Vallourec sales drop over 17

YOUNGSTOWN, Ohio (WYTV) – A drop in sales is forcing Vallourec to cut more jobs.

In just the first three months of this year, Vallourec’s sales dropped a whopping 17.2 % as compared to the first quarter of 2014.

The main reason is the drop in oil prices, as the company produces tubing for the oil and gas industry.

To cut back on costs, the company is cutting 2,000 jobs worldwide, mostly in Europe.

As of now there is no word on whether any jobs at the Youngstown Vallourec are in danger.

 

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