TMK Group, one of the largest manufacturers of pipe steel grades for the oil, gas and civil engineering industry in
Russia, has stated that expenditure within the scope of the investment program of its subsidiary Taganrog Metallurgical Works (Tagmet) will total RUB 2.427 billion ($67.13 million) in the current year, down 13 percent compared to 2013. The main reason for the reduction is the completion of the main work and the launch of the arc steel smelting furnace. This year investment will be aimed at the OCTG segment, the provision of stable operation of production departments and execution of the demands of supervisory bodies.