Vallourec's new rolling mill late, over budget
May 10, 2012 | 04:36 PM
| Michael Cowden
Tags
Vallourec,
Youngstown,
rolling mill,
OCTG,
line pipe,
VSB,
Michael Cowden
TORONTO — Vallourec SA’s new rolling mill in Youngstown, Ohio, is running late and over budget, the company said Thursday.
The steel pipe and tube producer said the mill would not roll its first pipe until the fall, about three months behind schedule.
In comments released with its earnings results, the Boulogne-Billancourt, France-based company also said that it had "significantly underestimated" capital expenditures for the project, which it said now carries a price tag of nearly $1.1 billion for both the rolling mill and finishing lines. The cost of the project had previously been reported to be around $650 million.....
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