Imports, natural gas could hurt Americas: TMK
Sep 04, 2012 | 04:29 PM
| Michael Cowden
Tags
TMK,
earnings,
oil,
natural gas,
imports,
OCTG,
line pipe,
welded
seamless
CHICAGO — Pipe imports from South Korea and low natural gas prices could hurt OAO TMK’s Americas operations, the company has warned.
"While the company feels positive about the long-term U.S. market outlook, the second half (of 2012) is more uncertain," the Moscow-based steel tube and pipe maker said in an outlook released with its earnings data. "Both distributors and customers are closely managing inventory, which will lead to pressure on volumes and on pricing in the third quarter."
The parent company of Downers Grove, Ill.-based TMK Ipsco posted second-quarter net income of $76 million, down 27 percent from $105 million in the first three months of the year despite a 7-percent increase in revenue to $1.78 billion from $1.66 billion. First-half net income of $182 million was down 29 percent from $258 million a year earlier on a 3-percent decline in revenue to $3.44 billion from $3.55 billion.....
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