TMK Americas reports slide in 1st-qtr. earnings on weak pricing
May 31, 2013 | 12:21 PM
| Stacy Irish
NEW YORK The Americas division of Russian tube and pipe producer OAO TMK reported a 78-percent drop year over year in first-quarter 2013 earnings to $20 million, according to financial results released May 30.
Revenue came to $369 million in the three months ended March 31, an increase of 5 percent quarter on quarter primarily due to higher sales volumes of welded oil country tubular goods (OCTG) that were offset by lower prices for welded pipe. However, year over year, sales were down 16 percent due to....
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