Russia-based TMK, one of the world's leading oil and gas steel pipe producers, has announced that, as part of its non-core asset disposal effort to reduce debt, it has sold its scrap processing subsidiary TMK CHERMET for RUB 6.2 billion ($104.75 million).
TMK stated that the sale deal will not affect its vertical supply chain and it will continue to receive scrap on competitive market conditions. In addition, in November last year TMK signed a long-term contract for the supply of hot briquetted iron (HBI) from Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest to further diversify feedstock sources and reduce its reliance on scrap.