Ukrainian steel pipe and railway wheel producer Interpipe has announced its financial results for the second quarter and the first half this year.
In the second quarter this year, Interpipe’s total sales revenues rose by 29 percent compared to the first quarter to $260 million, while its EBITDA was $71 million, up by 75 percent quarter on quarter.
In the first half, the company’s total sales revenues totaled $460 million, down by two percent year on year, while its EBITDA declined by 25 percent year on year to $111 million. Despite a 31 percent year-on-year growth in the pipe segment revenue, the embargo on imports of Ukrainian railway products imposed in Russia in February this year caused a 40 percent drop in Interpipe’s railway product segment revenues.
The company invested over $13 million in the new pipe heat treatment project at Niko Tube in the first half this year.
“In the second quarter this year, Interpipe exhibited a strong performance amid the company’s vertical integration in scrap collection and its own steel billet production as the steelmaking segment contribution overarched. We successfully expanded our seamless pipe sales by 54 percent quarter on quarter in the second quarter and by 16 percent year on year for the first six months this year,” Fadi Hraibi, CEO at Interpipe, stated, commenting on the results.