Update on MoU

28 Feb 2007 09:38

OAO TMK28 February 2007 February 28, 2007 Update on Memorandum of Understanding OAO TMK ("TMK") announces that, with reference to a Memorandum of Understandingsigned on September 23, 2006 to explore the possibilities of a potential jointventure with Welspun Gujarat Stahl Rohren, the parties did not reach mutuallyagreeable terms and conditions upon which to proceed. Consequently alldiscussions on the matter have been terminated with immediate effect. TMK remains in line with its objective of developing its large diameterlongitudinal pipe business and expanding its participation in pipeline projects,not only in Russia and the CIS but in other geographical regions and possessesthe know-how, finance and organisational capability to do this successfully andwithin the previously intended timeframe. OAO TMK Founded in 2001, TMK (LSE: TMKS) is the largest pipe producer in Russia and oneof the three global market leaders. TMK GDRs and common shares are traded on theLondon Stock Exchange and Russian Trading System. In 2006 the total volume of pipes shipped reached over 3 million tonnes. TMKsupplies pipes to companies in more than 60 countries. TMK production facilities are located in Russia and Romania: • Volzhsky Pipe Plant • Seversky Pipe Plant • Taganrog Metallurgical Works • Sinarsky Pipe Plant • Orsk Engineering Plant • SC TMK-ARTROM SA • SC TMK-Resita SA This information is provided by RNS The company news service from the London Stock Exchange