Vallourec Welcomes President Barack Obama to its V & M Star Plant in Youngstown
05/19/2010 - Vallourec welcomes U.S. President Barack Obama to its Vallourec and Mannesmann Star facility in Youngstown as part of the President’s ‘Main Street’ tour.
Vallourec welcomed U.S. President Barack Obama this week to its Vallourec and Mannesmann (V & M) Star facility in Youngstown, Ohio, as part of the President’s ‘Main Street’ tour.
Vallourec is currently investing US$650 million to build a new mill at this location for the production of premium seamless steel pipes, which will help to support the development of unconventional gas production in the US. During his visit, President Barack Obama will acknowledge Vallourec’s contribution toward stimulating economic recovery in an industrial region for which the gas industry offers significant prospects.
Vallourec is estimating that its strategic project will create around 350 new direct jobs.
Vallourec’s new Youngstown mill, initially conceived to produce 350,000 tonnes of tubes per year, will complement the range of products and increase the capacity of the company’s V & M Star subsidiary, which already include a 730,000 tonnes per year steel mill and a 500,000 tonnes per year tube mill.
“Vallourec teams in the United States and the Group as a whole are very honored by President Barack Obama’s visit,” said Management Board Chairman Philippe Crouzet, hailing the event. “This visit marks the recognition of our commitment to be a major player in the natural gas industry in the United States.”
“This investment lies in the continuity of the strategy conducted by my predecessors since 2002, with the continuous support of the Supervisory Board and its Chairman, Jean-Paul Parayre,” added Crouzet.
In 2002, Vallourec’ acquisition of V & M Star had marked a key milestone in the company’s expansion strategy on the North American market. The expansion continued in 2008 with the company’s acquisition of V & M Atlas Bradford, V & M TCA and V & M Tube-Alloy. Representing the next step in the company’s strategy, investment in the new Youngstown plant will also further strengthen its leadership position in the world’s prime gas market.
With over 2,500 people in 18 manufacturing facilities and service operations in the U.S., Canada and Mexico, Vallourec in North America primarily serves the local oil and gas market. Key products include oil country tubular goods (OCTG), line pipes, drill pipes and premium threading services of VAM® and Atlas Bradford®. In 2009, the North American market generated €1 billion in revenues, representing 23% of Vallourec’s total sales.
Vallourec is a world leader in premium tubular solutions primarily serving the energy markets, as well as other industrial applications. With over 18,000 employees, integrated manufacturing facilities, advanced R&D, and presence in more than 20 countries, Vallourec offers its customers innovative global solutions to meet the growing energy challenges of the 21st century.
