France-based pipe manufacturer Vallourec has announced its financial results for the first nine months of the current year.
In the given period, Vallourec reported a net loss of €373 million, compared to a net loss of €575 million in the corresponding period of the previous year. Vallourec's sales revenues in the first nine months this year amounted to €2.68 billion, rising by 26 percent year on year, while it registered an operating loss of €277 million, compared to an operating loss of €561 million in the same period of 2016.
In the first nine months of the current year, the company's sales volume amounted to 1.6 billion mt, increasing by 76.9 percent compared to the corresponding period of the previous year.
According to the company’s statement, in the third quarter of this year, Vallourec demonstrated the efficiency of the new routes created under its transformation plan. Within the scope of this plan, in September Vallourec announced the signature of a contract with Badr El Din Petroleum Company, a joint venture between the energy and petrochemical company Shell and the Egyptian General Petroleum Corporation for the supply of tubular solutions. According to this contract, most of the seamless carbon steel tubes will be produced by Tianda, the new plant in Chuzhou purchased by Vallourec in 2016. Vallourec also stated that it is continuing to deploy its transformation plan, including its new industrial footprint combined with the implementation of its structural cost reductions program.