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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
