OAO TMK published a quarterly report issuer for the first quarter of 2008.

In the first quarter of 2008 revenues of OAO TMK RAS amounted to RUB 193.7 million, RUB 172 million in the first quarter of last year. Net loss for the RAS in the first quarter of 2008 totaled RUB 2.8 billion, net profit in the first quarter of 2007 amounted to RUB 5.9 billion.

It said that “Growth in earnings TMK in this periods resulted from increases in the services rendered, which is linked to contracting for the provision of advisory services with a number of the Company. Getting the loss in the first quarter in 2008 due to declining market value of shares of certain subsidiaries of OAO "TMK" and reflects the results of a mandatory reassessment in the composition of other expenses "Income Statement" accounting management company in accordance with the standards of RAS.”