Vallourec reports earnings increase in third quarter
YOUNGSTOWN — Vallourec, the parent company of Vallourec Star and VAM USA in Youngstown, attributed an earnings increase in its third quarter of the year to higher oil and gas revenue in the United States.
The France-based company reported earnings of $10.5 million during the quarter that ended Sept. 30 versus the $60.63 million loss posted for the same period last year.
“Over the first nine months of 2017, Vallourec’s financial performance has improved in each of the three quarters leading to significant progress compared to the same period in 2016,” stated Phillipe Crouzet, chairman. “In the third quarter, the full effect of announced price increases in the U.S. became evident.”
However, European market prices remain challenging, he added.
Vallourec owns Vallourec Star, which makes pipe used in the oil and gas industry, along Martin Luther King Jr. Blvd. and VAM USA, which operates a threading mill along Ohio Works Drive.