TMK and Corinth Pipeworks S.A set up JV

The Russian Tube Metallurgical Company (TMK) and the largest producer of steel pipes in Greece - Corinth Pipeworks S.A (CPW) - have announced that one of TMK's plants - Seversky Tube Works (STW) - and CPW have agreed to set up a joint venture (JV). As a part of the project, CPW will install high-performance pipe welding equipment at the premises of STW. According to the agreement, a 51 percent stake in the new company, which will be called TMK-CPW, will be held by STW, while the remaining 49 percent will be owned by Corinth Pipeworks S.A. TMK-CPW will specialize in the production of ERW pipes and of hollow sections, complying with international quality standards. The annual production capacity of the new JV will be up to 300,000 metric tons of pipes. TMK-CPW is planning to start production in the second quarter of 2007.