TMK Americas squeezed by lower prices

Nov 27, 2012 | 03:13 PM | Michael Cowden

Tags  OAO TMK, TMK Ipsco, quarterly earnings, energy tubulars, OCTG, drill rig count, Baker Hughes, Michael Cowden

CHICAGO — OAO TMK’s Americas operations were squeezed in the third quarter by lower prices and "softening market conditions" as a decline in drilling activity and import pressure took a bite out of profits.

The Moscow-based parent of steel tube and pipe maker TMK Ipsco, Downers Grove, Ill., said in remarks released with earnings data Tuesday that it expected a challenging fourth quarter in the region, given a lower drill rig count, continued high levels of imports and customer efforts to manage inventories.....

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