In the Q3, revenue of the European division declined by 22% to USD 75 million compared to the prior quarter due to lower sales and pricing of seamless pipe as a result of challenging macroeconomic conditions that persist in the European Union. Adjusted EBITDA fell by 40% to USD 10 million due to the above mentioned reasons.
For the first 9 months of 2012, revenue of the European division decreased by 14% to USD 257 million primarily due to the unfavorable currency translation effect while sales of seamless industrial pipe remained almost flat. Adjusted EBITDA declined by 20% to USD 43 million.
Source:
http://www.steelguru.com/russian_news/TMK_updates_on_revenue_of_Europe_division/293962.html
