Russian steelmaker TMK has announced that its revenue for Q2 2016 is up, quarter-on-quarter, by $91 million. The latest figure of $853 million is, however, in stark contrast with the H1 2016 figure of $1.6 billion, which is down by $682 million year-on-year.

The company’s EBITDA of $143 million for Q2 is up by $23 million quarter-on-quarter and stands at $264 million for H1 2016, which is down by $93 million year-on-year.

In terms of outlook, TMK anticipates an improved EBITDA performance for H2 2016, which it believes will be driven by an improved performance of the company’s American division, and stable results from its Russian operations. Compared with last year, the company expects the FY 2016 EBITDA margin to remain flat.

A sustained focus on improving efficiencies throughout the business and optimising its cost structure has enabled the company to achieve stable results, according to CEO Alexander Shiryaev.

“Our diversified business model has continued to benefit us in times of currency volatility and the management are confident that TMK is well-positioned to take advantage of anticipated increased demand from oil and gas customers in our key markets of Russia and the US,” Shiryaev said.