Vallourec Says Volumes Hit Record Low in Q1

French steel pipe maker Vallourec (VAC.F) said on Tuesday results in the first quarter had suffered from a drop in volumes to record lows, mainly in the oil and gas business, but stuck to previously announced targets for the full year.

 

The group said in a statement it expected earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter to be slightly better than the 77 million eur loss recorded in the fourth quarter of 2015.