Russia's largest oil and gas pipe producer TMK plans to complete within this year its investment program worth approximately $200 million for the modernization of its North American pipe division, TMK's board chairman Dmitry Pumpyansky stated during the Russian-American business summit held in Moscow on July 7.
According to Mr. Pumpyansky, production of TMK's US-based pipe division TMK IPSCO amounts nowadays to 30 percent of the US output of steel pipes for the oil and gas industry. Considering money spent on asset acquisition, by 2010 TMK's investments in the US economy will amount to about $2 billion, the TMK chairman stated.
TMK IPSCO includes ten production sites in seven North American states, having a combined pipe production capacity of over one million mt, including about 300,000 mt of seamless pipes, and also an in-house steelmaking capacity of 450,000 mt of billets per year. In addition to pipe rolling and billet capacity, TMK IPSCO's assets boast 450,000 mt of annual heat treatment capacity, about 750,000 mt of threading capacity and up to 240,000 mt of premium connection joint capacity.