Market weakness in Europe squeezes Vallourec’s profits

May 10, 2012 | 03:53 PM | Michael Cowden

Tags  Vallourec, earnings, Philippe Crouzet, North America, OCTG, steel tube, steel pipe, Michael Cowden

TORONTO — Vallourec SA’s earnings narrowed in the first quarter as strong results from the oil and gas sector and North America were offset by weaker results from non-energy markets and Europe.

The Boulogne-Billancourt, France-based steel tube and pipe producer posted net income of €29 million ($37.5 million), down 64.6 percent from €82 million in the same period last year despite a 4.4-percent increase in sales to nearly €1.2 billion ($1.55 billion) from €1.15 billion.....

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