OREANDA-NEWS. September 02, 2011. TMK is set to report its 1H11 IFRS results on 2 Sep. Given that sales volumes in 2Q were almost flat QoQ, we expect no significant QoQ changes in top line in 2Q11. We therefore expect revenue of around USD 1.7bn, bringing the half-year figure to USD 3.4bn, implying 31% YoY growth, reported the press-centre of ATON.   
 
The company has guided for no changes in EBITDA margin in 2Q11 vs 1Q11 when it reached 17.6%. However, we are concerned that cost pressures will reduce this figure to 16.5% with EBITDA at USD 280mn, bringing 1H11 EBITDA to USD 573mn for 38% YoY growth.