The following contains forward-looking statements concerning
future events. These forward-looking statements are based on
current information and assumptions of TMK management
concerning known and unknown risks and uncertainties.
TMK, one of the world’s leading producers of tubular
products for the oil and gas industry (the “Group’),
announces its operational results for the second quarter and
first half of 2020.
The Group’s results include the operational results of the
Russian and European divisions represented by production
assets located in Russia, Romania and Kazakhstan.
For comparison purposes, the Group’s operational results are
presented net of the operational results of the American
division (on January 2, 2020, TMK closed the sale of 100% of
IPSCO Tubulars Inc.).
2Q and 1H 2020 Summary Results
(thousand tonnes) |
2Q 2020 |
1Q 2020 |
Change |
1H 2020 |
1H 2019 |
Change |
Seamless pipe |
533 |
505 |
6% |
1,038 |
1,125 |
-8% |
Welded pipe |
133 |
222 |
-40% |
355 |
481 |
-26% |
Total |
666 |
727 |
-8% |
1,393 |
1,605 |
-13% |
2Q 2020 vs. 1Q 2020
- Total pipe shipments declined by 8% quarter-on-quarter,
driven by a decrease in welded pipe shipments at the Russian
division.
- Seamless pipe shipments increased by 6%
quarter-on-quarter, reflecting higher shipments of seamless
OCTG pipe (up 8% quarter-on-quarter) at the Russian division
and growth in shipments of seamless industrial pipe at both
the Russian and European divisions.
- Welded pipe shipments were down 40% quarter-on-quarter,
due to lower shipments across all welded pipe segments at
the Russian division, with large diameter pipe consumption
contracting by 42% quarter-on-quarter. Welded pipe shipments
were negatively impacted by serious pressure on pipe
consumption amid the challenging macro environment.
1H 2020 vs. 1H 2019
- Total pipe shipments were down 13% year-on-year, due to a
decrease in seamless pipe shipments at both the Russian and
European divisions, and lower shipments of welded pipe at
the Russian division. The decline in shipments reflects a
challenging global macro environment caused by the COVID-19
pandemic and oil price volatility.
- Seamless pipe shipments decreased by 8% year-on-year,
mainly due to lower shipments of seamless OCTG pipe at the
Russian division (down 8% year-on-year) and a deterioration
of demand for seamless industrial pipe at the European
division.
- Welded pipe shipments were down 26% year-on-year,
reflecting a decrease in shipments across all welded pipe
segments at the Russian division.
Source from TMK |
(To contact the reporter on this story: leo.ji@steelhome.cn or 86-555-2238932 18616060095) |