Vallourec starts year with earnings drop

YOUNGSTOWN — France-based Vallourec reported a 36.2 percent drop in year-over-year revenues today.

Revenues were $772 million or 671 million euros in the first quarter of 2016.

Adjusted earnings were loss of $82 million or 72 million euros in the first quarter of 2016.

“As expected, the first quarter of 2016 was marked by a decrease in volumes,” said Philippe Crouzet, chairman of the management board, in a statement. “This new record low level illustrates the extent of the crisis the oil and gas markets are going through.”

Vallourec is the parent company of Vallourec Star in Youngstown where pipe for the oil and gas industry is produced.