Vallourec announces sales revenue result

Vallourec announces sales revenue result

France's Vallourec, world leader in the production of seamless steel tubes, has announced that its sales revenue amounted to €617 million in the second quarter of 2003, down by 4.6% when compared to corresponding period of 2002. The company's sales decreased by 6% to €1.2 billion in the first six months of 2003. The company stated that the results were in line with expectations. Previously, the company mentioned that they did not expect any significant improvement in European demand. In addition, the weakness of the Dollar in relation to Euro adversely affected the competitiveness of its businesses and also the costs of raw materials particularly scrap increased considerably. Vallourec is scheduled to announce its H1 financial results by September 17.