Vallourec shares 2012 results

Vallourec has announced its results for the full year 2012. Sales volume was down 7% on 2011 at 2,092 thousand tonnes. However sales were stable year on year at EUR 5,326 million (+1%). Of the net income, group share of € 217 million representing € 1.80 per share, with a proposed dividend of € 0.69 per share.

Philippe Crouzet, Chairman of the Management Board, stated: “2012 was a year of contrast for Vallourec. The Group benefited from its strong market position and enhanced premium offering to achieve a record level of oil & gas sales, which now represent over 60% of total Group sales. However, Vallourec’s other markets faced a challenging environment marked by economic uncertainty, lower demand and increased competition.

Moreover, 2012 was still a year of significant capital expenditure, but Vallourec is now approaching the end of its major investments in key projects. The Group made decisive progress throughout the year with the ramping up of its new mills in the USA and in Brazil.”

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