Vallourec reports earnings rebound

YOUNGSTOWN

France-based Vallourec, parent company of local Vallourec Star and VAM USA, reported 2017 earnings that indicate a year of strong rebound supported by a robust fourth quarter in the oil and gas industry.

Vallourec reported income of $4.5 billion in 2018, compared with $4.6 billion in 2017, with euros converted to dollars.

The company reported a net income loss of approximately $570 million dollars for 2018. In 2017, Vallourec reported a net loss of approximately $610 million.

“The rebound in profitability continued in 2018 supported by improved oil and gas activities in North America,” management board Chairman Philippe Crouzet said in a statement.

Vallourec Star produces steel pipe on Martin Luther King Jr. Boulevard, and VAM USA provides premium threading for the pipes on Ohio Works Drive.