TMK, a pipe producer, completed the acquisition of an 87% stake in ChelPipe, an operator of steel products facilities and companies, from Andrey Komarov for $1.13bn. “The acquired company is a strong, recognized player in the pipe market with modern production facilities, a highly professional team, its own scientific developments and its own established sales channels. Combining these advantages with all TMK competencies will give a powerful synergistic effect both for our business and for the industry as a whole, ensure Russia’s energy security and solve strategic problems of import substitution," Dmitry Pumpyanskiy, TMK Chairman.