Russia's TMK prepares IPO for US division
The pipeline maker is seeking to capitalise on a profit recovery in its North American operations, driven by the upturn in the shale sector
TMK, the world's second-largest maker of steel pipes for the oil and gas industry, is considering an initial public offering (IPO) of its US division of its assets. Russian billionaire Dmitry Pumpyansky, who controls TMK, told investors at a capital markets day in London in late October that he isn't ruling out a listing or a sale, as the company continues to deleverage. The US unit, TMK IPSCO, began contributing to earnings before interest, tax, depreciation and amortisation (Ebitda) in the first quarter of this year after seven quarters in the red, helped by a strong recovery in shale drilling in North America. The US division, which saw its earnings double in the second quarter, is helpin
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
