Dmitry Pumpyansky spit on the American barrage duties on steel

Controlled by the oligarch, the Pipe Metallurgical Company will continue to ship steel in the United States, despite 25 percent duties. The company and Pumpyanskogo itself has impressive debts, plus a businessman needs to finish building a luxurious 100-meter mega-yacht Project Blade.
19.05.2018
Vedomosti
Origin source
The pipe metallurgical company will continue to supply blanks in the US, even if it can not persuade the country's Ministry of Trade to exclude these products from the effect of a 25% barrage. This was told to Interfax by TMK's deputy general director for strategy and corporate development Vladimir Shmatovich.

"We filed with the US Department of Commerce documents for the exclusion of our pipe billet from Russia from the effect of duties. However, that general price increase <...> in the US market and some weakening of the ruble rate make this business still profitable. We plan to continue the export of pipe billets in the US. We will receive a sufficient margin even with a defensive duty, "he said.

The share of American business accounts for 20% of TMK's EBITDA, or $ 111 million. In the US, the company supplies only pipe billets, while it's impossible to take a similar product in the US market, it is not produced for free sale, says a person close to the company.

The American subsidiary of TMK applied to the US Ministry of Trade with a request to exclude several types of pipe billet for seamless oil service pipes (OCTG) from the effect of protective duties. How much are these blanks in the Russian and American markets, the representative of TMK did not say. TMK IPSCO (an American subsidiary of TMK, which manufactures pipes in the local market) does not specify how much the company imports blanks from Russia to the US.

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If the US subsidiary of TMK remains without the necessary raw materials for the production of seamless large diameter pipes, it will be forced to reconsider plans to continue expanding the staff and recruiting an additional several hundred employees, the company reported last week.

In late March, US President Donald Trump signed a decree according to which all metallurgical products imported into the US are subject to a duty of 25%. An exception was made for a number of countries, including the European Union, Russia was not included in the list of exceptions. To exclude its products from the effect of protective duties, NLMK also asked NLMK, which supplies semi-finished products (slabs) to its factories in the USA.

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