Its free cash flow (FCF) remained negative in the second quarter due to inventory investments to meet strong customer demand, but is expected to return to positive in the second half as working capital stabilizes.
On the outlook side, the group is “able to quantify our EBITDA forecast for the 2022 financial year, which should be within a range of 650 to 750 million euros”, indicates a press release.
“The robust second quarter results are fully in line with our expectations. Our Tube business continues to benefit from a very favorable environment, particularly in North America. Our mine has reopened, but is still operating below its usual levels, and this This situation is expected to persist for the rest of the year. We are making progress in the implementation of our “New Vallourec” transformation plan, with the launch of the site closure process in Germany and other reorganization measures in Europe. Furthermore, I am delighted to welcome new members to the Executive Committee, to complete the team that will lead the transformation of Vallourec”, declared Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer.