Boulogne-Billancourt, France-based Vallourec, world leader in premium tubular solutions, announced on July 27 its financial results for Q2 and H1 2011.
According to Vallourec's report, in Q2 2011 its sales volume reached 561,000 mt, rising by 12 percent quarter on quarter and by 16 percent year on year. Vallourec's sales revenue reached €1.29 billion for the given quarter, up by 12 percent quarter on quarter and by 15 percent year on year. EBITDA margin increased by 25 percent compared to Q1 2011 to €254 million, although it declined by four percent year on year, and Vallourec's net income in Q2 2011 reached €112 million, up by 37 percent quarter on quarter and down by 11 percent compared to Q2 2010.
In H1 2011, Vallourec's sales volume amounted to 1,062 million mt, increasing by 28 percent year on year, valued at €2,438 million, up 22 percent year on year. EBITDA margin increased by 11 percent to €458 million, while net income grew by four percent to €194 million, both on year-on-year basis.
As stated by Vallourec chairman Philippe Crouzet "The activity of the group during the first half of 2011 was broadly in line with that of the second half of 2010, with a second quarter better than the first. The markets remain well oriented and our mills are operating at high utilization rates. In this transition year, several strategic projects are in progress to respond to growth. The new mill VSB in Brazil is in the process of obtaining its certifications and the first orders have been taken for delivery in the fourth quarter. In the USA, the construction of our new tube mill is progressing well. Other projects underway will enable us to strengthen our local presence in regions of strong development."