will be held on March 2nd 2007.
A copy of the Notice to shareholders has been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority’s Document Viewing Facility, which is situated at:
The Financial Services Authority
35 The North Colonnade
Canary Wharf
London
E14 5HS
Press Releases
26.02.2007
Continuous Billet Casting Machine Installed at TMK-Resita
A new continuous billet casting machine has been installed at TMK-Resita metallurgical works, a subsidiary of OAO TMK located in Resita, Romania. In attendance at a ceremony marking the launch of the machine were Dmitriy Pumpyanskiy, Chairman of the Board of Directors of OAO TMK, Konstantin Semerikov, CEO of OAO TMK, Ioan Romulus, Executive General Director of TMK-Resita, and Adrian Popescu, President of TMK-ARTROM.
The annual production capacity of the new machine is 450,000 metric tons of high quality continuously cast billets . The machine is designed to produce 340 x 260mm bloom and round billets with cross sections of 250 and 280mm. In the second half of 2007 , it is intended that the machine will be used to produce round billets with a cross section of 180mm.
TMK-Resita was acquired by TMK in March 2006 together with TMK-ARTROM pipe plant. A single production complex comprising the production of steel, billets and seamless pipes for the European market was created from the union of the two businesses . TMK-Resita’s annual production capacity at the beginning of 2007 was 380,000 metric tons of liquid steel and 350,000 metric tons of billets .
Press Releases
Continuous Billet Casting Machine Installed at TMK-Resita
A new continuous billet casting machine has been installed at TMK-Resita metallurgical works, a subsidiary of OAO TMK located in Resita, Romania. In attendance at a ceremony marking the launch of the machine were Dmitriy Pumpyanskiy, Chairman of the Board of Directors of OAO TMK, Konstantin Semerikov, CEO of OAO TMK, Ioan Romulus, Executive General Director of TMK-Resita, and Adrian Popescu, President of TMK-ARTROM.
The annual production capacity of the new machine is 450,000 metric tons of high quality continuously cast billets . The machine is designed to produce 340 x 260mm bloom and round billets with cross sections of 250 and 280mm. In the second half of 2007 , it is intended that the machine will be used to produce round billets with a cross section of 180mm.
TMK-Resita was acquired by TMK in March 2006 together with TMK-ARTROM pipe plant. A single production complex comprising the production of steel, billets and seamless pipes for the European market was created from the union of the two businesses . TMK-Resita’s annual production capacity at the beginning of 2007 was 380,000 metric tons of liquid steel and 350,000 metric tons of billets .
Press Releases
Antwort auf Beitrag Nr.: 25.081.151 von turanalem am 02.11.06 14:24:5527.02.2007
OAO TMK Trading Update
OAO TMK (“TMK” or “the Company”), one of the world’s largest oil and gas pipe producers, and the market leader of the Russian pipe industry, today provides the following trading update in advance of the publication of its preliminary results for the year ended 31st December 2006, which will be announced in May 2007. Overall trading for 2006 has been in line with expectations and revenues are expected to be approximately 3.3 billion USD. During 2006 the Company has experienced a material improvement in margins. In accordance with management expectations, the EBITDA margin for the full year, whilst not quite reflecting the same as for the first half of 2006, will represent a substantial increase in margin over the full year 2005. As previously stated, in 2006 TMK’s plants shipped more than 3 million tonnes of tubular goods, representing around a 3% increase over 2005. Within that figure, OCTG shipment volumes (products with higher added value) increased by over 16%. This growth was achieved at existing production facilities while the strategic investment program, which will add more than 1.1 million tonnes of seamless capacity by 2010, was being implemented.
Volumes of the pipes shipped by TMK’s plants in 2006
( K, tonnes ).........2006.....2005...Variance , %
Seamless pipes....1 944....1 877......+3.6%
incl. OCTG.............955........818........+16.7%
Welded pipes.......1 074.....1 047 ....+2.6%
Total, pipes..........3 018.....2 924.....+3.2%
In 2006 there was a strong demand for TMK’s products from both Russian and foreign customers, and the Company does not expect the market environment to deteriorate in the near future.
In 2006 TMK increased its share of sales outside Russia. While the overall growth of shipment volumes in 2006 was over 3%, shipments outside Russia increased by more than 8%. The region where shipment volumes grew most was the United States, where the increase was more than 90%. Shipments to the Middle East and Gulf States increased by approximately 7%.
The largest customers for TMK’s seamless pipes in the Russian market were Surgetneftegas, TNK-BP, Lukoil, Gazprom and Tatneft. These companies account for 28.6% of the total seamless pipes shipment volumes.
The main customer for TMK’s welded pipes is Gazprom which accounts for 25% of the total welded pipe shipment volumes.
In 2006 TMK managed to secure higher prices for its products against aggregated world prices. TMK’s prices for OCTG increased by between 15-20% during 2006, substantially ahead of the world price trend. Seamless line pipe prices grew by about 20% in the Russian market, and prices for industrial seamless pipes grew by between 15-20%.
Growth in electric resistance welded (ERW) average and small diameter industrial pipe prices, which was a reflection of the growth of investment into infrastructure projects and of the construction boom in Russia, increased by between 25-30% during the year. Despite some decrease in the overall profitability shown in the EBITDA, which was the result of an increased percentage of these pipes in the total shipment volumes, absolute EBITDA for these pipes rose, which contributed to the absolute growth of the EBITDA as a whole.
