Jun. 10, 2014, 12:59 PM
- Tenaris (TS -3.7%) is lower following downside guidance from French steel pipes maker Vallourec (VLOUF -8%), which reduced its 2014 EBITDA outlook by ~10% Y/Y due to soft orders in the Middle East, the North Sea and Brazil.
- Vallourec cites a significant temporary reduction in demand for its oil and gas operations in Brazil, as Petrobras (PBR +0.5%) has decided to eliminate most of its tube inventories by year end; it says PBR was still committed to its high-value deepwater oil projects, so the impact of the inventory run-down would be a one-off for Vallourec.
Vallourec is the world leader in premium tubular solutions primarily serving the energy markets (oil and gas, powergen). Its expertise also extends to the Industry sector (mechanicals, automobile, construction etc.). With 22,200 employees, sales of 5.3 billion euros in 2012 78% from outside... More
Sector: Industrial Goods
Industry: Industrial Equipment & Components
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