TMK to Sue EU

TMK, Russia's largest producer of steel pipes for the oil industry, said it would sue to block a European Commission decision to extend import tariffs on seamless pipes through 2017.

Last month, the European Commission prolonged by five years import duties on seamless pipes from Russia and Ukraine, which cover roughly 2 percent of total pipe imports to the EU.

Although TMK does less than 5 percent of its current business in the European Union by volume, analysts say the case may be easily winnable, given expectations that Russia will officially join the World Trade Organization later this month.

(Reuters)

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