EU lowers anti-dumping duty for Interpipe pipes by 5.7pp

The European Commission lowered the anti-dumping duty
for seamless pipes produced by Ukraine’s largest producer, Interpipe (INPIP),
to 8.1% from 13.8%, according to the commission’s decision published on Aug. 2.
The new duty took effect on the date of its publication.

The 13.8% duty had been in effect from 2012. The main
reasons for the cut to the 8.1% rate were the 2013 launch of the Interpipe
Steel steelmaking unit and a significant change in Interpipe’s portfolio of
exports to the EU, the commission said.

Dmytro Khoroshun: We estimate
that Interpipe’s sales of seamless pipes to the EU amounted to 119 kt in 2018,
21% more yoy and 18% of the company’s total tubular product sales in 2018. For
5M19, the EU sales amounted to 47 kt, 7% less yoy.

We estimate the 5.7pp cut in the duty should add
about USD 6 mln annually to Interpipe’s revenue and EBITDA, or 5% of the USD
120 mln mentioned in the media as the company’s 2017 EBITDA.