Bloomberg:TMK May Spend $3 Billion on Pipe Production in U.S., Russia

OAO TMK, the world’s largest maker of oil and gas pipes by output, may spend as much as $3 billion this decade on projects in Russia, Romania and the U.S. as rising profit drives technology upgrades and growth.“We’ve spent about $2.5 billion on modernization so far and about $2 billion more on acquiring new assets to expand the business,” billionaire owner Dmitry Pumpyansky said in an interview. TMK plans to invest about $300 million a year by 2020 to maintain those assets and ...

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