January 19, 2018 / 9:30 AM / 10 months ago

Russian pipe maker TMK says 2017 output up 10.6 pct

MOSCOW, Jan 19 (Reuters) - TMK, Russia’s largest maker of steel pipes for the oil and gas industry, said on Friday its 2017 shipments of steel pipes totalled 3.8 million tonnes, up 10.6 percent compared to the previous year, due to a market recovery in North America.

The company, controlled by businessman Dmitry Pumpyansky, said seasonally weak demand drove down its shipments of tubular products by 2.8 percent to 985,000 tonnes in the last quarter of 2017 compared to the previous quarter.

TMK said it expected strong demand for its tubular products to continue in 2018, supported by increased drilling and higher oil prices in Russia. (Writing by Polina Ivanova; Editing by Jack Stubbs and Alexander Smith)

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