OREANDA-NEWS. OJSC “TMK” (TMK) on September 27 announced its reviewed IFRS
financial results for the six months ended June 30, 2007, company's press-release informs.

Data provided by 1H 2007 company's report feature the following highlights:

Financials indicators:
- Revenue grew by 28% to USD 2,030.0 million;
- Gross profit came in at USD 657.9 million, an increase of 30% compared to
first half 2006 results;
- EBITDA up 27% to USD 499.5 million as a result of a strong pricing
environment and increasing operating efficiency.

Sales Volumes:
- Total pipe sales volumes were nearly 1.54 million tonnes, including
1.02 million tonnes of seamless pipes;
- Seamless pipe sales volumes rose 5.1%, OCTG pipes, the highest margin
products, had a slight increase of 2.8% and amounted to 497 thousand
tonnes;
- Welded pipe sales volume grew by 5.9%, driven by an increase in sales of
large-diameter welded pipes;

Acquisitions / Joint Ventures:
- On January 25, 2007, OJSC “Seversky Pipe Plant” and Corinth Pipeworks
S.A., the largest pipe manufacturer in Greece, established a company
CJSC “TMK-CPW” for the production of longitudinally welded pipes to be
used in the oil and gas, machine building and construction industries.
OJSC “Seversky Pipe Plant” holds 51% and Corinth Pipeworks S.A. holds
49% of the company;
- On March 5, 2007, TMK purchased a 76.33% interest in OJSC “Russian
Research Institute of the Tube and Pipe Industries” (“RosNITI”) for USD 3.1
million. “RosNITI” is the only pipe research institute in Russia. In June and
July 2007, TMK purchased an additional 21.03% in “RosNITI” for
USD 864.5 thousand, increasing its stake to 97.36%;
- In the first six months of 2007, TMK purchased 0.15% of OJSC “Sinarsky
Pipe Plant” shares and 0.13% of OJSC “Seversky Pipe Plant” shares for a
total amount of USD 2.0 million

Recently (August 29, 2007), TMK signed an agreement for the purchase of 100%
interest in LLC “Predpriyatiye “Truboplast” for USD 24.0 million via entities
under common control with TMK, who themselves acquired this interest in
July 2007.