Russia’s United Metallurgical Company (OMK) is seeking to sell or send to Russia the assets of the Texas-based subsidiary OMK Tube and is in talks with South Korea’s SeAH Steel as a potential buyer, the company reported on December 1, 2016.
The negotiations are not exclusive, but other contenders for the asset have not been disclosed.
OMK bought Tubular Solutions, a tubular finishing coating company, in 2011 and built the OMK Tube plant, with a capacity of 200,000 tons of plain tubes per year. The company’s hopes regarding the U.S. oil and gas market growth faded, and the plant was loaded by about 25 percent of capacity. Production was finally halted in late 2015. The initial investment in the plant stood at about USD100 million.
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