France-based tube and pipe producer Vallourec has announced that for the first quarter of the current year, it expects sales revenues amounting to €671 million. In the given quarter, the company expects its EBITDA to be slightly better compared to the EBITDA recorded in the fourth quarter of last year.
However, for the full year of 2016, Vallourec expects its EBITDA to be lower compared to 2015. Vallourec stated that it expects approximately €1.5 billion of net debt at the end of the current year, after the acquisition of a 50.61 percent stake in Chinese seamless pipe manufacturer Tianda Oil Pipe (TOP), the full consolidation of Vallourec & Sumitomo Tubos do Brasil (VSB), a joint venture of Vallourec and Japanese steelmaker NSSMC, and Vallourec Tubos do Brasil (VBR) into a single new entity, and the proposed capital increase of approximately €1 billion to strengthen its balance sheet.