Tube producer Vallourec says it is watching the oil market "very cautiously" as it monitors customer demand in the wake of plummeting oil prices that have manufacturers and energy exploration companies scrambling to adjust.
"We are looking at oil price trends very cautiously and closely monitoring our customers' activity," the French company said in a statement released Wednesday. "The oil and gas sector, is by nature, cyclical. We've adapted to similar cycles in the past and will adapt to the evolution of the demand."
Vallourec's plant in Youngstown -- part of subsidiary Vallourec Star -- manufactures oil country tubular goods, or OCTG. The pipe is primarily used for oil and gas exploration. The company employs about 700 at its complex off Martin Luther King Jr. Boulevard where its $1 billion pipe mill opened in 2012.Click here to read more.
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