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Severskiy plant’s net loss exceeds 1.22bn

The net loss of Severskiy Pipe Works (asset of Pipe Metallurgical Company/TMK) exceeded 1.22 billion RUR in 2009, whereas in 2008, the company made 1.4 billion RUR in profit.

The company’s loss amounted to 330.66 million RUR in the third quarter of 2009 and to 218.59 million RUR in the fourth quarter of 2009.

According to the plant’s official statement, the dropping profits had to do with reduced sales revenues, which, in their turn, were caused by shrinking sales volumes and declining prices. In addition, the company had to pay more in terms of loan interest.
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