France-based pipe manufacturer Vallourec has announced its financial results for the second quarter and first half this year.
In the second quarter, Vallourec’s sales revenue decreased by 20.5 percent year on year to €1.08 billion, while it reported EBITDA of €215 million, compared to €374 million in the second quarter last year. The decrease was largely driven by lower average tube selling prices in North America.
In the given period, the company’s pipe sales volume fell by 11.3 percent year on year to 351,000 mt, mainly driven by the closure of the European rolling mills and the decreased volume sold in North America, while its iron ore sales volumes totaled 1.4 million mt.
In the first half this year, the company’s sales revenue totaled €2.07 billion, down by 23.0 percent, while its EBITDA was at €450 million, down by 35.1 percent, both year on year. In the given half, the company’s pipe sales volume fell by 22.2 percent year on year to 643,000 mt, while its iron ore sales volumes totaled 2.8 million mt, down by 17.6 percent year on year.
The company anticipates its EBITDA for the third quarter to decline compared to the second quarter, while it expects its EBITDA to be in the range of €800-850 million in 2023.
