Russia's largest oil and gas
pipe producer
TMK has announced that in 2010 its revenue went up by 61 percent year on year to $5.58 billion, with its net profit increasing to $104 million from a net loss of $324 million in 2009, due to the strong recovery in demand across all key markets, higher output and pricing improvement.
TMK's adjusted EBITDA almost tripled in 2010 to $942 million.
Accordingly, in 2010,
TMK's total steel
pipe sales volume increased by 43 percent year on year to 3.962 million mt, including 2.119 million mt of seamless steel pipes.
TMK's Russian division increased its sales by 30 percent year on year to 2.99 million mt, its American division sales volumes amounted to 804,000 mt, a 125 percent increase over 2009, while its European division saw a 48 percent year-on-year rise in its sales to 169,000 mt.
Specifically, in 2010,
TMK's OCTG sales volumes increased by 43 percent to 1.478 million mt, driven by recovery in drilling activity in both
Russia and the
US, its line steel
pipe sales volumes grew by 52 percent to 761,000 mt on the back of strong demand from Russian and the
US oil and gas companies, while its large diameter (LD) steel
pipe sales volume more than doubled over 2009 and came in at 700,000 mt, driven by the ongoing construction of major pipeline projects in
Russia.
In 2011,
TMK expects demand for
pipe products to remain strong driven by high oil prices and continuing economic recovery.
"The
consumption of large diameter pipes in
Russia reached record levels in 2010 and is expected to hold up in 2011, driven by the construction of the major pipeline projects of Gazprom and Transnef, such as Ukhta-Torzhok, Pochinki-Gryazovets and others," reads
TMK's statement
In 2011,
TMK's Russian division plans to increase OCTG and line
pipe shipments by around seven percent, while LD shipments are expected to exceed 700,000 mt. In addition, in 2011
TMK's North American division
TMK IPSCO expects to increase product shipments by around 10 percent. Healthy shipment volumes should allow
TMK to "sustain profits compared to the second half of 2010."