Russian pipe market could grow 7%-10% in 2011 - TMK
CHELYABINSK. Feb 8 (Interfax) - Russia's steel pipe market could grow 7%-10% in 2011, Alexander Shiryayev, the general director of TMK , one of Russia's biggest pipe producers, told reporters.
"The [pipe] market grew rapidly in 2010. We forecast it will grow a little more slowly in 2011, by 7%-10%," Shiryayev said.
He said the market growth this year would be driven "mainly by the development of hydrocarbon transportation projects."
He also said that due to the expected growth on the pipe market, TMK was planning a "substantial increase" in production volumes compared with 2010, when it sold just under 4 million tonnes of pipe.
This year's investment budget is similar to last year's, with funds earmarked to finish building the electric furnace at the Taganrog plant, to begin building a new mill at the Seversky works, among other projects.
TMK plans to unveil its consolidated financial results for the year a month earlier this time, at the end of March.
TMK boosted pipe shipments 42% last year to 3.969 million tonnes sand said it might raise the shipments 7%-10% this year if prevailing market trends persist.
TMK production facilities are located in Russia, the United States, Romania and Kazakhstan. The Russia-based enterprises include Seversky Tube Works , Sinara Pipe Works , Volzhsky Pipe Works (VTZ) and the Taganrog metallurgical Plant (Tagmet).
Dmitry Pumpyansky, the board chairman, is the company's main beneficiary. The free float is 23%.
