Russia's largest producer of steel pipes for the energy sector TMK believes its 2011 result will be above this year's level as demand grows.
Mr Vladimir Shmatovich senior vice president for strategy during a conference call told analysts that "Our general expectation (is that) 2011 will be an even better year than 2010, and so far we have all reasons to believe this.”
The company on Friday reported first half net profit of USD 67.3 million, beating the USD 58.5 million estimate forecast in a Reuters poll. It also said last week that its second half financial performance would improve compared to the first half.