France-based pipe manufacturer Vallourec has announced its financial results for the first quarter this year.
In the first quarter, the company’s sales revenues fell by 26.0 percent year on year to €990 million, while its EBITDA came to €235 million, compared to €320 million in the first quarter last year. The decrease in the company’s EBITDA was largely driven by lower average selling prices in North America.
In the January-March period, Vallourec’s pipe sales volume declined by 32.3 percent to 292,000 mt, while its iron ore sales volumes totaled 1.4 million mt, down by 6.7 percent, both on year-on-year basis.
The company expects that its EBITDA will moderately decrease in the second quarter this year, compared to the previous quarter, due to the dynamics of the US tubing market. It also predicts that its iron ore sales in the next quarter will slightly increase quarter on quarter.
