Scrap processing company TMK Chermet, a subsidiary of Russia-based investment company Sinara Group, has announced that it shipped two million mt of scrap to its key customers in 2017, achieving its annual plan.
Scrap shipments of TMK Chermet's subsidiaries in the given year amounted to 835,000 mt, accounting for 40 percent of the total volume.
Fagim Valeyev, TMK Chermet’s CEO, stated that increasing its own scrap production is the business strategy of the company. Accordingly, in 2017 TMK Chermet’s investments amounted to more than RUB 100 million.
Last year, Russia-based steel pipe producer TMK announced the sale of TMK Chermet to Sinara Group for a consideration of RUB 6.2 billion, as part of its non-core asset disposal effort to reduce debt.