TMK of Russia sells non-core assets

The Pipe Metallurgical Company, one of the world's leading producers of pipes for the oil and gas sector, is selling non-core assets to reduce debt.

TMK announced that it had sold its scrap metal recycling subsidiary TMK CHERMET for RUB 6.2 billion, which is about US $ 104.75 million.

TMK notes that the purchase and sale transactions will not affect the vertical supply chain and will continue to supply scrap metal in a competitive market.