One of the largest Russian pipe producers, Chelyabinsk Tube-Rolling Plant (ChTPZ), has announced that in 2010 it registered a 52 percent year-on-year rise in its revenue to Ruble 85.4 million ($3.04 million), a 264 percent year-on-year increase in its EBITDA to Ruble 17.63 million ($627,000), while its net profit amounted to Ruble 4.724 million ($168,000), compared to a Ruble 4.45 million ($158,000) loss in 2009.
Accordingly, the increases in ChTPZ's financial performance in 2010 are primarily a result of the recovery in demand for pipe products from oil and gas companies as well as from the construction and power generation sectors, and are also due to the improvement in average steel pipe prices.
"2011 is proving strong with ramped-up new facilities and service platforms which are in line with our strategy of becoming an integrated solutions provider to the Russian energy sector," ChTPZ's chairman and CFO Sergei Moiseyev said.