4.2.Business Development

In February 2015, in line with its vertical integration strategy, TMK acquired ChermetServis-Snabzhenie (renamed TMK CHERMET), one of the leading players in the Russian ferrous scrap market. The acquisition will help TMK to ensure full scrap supply cycle for Russian plants and thereby guarantee feedstock security.

In July 2015, the Company’s full trade name was changed to Public Joint-Stock Company Trubnaya Metallurgicheskaya Kompaniya (PAO TMK).

In December 2015, TMK signed a deal with VTB Bank to sell RUB 10 bn worth of shares in the Company. About 58.9 million shares will be delivered during 2016. Under the deal, TMK has the right to buy the shares back from VTB Bank.