MOSCOW, March 5 (RIA Novosti) - TMK [RTS: TRMK], Russia's largest steel pipe manufacturer, said on Wednesday its revenue calculated to International Financial Reporting Standards (IFRS) rose 20% year-on-year in 2007 to $4 billion.
TMK, which accounts for more than 40% of Russia's steel pipe output, said revenue grew in the reporting period on the back of strong demand for pipes and a favorable pricing environment.
The company, which sold more than 3 million metric tons of pipes in 2007, supplies its products to major oil and gas companies including energy giant Gazprom, oil pipeline operator Transneft, crude producers Rosneft, LUKoil, TNK-BP, Surgutneftegaz, and also to world oil majors Shell, Total, Occidental Petroleum and others.
