TMK and Corinth Pipeworks S.A. form JV

Seversky Tube Works (Seversky) - a subsidiary of the Russian pipe producer TMK Group - and HUMBEL Limited – a daughter company of largest Greek pipe producer Corinth Pipeworks S.A. – have set up a joint venture company called TMK-CPW in the Sverdlovsk region of the Russian Federation. TMK-CPW is scheduled to start operations in the second quarter of 2007. The JV company will specialize in the production of electro-welded pipes of 168-530 mm diameter. The estimated production capacity will total 200,000 metric tons a year.