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TMK, Russia''s largest maker of steel pipes, reported its total shipments in the first nine months of 2014 fell 1.3 percent, year-on-year, to 3.2 million tonnes, mainly due to lower demand for large-diameter pipes and industrial pipes.
TMK, controlled by businessman Dmitry Pumpyansky, also said the Russian pipe market would likely grow in the remaining three months of the year "driven by an increase expected in horizontal drilling and development of oil and gas fields, as well as by the start of the new procurement season".
TMK and competing Russian steel pipe producers are planning to capitalise on Russia''s plans to build gas pipelines to Europe circumventing Ukraine and to China. Those projects could be worth a combined $60 billion to the sector.
TMK said it expected stronger financial performance in the fourth quarter thanks to higher demand for the steel pipes used in trunk oil and gas pipelines.
"The implementation of major pipeline projects in Russia will enable the company to increase shipments and improve product mix in the welded pipe segment, especially large diameter pipes," TMK said in a statement.
During the first nine months of 2014, welded pipe shipments dropped by 5.9 percent year-on-year to 1.3 million tonnes due to weaker demand for large-diameter pipes and industrial pipes, the company said.
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