EBITDA of TMK's American segment fell 58.6% in 9M, operating profit 87.5%
MOSCOW. Nov 20 (Interfax) - The adjusted EBITDA of the American division of TMK fell 58.6% in 9M, from $120.47 million to $49.823 million, according to TMK's report under International Financial Reporting Standards (IFRS).
Operating profit fell 87.5%, from $74.815 million to $9.376 million.
Gross profit came to $63.9 million, compared with $140.5 million a year earlier.
"In North America, the market situation is most likely to remain challenging due to oil, gas and steel price volatility, a slowdown in drilling activity and operators focusing on capital discipline - all of which resulting in lower pipe demand and pressure on prices," TMK said in a press release.