TMK Steel is controlled by TMK CEO Dmitry Pumpyansky, while Dalecone is controlled by MDM Bank co-owners Sergei Popov and Andrei Melnichenko.
Established in 2001, TMK is the largest holding in Russia's pipe production industry, accounting for about 42% of domestic pipe output. The company produced 2.86 million metric tons of pipes in 2005, of which exports totaled 750,000 metric tons.
TMK supplies products to more than 60 countries, with clients including Royal Dutch Shell, Total and Repsol. Domestically, the company produces pipes for natural gas giant Gazprom, state-owned oil major Rosneft, oil firms TNK-BP, Lukoil, Sibneft and others. Apart from the oil and gas industries, TMK supplies pipes to the chemical and petrochemical, machine-building, energy and construction sectors.
TMK Steel Limited and Dalecone Limited are the company's core shareholders.
TMK said in early October it would make an initial public offering of global depositary receipts and common shares on Russian and foreign trading floors.
Russian companies are widely thought to be heavily undercapitalized and in need of funds to compete with foreign firms. Many of the country's largest firms have held or are preparing to launch IPOs as a way to bring in much-needed cash.
In a similar move coordinated by Credit Suisse, Dresdner Kleinwort and Renaissance Capital, the world's second-largest steel pipe producer and third-largest seamless pipe manufacturer for the oil and gas sector, will list on the Russian Trading System, the country's premier stock exchange, and place GDRs on the London Stock Exchange.