June 14, 2008
Tmk Closes Deal on Ipsco Pipe Business in U.S.
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.
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