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OAO TMK (TMK) reported 4Q adjusted EBITDA of $223m, a 10% improvement sequentially, on flat revenue of $1.60B. The company reported an improved product  mix, marked by a 28% rise in seamless OCTG and premium connection sales, and lower raw material prices.

Guidance for 1Q was for these trends to continue leading to higher EBITDA and EBITDA margins in the quarter compared with 4Q and similar to year-ago results.  The company also had a constructive outlook for full year 2012 due to expectations for improved volumes and a richer product mix.

Our full report is available to subscribers only and provides further thoughts on TMK’s 4Q earnings report and conference call as well as the implication for the stock and other equities.

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