The seamless tube manufacturer Vallourec announced Tuesday, April 28 plans to cut 2,000 jobs worldwide. Nearly 1,500 jobs are affected in Europe, including 600 in Germany and just under 600 in France. The group also wants to find a buyer for its majority French Saint-Saulve steel mill.
The French company published the same day a net loss of 76 million euros in the 1 st quarter, revenues decreased by 17.2% to 1.05 billion euros. “Vallourec currently operates in a very difficult market environment marked by major cuts in investment in exploration and production” its customers, said the CEO, Philippe Crouzet, said in a statement.
Reducing production capacities
The first quarter 2015 was “severely affected” by falling sales in its core business , oil and gas, related to the decline in crude oil prices and by an unfavorable economic environment in Brazil, according to Mr. Crouzet. At constant exchange rates, Group sales plunged 24.2%, while the oil and gas division (which accounts for nearly 70% of total) of 29.4% over the quarter. However, the group maintained its objective to achieve a positive cash flow available for 2015.
In this context, Vallourec announced new cost-cutting measures within its plan of Valens economies launched in 2014. The objective is to reduce by one third the tubes production capacities in Europe, from 1.3 million tonnes in 2014 to 900 000 tonnes in 2017.
” The state will pay attention “
The economy minister, Emmanuel Macron, said Wednesday that ” The state will pay attention to that there is no departure forced or site closures in France. ” “Vallourec will also propose accompanying measures to provide solutions to each of the employees concerned” said the minister, who meet in the coming days the North elected.
“The state will be vigilant on the quality of social dialogue and, in this regard, the choice of management to initiate a dialogue on the project before launch the information and consultation procedure in the month of September deserves support. “
North UDI Senator, Létard has meanwhile denounced an ad ” inadmissible and unacceptable as is “ and called “the organization without delay of a round table the minister of the economy, the management of Vallourec and elected officials concerned” . The President of Valenciennes Métropole also “required the direction of Vallourec as this is explained on its precise intentions regarding the sale of the steel mill in Saint-Saulve, which should not result in cuts of job “.
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