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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