TMK posts first qtr. loss as steel coil costs rise
May 23, 2014 | 05:51 PM
| Michael Cowden
CHICAGO OAO TMK swung to a loss in the first quarter due to higher steel coil costs and lower pipe and tube prices, but the company expects better results for the full year due in part to forecasts for improved drilling activity in the United States.
Moscow-based TMK, the parent of Houston-based TMK Ipsco, logged a net loss of $16 million for the three months ended March 31 in contrast to net income of $85 million in the year-ago quarter, on revenue that slipped 15 percent to $1.47 billion from $1.73 billion.....
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