A strong performance by TMK’s Russian division, more efficient working capital management and better financial contracts with Russian customers have resulted in stronger cash flow for the steelmaker and significantly reduced debt in Q3 2015.

A strong performance by TMK’s Russian division, more efficient working capital management and better financial contracts with Russian customers have resulted in stronger cash flow for the steelmaker and significantly reduced debt in Q3 2015.

The company shipped 2.9Mt of steel pipe over the first nine months of 2015, down 7.1% year-on-year due to a decrease in sales at the company’s American division, which was partially offset by increased shipments at the Russian division where total shipments increased 9% year-on-year. During Q3 2015 TMK shipments increased 1.5% quarter-on-quarter to 977kt.

Seamless pipe shipments during the first nine months of the year fell 2.7% year-on-year to 1.79Mt and were down 1.3% during Q3 at 588kt. The company’s share grew on the back of a decrease in consumption total seamless pipe in Russia.

Total welded pipe shipments were down 13.4% year-on-year for the first nine months of 2015 (1.1Mt) due to a decline in sales of OCTG and welded line pipe across the American division. Welded pipe shipments rose 6% quarter-on-quarter to 391kt during Q3 2015 thanks to an increase of welded industrial and line pipe by the Russian division.

Total shipments of premium threaded connections amounted to 482,000 joints, down 31.2% year on year for the first nine months of the year. In Q3 2015 premium products shipments were down 25.3% quarter-on-quarter, totalling 119,000 items. The downturn was due to a suspension of complex oil and gas projects in North America as a result of a global hydrocarbon price slump.