Exhibit 10.12

AMENDMENT TO CREDIT AGREEMENT

July 15, 2013

AMENDMENT TO CREDIT AGREEMENT, dated as of January 30, 2009, as amended on November 1, 2010, and amended and restated as of November 29, 2010 as amended from time to time (the “Agreement”), by and between IPSCO Tubulars Inc., a company incorporated and organized under the laws of Delaware, as the borrower (the “Borrower”) and “Volzhsky Pipe Plant” OJSC, a company organized under the laws of the Russian Federation, a company organized under the laws of the Russian Federation, as the lender (together with any successors, assignees or transferees thereof, the “Lender”).

RECITALS

WHEREAS, the Borrower and the Lender entered into a Credit Agreement dated as of January 30, 2009, amended on November 1, 2010, and amended and restated as of November 29, 2010 (the “Credit Agreement”) providing for a working capital term loan or loans in an aggregate amount not to exceed $207 542 000,00 (the “Limit Amount”) to be made by the Lender in favor of the Borrower;

NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and accepted, the parties hereto agree to amend the Credit Agreement from July 1^st, 2013 as follows:

1. Amend clause 1.01 Definitions:

“Maturity Date” means March 20, 2019.

2. Amend clause 2.03. (item (i) of sub-clause (a)):

2.03. Interest

(i) Each Loan shall bear interest on the unpaid principal amount thereof, from and excluding the funding date for such Loan to and including the due date or the date of any repayment thereof, at a rate per annum equal to 8.5%.

3. Amend Exhibit B “Payment Schedule” as enclosed hereto.

4. Governing Law. This Amendment shall be construed in accordance with, and this Amendment and all claims and causes of action arising out of the transactions contemplated hereby shall be governed by, the laws of the State of New York.

5. Headings. The descriptive headings contained in this Amendment are provided for convenience of reference only and shall not affect in any way the meaning or interpretation of this Amendment.

6. Counterparts. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument.

7. Severability. If any term, provision, covenant or restriction contained in this Amendment is held by a Governmental Authority to be invalid, illegal, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions contained in this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and this Amendment shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable term, provision, covenant or restriction or any portion thereof had never been contained herein.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first set forth above.

“Volzhsky Pipe Plant” OJSC
By:		/s/ Sergey Chetverikov
Name:		Sergey Chetverikov
Title:		Managing Director

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