It’s reported that the Russian steel pipe producer TMK’s net profits dropped by 13% from a quarter ago to US$35 million in the third quarter of this year, according to the international financial reporting standards (IFRS). Meanwhile, TMK’s sales revenues totaled US$1.487 million in the given period of time, falling by 10% from the previous quarter, caused by lower sales of seamless steel pipes in its Russian division and weak currency. In addition, TMK’s adjusted EBITDA fell by 27% from a quarter ago to US$182 million. The adjusted EBITDA margin decreased to 12% in the third quarter from 15% in the second quarter.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=67412&division=A6
