Maverick Tube (NYSE:MVK)
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From Jul 2019 to Jul 2024
Maverick Tube Corporation (NYSE:MVK) announced today
that it has entered into a marketing agreement with Rocky Mountain
Steel Mills (RMSM), a division of Oregon Steel Mills, Inc., whereby
Maverick will have the exclusive worldwide right to market and sell
RMSM premium seamless OCTG products. This agreement is for a minimum
of 48,000 tons per year and commences immediately.
Jeff Shorter, Maverick's Vice President and General Manager, said,
"We are very excited about adding premium seamless OCTG products to
our portfolio. As our alloy expansion nears completion, this was the
next logical step to continue to improve our access to the deeper
wells our customers are drilling in all parts of the world. We expect
that this arrangement will help improve the alloy component of our
2006 U.S. OCTG revenues to between 60% and 70%." Mr. Shorter
continued, "This partnership is a win for everyone. Maverick broadens
and upgrades its product portfolio, our customers have access to
premium seamless OCTG products and RMSM gains an efficient,
experienced sales force with access to multiple markets."
Rob Simon, Vice President and General Manager of Rocky Mountain
Steel Mills, said, "We are pleased about the reopening of our seamless
mill and the successful start-up we experienced in December 2005. With
the investment we are making in this facility, we continue to expand
our offerings of value-added products. This agreement with Maverick
Tube allows us to combine our process and manufacturing expertise with
the sales and marketing skills of Maverick to bring our product to
market."
Maverick Tube Corporation is a St. Louis, Missouri based
manufacturer of tubular products in the energy industry for
exploration, production, and transmission, as well as industrial
tubing products (steel electrical conduit, standard pipe, pipe piling,
and mechanical tubing) used in various applications.
Rocky Mountain Steel Mills is a division of Oregon Steel Mills,
Inc. Oregon Steel Mills is organized into two divisions. The Oregon
Steel Division produces steel plate, coil, small and large diameter
line pipe, casing and structural tubing from plants located in
Portland, Oregon and Camrose, Alberta, Canada. The Rocky Mountain
Steel Mills Division, located in Pueblo, Colorado, produces steel
rail, rod and bar, and seamless tubular products.
This news release may contain forward-looking information that is
based on assumptions that are subject to numerous business risks, many
of which are beyond the control of the Company. There is no assurance
that such assumptions will prove to be accurate. Actual results may
differ from these forward-looking statements due to numerous factors,
including those described under "Risk Factors" and elsewhere in
Maverick's Form 10-K for its year ended December 31, 2004.