October 07, 2008

Interpipe H1 net profit jumps 40% YoY

Ukrainian steel pipe and wheel producer Interpipe reported a net profit of EUR 134 million up by 40% YoY as compared to EUR 96 million in H1 of 2006 due to strong demand for its steel pipe and railway products in its key export markets. It’s H1 of 2007 sales up by 29% to USD 838 million.

Mr Alexander Kirichko general director of Interpipe in a statement said that “The good situation on the pipe and wheel market in the first half of 2007 and the company's active efforts to promote products on the markets of the Middle East and North Africa, Central Asia and Russia made it possible to overcome the upward trend in prices for metallurgical raw materials and increase the company's profitability by 40% compared to the same period of 2006.”

Interpipe is the ninth largest steel pipe producers in the world. In August, Interpipe’s two facilities have gained pre qualification from the Abu Dhabi National Oil Company and have been approved for inclusion in the Kuwait Oil Company’s approved list of manufacturers for oil and gas pipes produced in accordance with API 5CT.