Hit hard by the collapse of the global oil and gas market, pipe and tube manufacturer Vallourec posted a net loss of $326 million during the first quarter of 2016, the company said Tuesday.
Vallourec, which operates Vallourec Star in Youngstown, said its revenues fell 36.2% to $771.9 million, brought on by what the company said were record low volumes.
The company manufactures oil country tubular goods, or OCTG, pipe for mostly the oil and gas industry. Drilling activity and rig counts are substantially down since October 2014, when commodity prices began to tumble.
Oil companies have since cut spending and capital investment on their drilling programs, which has put additional pressure on suppliers such as Vallourec.Read more by clicking here.
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