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Tmk Closes Deal on Ipsco Pipe Business in U.S.

June 14, 2008

MOSCOW. June 14 (Interfax) – The Pipe Metallurgical Company (TMK) together with Evraz Group had closed the deal of buying IPSCO pipe plants from SSAB Svenskt Stal AB.

A TMK press release says that company bought 100% in IPSCO Tubulars Inc. and 51% of NS Group located in the United States for approximately $1.25 billion.

TMK and Evraz also agreed on an option for the remaining 49% in NS Group, which can be carried out a price of about $500 million.

As a result of the deal TMK acquired 10 production facilities in seven states with a combined annual capacity of over 1 million tonnes of pipes.

(c) 2008 Daily News Bulletin; Moscow – English. Provided by ProQuest Information and Learning. All rights Reserved.




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