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
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead
