YOUNGSTOWN, Ohio (WKBN) – Vallourec sees a strong year ahead, according to a letter to shareholders released last week.
The steelmaker told its investors the American market seemed to be stabilizing and improving.
The low point for the oil and gas market came in 2016 when oil prices bottomed out.
Now that prices are improving, so is demand for the steelmaker’s products.
The number of active oil wells in the U.S has increased by 40 percent in the last year.
In the first half of the year, the company reported more than $2 billion in revenue.