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TMK aims to be world No1 pipemaker with Ipsco acquisition
CARACAS
Petroleumworld.com, April 15, 2008
Russia's Tube Metallurgical Co (TMK) reckons it will become the world's largest pipe producer after completing the acquisition of Ipsco's operations in the USA. said the company in a press release.As a result of its strategic investment programme, including the acquisition of the US pipe assets of Ipsco, TMK will have a production capacity of over 7m tonnes/year by 2010-2011.
Considering the publicly available information regarding expansion plans of other companies, this will make TMK world's largest pipe producer.
TMK's investment programme will add 1.3m tonnes/year of production capacities at its plants in Russia and Romania by 2010-2011, TMK says. In 2007 TMK produced 3m tonnes of pipes, which it exported to more than 60 countries.
TMK says the acquisition of Ipsco also gives it added flexibility as far as sales are concerned. "Having acquired assets with surplus billet production, we have a choice of either increasing production of seamless pipes, or selling the unrequired billet in the free market," TMK says.
Story from PETROLEUMWORLD
Petroleumworld 14 04 08
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