United Metallurgical Co., the Russian steel-pipe producer known as OMK, said it acquired the TTS plant in Texas with annual capacity of 150,000 metric tons.
OMK also plans to build another U.S. plant with as much as 200,000 tons of annual capacity by 2013, it said in a statement. The company, which supplies pipes to oil and gas producers including OAO Gazprom and Exxon Mobil Corp. (XOM), seeks to provide semi-finished material from Russia and process it in the U.S. to its customers’ requirements, it said.
TTS is the first foreign acquisition by OMK, which may spend as much as $200 million on expansion in the U.S., Kommersant daily reported today. OMK declined to comment on the size of its investment.
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