China’s WSP Holdings narrows loss thanks to Venezuela order

Jun 15, 2011 | 01:21 PM | Michael Cowden

Tags  WSP, OCTG, China, Houston OCTG Group, WSP Pipe, earnings, trade petition, Venezuela Middle East

TORONTO — Chinese oil country tubular goods (OCTG) producer WSP Holdings Ltd. narrowed its first-quarter loss substantially thanks to a large order from Venezuela.

The Wuxi, China-based steelmaker, which has inspection and finishing operations in Houston, said it expects results to improve throughout the year thanks to high oil prices and more market share abroad, particularly in South America.

WSP also said that it would continue to carefully monitor its liquidity to ensure it has sufficient working capital for the next few quarters. Management may decide to slow down or eliminate some expansion projects to save money, the company said.

Chairman and chief executive officer Longhua Piao conceded that export sales increased primarily thanks to sales to Venezuela, but he said the company also is encouraged by overall increases in average selling prices compared with the fourth quarter of 2010.....

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