Russian steel pipe producer TMK has announced its financial results for the full year of 2024.
In the given year, the company’s sales revenues decreased by 2.2 percent compared to 2023 to RUB 532.2 billion ($5.94 billion). Its adjusted EBITDA came to RUB 92.4 billion ($1.03 billion), falling by 28.9 percent year on year, while its adjusted EBITDA margin fell by 6.5 percentage points to 17.4 percent.
In 2024, the company sold almost 4.2 million mt of pipes in total, of which the sales of seamless pipes amounted to 3.06 million mt and welded pipe sales to 1.13 million mt.
According to TMK’s statement, high interest rates, restrictions on oil production within OPEC+ and the absence of large projects for laying major gas and oil pipelines led to a decrease in demand and, as a result, in the volume of pipe products sold in the domestic market.