(Reuters) – French seamless steel tube maker Vallourec reported quarterly revenue up 46% on Wednesday, driven by its tubes and mining and forestry segments.
Vallourec’s turnover reached 1.34 billion euros in the first quarter, against 916 million euros a year earlier.
Its earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 320 million euros, against 45 million euros a year earlier. The group, which maintained its guidance for 2023 and beyond, said it expects second quarter EBITDA to be stable compared to the first quarter level and cash flow around the ‘balance.
Activities at Vallourec’s Pau Branco iron mine in Brazil were temporarily suspended in January 2022 due to flood damage. In early May, Vallourec said the mine would return to full production potential by the end of the second quarter.
“We are already well advanced in the resumption of full production of this mine and all the work undertaken to improve the profitability of the tubes activity obviously continues to bear fruit and will continue to do so in the second quarter”, declared Philippe Guillemot. , CEO of Vallourec, during a conference call with journalists.
(Dina Kartit report, Victor Goury-Laffont, edited by Matthieu Protard and Blandine Hénault)
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