In 2006 there was a considerable increase in the price of scrap. Prices in the Russian market increased by between 25-30% which affected the increase in production costs in the second half of 2006. The Company believes that the price increase in 2006 closed the gap between Russian and export prices for scrap and it does not expect any significant price increase in 2007 and beyond.
Rises in prices for other raw materials (strips, pig iron and purchased billets) were not more than 15% in 2006. TMK has balanced the rise in the price of raw materials by increasing its prices for tubular goods.
The Company expects that the impact of fundamental indicators defining the demand for tubular goods will continue in 2007 and that prices for iron raw materials will stabilise close to the existing levels. The Company believes that the expected rise in prices for gas and electricity will not render any significant impact on TMK’s indicators, as the costs of these, within the Company’s overall production costs is not significant.
More than 300 million USD was invested in 2006 within the framework of the strategic investment program, with all the projects being implemented on time and within budget. Approximately 30% of the strategic investment program, which runs until 2010, has been financed to date.
In 2006 two continuous casting machines of one million tonnes capacity each were launched at Seversky Pipe Plant and Taganrog Metallurgical Works. TMK is also continuing to upgrade its high value-added, seamless pipe production capacity.
TMK PR Department, 27.02.07
OAO TMK Trading Update
OAO TMK (“TMK” or “the Company”), one of the world’s largest oil and gas pipe producers, and the market leader of the Russian pipe industry, today provides the following trading update in advance of the publication of its preliminary results for the year ended 31st December 2006, which will be announced in May 2007. Overall trading for 2006 has been in line with expectations and revenues are expected to be approximately 3.3 billion USD. During 2006 the Company has experienced a material improvement in margins. In accordance with management expectations, the EBITDA margin for the full year, whilst not quite reflecting the same as for the first half of 2006, will represent a substantial increase in margin over the full year 2005. As previously stated, in 2006 TMK’s plants shipped more than 3 million tonnes of tubular goods, representing around a 3% increase over 2005. Within that figure, OCTG shipment volumes (products with higher added value) increased by over 16%. This growth was achieved at existing production facilities while the strategic investment program, which will add more than 1.1 million tonnes of seamless capacity by 2010, was being implemented.
Volumes of the pipes shipped by TMK’s plants in 2006
( K, tonnes ).........2006.....2005...Variance , %
Seamless pipes....1 944....1 877......+3.6%
incl. OCTG.............955........818........+16.7%
Welded pipes.......1 074.....1 047 ....+2.6%
Total, pipes..........3 018.....2 924.....+3.2%
In 2006 there was a strong demand for TMK’s products from both Russian and foreign customers, and the Company does not expect the market environment to deteriorate in the near future.
In 2006 TMK increased its share of sales outside Russia. While the overall growth of shipment volumes in 2006 was over 3%, shipments outside Russia increased by more than 8%. The region where shipment volumes grew most was the United States, where the increase was more than 90%. Shipments to the Middle East and Gulf States increased by approximately 7%.
The largest customers for TMK’s seamless pipes in the Russian market were Surgetneftegas, TNK-BP, Lukoil, Gazprom and Tatneft. These companies account for 28.6% of the total seamless pipes shipment volumes.
The main customer for TMK’s welded pipes is Gazprom which accounts for 25% of the total welded pipe shipment volumes.
In 2006 TMK managed to secure higher prices for its products against aggregated world prices. TMK’s prices for OCTG increased by between 15-20% during 2006, substantially ahead of the world price trend. Seamless line pipe prices grew by about 20% in the Russian market, and prices for industrial seamless pipes grew by between 15-20%.
Growth in electric resistance welded (ERW) average and small diameter industrial pipe prices, which was a reflection of the growth of investment into infrastructure projects and of the construction boom in Russia, increased by between 25-30% during the year. Despite some decrease in the overall profitability shown in the EBITDA, which was the result of an increased percentage of these pipes in the total shipment volumes, absolute EBITDA for these pipes rose, which contributed to the absolute growth of the EBITDA as a whole.
In 2006 there was a considerable increase in the price of scrap. Prices in the Russian market increased by between 25-30% which affected the increase in production costs in the second half of 2006. The Company believes that the price increase in 2006 closed the gap between Russian and export prices for scrap and it does not expect any significant price increase in 2007 and beyond.
Rises in prices for other raw materials (strips, pig iron and purchased billets) were not more than 15% in 2006. TMK has balanced the rise in the price of raw materials by increasing its prices for tubular goods.
The Company expects that the impact of fundamental indicators defining the demand for tubular goods will continue in 2007 and that prices for iron raw materials will stabilise close to the existing levels. The Company believes that the expected rise in prices for gas and electricity will not render any significant impact on TMK’s indicators, as the costs of these, within the Company’s overall production costs is not significant.
More than 300 million USD was invested in 2006 within the framework of the strategic investment program, with all the projects being implemented on time and within budget. Approximately 30% of the strategic investment program, which runs until 2010, has been financed to date.
In 2006 two continuous casting machines of one million tonnes capacity each were launched at Seversky Pipe Plant and Taganrog Metallurgical Works. TMK is also continuing to upgrade its high value-added, seamless pipe production capacity.
TMK PR Department, 27.02.07
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