RUSSIA’S Trubnaya Metallurgicheskaya Kompaniya (TMK), one of the world’s biggest pipe producers, is deciding whether to place its shares on a western stock market, the company said recently, noting that it was technically prepared to do this.
With an annual capacity of 2.5 million tons of various pipes, and controlling almost 10% of the global market in industrial pipes, TMK is considering listing up to 20% of its stock in London in late 2005 or early 2006 in a float that could bring it $300 million.
The company plans to raise exports to become the global leader in the pipe industry; it already has good revenue from domestic oil companies, who's need for industrial pipelines is growing. "Exploration of new oilfields will lead to higher demand for high-tech., value-added, industrial pipes among producers," TMK's executive director Konstantin Semerikov said, adding that TMK planned to invest $1 billion in various expansion projects by 2010.
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