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Russia steel pipe firm TMK says U.S. tariffs to benefit U.S. unit

Moscow - TMK, Russia’s largest producer of steel pipes for the oil and gas industry, said on Friday it expected new U.S. import tariffs on steel and aluminum to benefit its U.S. unit IPSCO. TMK said IPSCO did not import steel, so should benefit from President Trump’s move

Moscow - TMK, Russia’s largest producer of steel pipes for the oil and gas industry, said on Friday it expected new U.S. import tariffs on steel and aluminum to benefit its U.S. unit IPSCO.

TMK said IPSCO did not import steel, so should benefit from President Trump’s move. The company had yet to finish evaluating how the import duties would affect other parts of its business, it said in a written reply to a Reuters request.

TMK also said an initial public offering of IPSCO, announced this year but put on hold due to volatility on global markets, was “postponed but not canceled”. TMK did not say when it might go ahead.

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