For the quarter ending 30 June, the company said net profits plunged from US$42 million in the first quarter. However, it still recorded US$23 million in net profits through the first six months of the year. 

During the half, the company sold 1.82 million metric tons of tube, generating US$2.05 billion in revenue. During the same period in 2016, the company sold 1.75 million tons of tube, posting US$1.6 billion in revenue. 

“Continued improvement in the U.S. oil and gas market has enabled TMK to benefit from stronger demand and pricing. Drilling activity and E&P spending in the U.S. continue to grow, and, alongside our stable performance in Russia, this will support stronger group EBITDA in the second half,” TMK chief executive Alexander Shiryaev said.