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Pipe Metallurgical Company and SMS Meer concluded a contract for delivery of presses

At the end of November the contract was signed in Moscow between Pipe Metallurgical Company and SMS Meer Company for the delivery of two modern presses for lifting and drilling pipe end upset. Pipes with upset ends are used in the most sophisticated and important technological operations in construction industry and oil-and-gas well servicing and operation. One of the presses will be installed at Sinarsky Pipe Works, the other at Taganrog Metallurgical Works. The contract states that SMS Meer will be executing complex delivery of the equipment as well as installation and start-up, jointly with TMK. The amount of contract is about 7,000,000 euro. This new equipment is supposed to be put into operation at the start of 2006 at SinPW and in the middle of 2006 at TAGMET. TMK is nowadays manufacturing about 50,000 t/year of pipes with upset ends. The Russian demand for this product is exceeding its production volume at home. This type of pipes is in firm demand at the world market.