For the period ending 30 September 2019, TMK reported sales of US$3.67 billion, down from US$3.84 billion in the same time last year. During the nine months, the company saw its total pipe shipments fall about 2%, dipping to 2.9 million tons. 

TMK said the decline was attributable to softness in the North American market. 

“In North America, the market situation is most likely to remain challenging due to oil, gas and steel price volatility, a slowdown in drilling activity and operators focusing on capital discipline – all of which resulting in lower pipe demand and pressure on prices,” it said. 

“In Europe, a challenging market environment and pricing pressure are most likely to remain until the end of the year. This could put pressure on seamless industrial pipe shipments at the European division in the fourth quarter,” it added.