We hope that the worst has already passed, said in December 2016 in an interview to Russia 24 the chairman and main owner of TMK Dmitry Pumpyansky. And, it seems, he was right. August saw the annual minimum capitalization of TMK on the Moscow Stock Exchange, but by early December it had risen by 1.7 times: to 78.8 billion rubles. And in January it added an additional 10% of capitalization.

TMK is growing due to the recovery in the market of the main consumers: oil and gas companies. As a result, the company managed to sell 13.44% of shares in a secondary offering of securities for 10.42 billion rubles, instead of 10.3 billion rubles, as planned (discount to the closing price of January 31, the eve of the announcement of the deal, was 9 ,5%). While preparing SPO, the managers and traders said that the shares of TMK not wanted by the market may be bought by UK Lider. But this was not necessary, adds a source close to the deal: the demand for paper was high, and "the marked swallowed everything". TMK Deputy Director General for Strategy and Development Vladimir Shmatovich told Vedomosti that he was not aware of the fact that UK Lider could buy the non-marketable package. The top manager stressed that UK Lider participated "on a common basis", bought shares of no more than other participants. The request to UK Lider remains unanswered.

Despite the fact that the company has strongly risen, the potential is maintained. Activation of protectionist measures in the United States can lead to stronger positions of the North American division of TMK (provides about 10% of revenue, Vedomosti), says analyst Maxim Khudalov at ACRA. Pumpyansky in an interview to Russia 24 expressed the hope to strengthen the position of traditional American economic sectors (industry, pipe industry) due to the policy of the new US president Donald Trump. The rising oil prices also help. TMK managers during a conference call with investors told that rely on American division sales growth in the first half of 2017 by 50%. Pumpyansky in an interview said that this year's US plants should reach the break-even point. There is an incentive for the Russian division (accounting for about 82% of revenue, Vedomosti), Khudalov says, referring to two new major construction projects of Gazprom: Nord Stream - 2 and Turkish Stream.

Shmatovich said that about 80% of the shares offered for sale were purchased by foreign investors, and there was high demand from the Russian participants. "We expect that the secondary public offering will increase the liquidity of our securities in the future that reflect well on our shareholders," quotes TMK General Director of the company Alexander Shiryaev.

Part of the money TMK will spend to purchase 13.44% of its shares from VTB call options. The bank received securities in December 2015 - August 2016 in exchange for 10 billion rubles. Shmatovich says that the bank won't get the whole amount, but didn't disclose the details. The remaining part will be used to repay the debt of TMK, the company said. We are talking about approximately $10 million (593 million rubles at the current rate), Interfax quoted Shmatovich's words.

TMC net debt as of September 30, 2016 was $2.59 billion, or 4,8 EBITDA. In Q1 the company must return $50 million, according to the presentation. And in total in 2017,  $ 216 million .Shmatovich says that refinancing of the debt does not rule out the possibility of release of ruble bonds and Eurobonds. "The goal is to come to a ratio below 3 net debt / EBITDA within 3 years," he reminded (quoted by Interfax).