France-based pipe manufacturer Vallourec has announced its financial results for 2016.
In 2016, Vallourec reported a net loss of €758 million, compared to a net loss of €865 million in the previous year. Vallourec's sales revenues in the same year amounted to €2.96 billion, falling 22 percent year on year, while it registered an operating loss of €749 million, compared to an operating loss of €838 million in 2015.
In 2016, the company's sales volume amounted to 1.28 million mt, declining by 9.2 percent compared to the previous year.
Vallourec stated that in 2016 it significantly reshaped its industrial footprint by creating two new competitive production hubs in Brazil and China and by drastically downsizing its European capacities which now represent 23 percent of the group’s rolling capacity versus 46 percent in 2014. The company also stated that its mid-term outlook depends on the timing of the global oil and gas market recovery which still remains unclear.