ChTPZ
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28 August 2008 г. | 10:08
ChTPZ projects lower 2008 output
ChTPZ Group released its financial results for 2007 and also operating targets for 2008. Based on the data, consolidated net income generated by the group’s pipe division surged 21.7% to $254 mln in 2007, revenue spiked 32.6% to $3,126 mln and operating profit climbed 24.4% to $397 mln. The company also reported that it is going to sell 1.7 mn t of pipe products this year or 7.8% less than in 2007. The group’s investment program for 2007-2009 equals Eur 1.03 bln. According to the group’s press release, the investment program primarily aims to make the group itself better supplied with pipe shell and improve the quality of finished pipes.
Analysts note that 2008 will not be a successful year for pipe producers. The main reasons are mentioned above, i.e. delays in the construction of ESPO and Nord Stream pipelines, and also a surge in rolled steel prices. It should be noted here that in line with ChTPZ Group’s development strategy, starting 2009 PNTZ will launch an electric steelmaking facility that will make the group much less reliant on outside pipe shell suppliers. Furthermore, the main feedstock for steel output at PNTZ will be scrap metal, for which prices have not jumped as high as iron ore has.
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