TMK, Russia’s largest steel pipes producer and exporter, reported that its net profits declined. According to the company’s first quarter reports, profits decreased by almost 19 percent in the period between January 2013 and March 2013. The prime reason for the downward trend was that the company had not performed well in the European region and in the Americas.

The reports showed an increase in revenue by four percent to USD1.725 billion. The increase in large-diameter pipe sales and TMK’s large sales of welded pipes accounted for the higher revenue. On the other hand, the EBITDA decreased by seven percent and the adjusted EBITDA margin was also two percent less than the corresponding figure for the previous year.