Source Pravda.Ru

United Metal Company buys controlling stake in Almetyevsk Pipe Plant

The Solid company has announced selling of a controlling stake inAlmetyevsk Pipe Plant to United Metal Company. Earlier the controllingblock of shares was owned by Tatneft and a number of other enterprises ofTatarstan. The cost of the deal was not reported, however, it is known thatit considerably exceeded the initial price of 238m rubles ($7.52m).As it was reported earlier, in July 2002 the financial and investmentcompany Solid, the organizer of the deal, announced a tender on sellingcontrolling stakes in Tatarstan's enterprises, Almetyevsk Pipe Plant andTatincom.United Metal Company includes more than 20 enterprises. Among them are theChelyabinsk Tube Rolling Plant, Vyksa Steel Works, Chusovskoy Steel Works,Schelkovo Steel Works and others. In 2002 the transformation of thesecompanies into the financial and industrial group has started. United MetalCompany acts as the central company. Enterprises of United Metal Companyprovide 36 percent of Russian pipe production. The group's enterprises arealso the largest producers of automobile springs, railroad wheels and otherproducts.Almetyevsk Pipe Plant produces steel pipe of small and medium-sizeddiameter. Depreciation of basic units of its production facilities is from5.56 percent to 26 percent. In the first eight months of this year, theplant manufactured 50,485 tons of products, 63,924 tons were shipped..

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&to=http://www.tatneftjsc.ru/' target=_blank>TATNEFT

&to=http://www.solidtech.com/' target=_blank>SOLID

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