Ukrainian and Russian
Pipes
Still shining bright?

We believe the potential for further pipe price rises and profit
margin expansion is limited 􀁘
TMK is our preferred play offering long-term growth: Ukrainian
Pipes are less attractively priced given their growth prospects 􀁘
Industry fundamentals are strong – led by continuing economic
growth and exciting growth prospects in the oil & gas industry

Contents
Executive summary 1
Investment case 3
Comparative valuations 9
Liquidity overview 10
Sector overview 11
Global pipe market 12
Russian steel pipe sector 25
Ukrainian steel pipe sector 29
Companies 37
TMK.........................................................................................................................39
Dnipropetrovsk Tube Works (DTW) ........................................................................69
Khartsyzsk Tube Works ..........................................................................................87
Appendix 105
Industry basics ......................................................................................................107
Disclosures 110