Vallourec says US market its best

France-based Vallourec SA, which makes tubular steel for the energy sector, has reported 2022 earnings before interest, taxes, depreciation and amortization (EBITDA) of 715 million euros ($758 million). The firm’s CEO calls 2022 “an excellent year for Vallourec on all fronts.”

In its presentation slides accompanying the results, Vallourec says in its worldwide Tubes business unit, its United States performance “remains particularly strong.” The company has a manufacturing presence in Houston and operates a scrap-fed melt shop in Youngstown, Ohio.

In the U.S., the company says it has 750,000 metric tons per year of steelmaking capacity. The firm has melt shop capacity of 950,000 metric tons in Brazil and currently just rolling capacity in Europe.

Looking ahead to 2023, Vallourec CEO Philippe Guillemot says it “will be a pivotal year.”  He adds, “We are fully leveraging the positive market conditions of the global Tubes sector thanks to our unparalleled technological expertise and customer service.”

Guillemot continues, “In 2023, which will be a key year in the ‘New Vallourec’ plan, we expect to continue on this positive trajectory with a further increase in EBITDA, positive free cash flow generation, and further reduction in net debt.”

In North America, Vallourec says it has received “significant orders” from the LLOG offshore exploration project off the coast of Louisiana. That project involves “the supply of 25,000 metric tons of line pipe for [the] deep-water development,” according to the firm.