ENERGY Inventories and imports are clogging the OCTG pipeline
Jul 01, 2007 | 06:54 AM
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Revenue from oil country tubular goods (OCTG) has been down for some U.S. companies, although many producers expect the situation to improve as high customer inventories decline.
Operating earnings from tubular products at Pittsburgh-based U.S. Steel Corp. fell 42.4 percent from $177 million in the same period last year.
"Despite the U.S. rig count at near-record levels and good end-user demand, high inventory levels have dampened demand from our oil country distributors," John P. Surma, U.S. Steel's chairman, president and chief executive officer, said during a conference on the company's first-quarter results. "We have reduced our OCTG production and shipments to ensure our operations maintain balance with our order book."....
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