Vallourec reports a $231 million loss in 2016

Staff report

YOUNGSTOWN

France-based Vallourec reported a $231 million loss on revenue of $3.1 billion made in 2016.

In 2015, the tubular solutions company reported an $81.2 million loss on revenue of $4 billion.

Vallourec is the parent company of Vallourec Star on Martin Luther King Jr. Boulevard and VAM USA on Ohio Works Drive.

During the fourth quarter of 2016, the company reported a loss of $66.49 million on revenue of $884.47 million. This compares with a loss of $66.4 million reported during the fourth quarter of 2015 on revenue of $908.7 million.

“Entering 2017, the positive dynamics of the U.S. [oil-and-gas] market are confirmed,” said Philippe Crouzet, chairman of the company’s management board. “Our midterm outlook depends, as previously stated, on the timing of the global oil-and-gas market recovery, which still remains unclear in this market environment.”

In 2016, Vallourec’s oil-and-gas revenue was down 24.1 percent year over year.

In the U.S., the company noted oil-and-gas revenue last year was significantly down compared with 2015, impacted by lower prices.

In 2016, power generation revenue was down 13.1 percent year over year. Vallourec’s industry and other revenue was down 17.6 percent year over year.