4 October 2011
Khartsyzsk Pipe (UX: HRTR UK, BUY) increased its output of large diameter pipes by 140% y-o-y to 447.6 ths mt in 9M11, Interfax reported yesterday. A company spokesperson quoted by Interfax said production has gone up since the end of September due to order flow from Russia’s Transneft; In September, the plant produced 50 ths mt of pipes. Output for 9M is in line with our expectations, we reiterate our BUY recommendation.