France-based pipe manufacturer Vallourec has announced its financial results for the first quarter this year.
In the first quarter, Vallourec’s sales revenue increased by 46 percent year on year to €1.34 billion, while it reported EBITDA of €320 million, compared to €45 million in the first quarter last year. The growth in the company’s EBITDA in the given quarter was driven by the robust profitability in the tubes division and the recovery in mining volumes.
In the January-March period, the company’s pipe sales volume rose by 9.1 percent year on year to 431,000 mt, while its iron ore sales volumes totaled 1.5 million mt.
Operations at the company’s Pau Branco iron ore mine will return to full production in the second quarter following a temporary shutdown in January 2022 amid flooding-related damage, as SteelOrbis previously reported. The operations of the mine were partially restarted in May last year.
The company expects its EBITDA to improve in 2023 compared to 2022.