TMK says US import duties unjust, to appeal in court

MOSCOW, Aug 26 (PRIME) -- The Pipe Metallurgical Company (TMK) believes that the U.S. import duties imposed on several steel pipes from Russia are groundless and intends to defend its interests within the legal framework, a company official told PRIME on Thursday.

The U.S. Department of Commerce has imposed import duties on a range of steel pipes made in Russia, Ukraine and South Korea with the duty on Russian pipes of nearly 210%.

“The measure imposed affects less than 1% of TMK’s global shipments. Nevertheless, the company believes that this decision is groundless. TMK is a recognized and responsible participant of the global market of pipe products. We carry out our sales in accordance with the fair trade practices and plan to protect our interests within the legal framework,” TMK commented.

Severstal declined to comment, claiming that the duties do not affect their production range of pipes.

TMK is one of the leading global suppliers of pipe products for the oil and gas sector. It runs enterprises in Russia, Romania, Oman, UAE and Kazakhstan, as well as two R&D centers in Russia. Dmitry Pumpyansky, the chairman of the company’s board of directors, is its main beneficiary. In 2020 the company reduced its pipe sales by 27% to 2.811 million tonnes.

(74.1925 rubles – U.S. $1)

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