NEW YORK Vallourec SA plans to commission the finishing lines at its new mill in Youngstown, Ohio, during the second quarter, with ramp-up of the facility "advancing as scheduled," the company said in its first-quarter earnings report May 2.
The Boulogne-Billancourt, France-based pipe and tube maker posted net income of 35 million ($45.73 million) during the quarter, up 20.7 percent from 29 million in the same period last year, on sales that rose 1.2 percent to more than 1.21 billion ($1.59 billion). Sales volumes fell 3.4 percent to 487,000 tonnes from 504,000 tonnes in the same comparison.
Vallourec continued to record strong results in its oil and gas segment, with first-quarter sales rising 9.7 percent to 768 million ($1 billion), although it is less optimistic on its other market segments, all of which showed declines compared with a year earlier.
"Looking forward, indicators for the global oil and gas markets remain well oriented, while the economic environment continues to be challenging for other markets, with limited visibility," the company said.