Vallourec Star to cut up to 80 Youngstown jobs - News weather sports for Youngstown-Warren Ohio

Vallourec Star to cut up to 80 Youngstown jobs

Posted: Updated:

Faced with a weak oil and gas market, Vallourec Star will begin cutting jobs at its Youngstown plant.

The French company confirmed Thursday morning that its Youngstown workforce will be reduced by 60-80 jobs effective in early August.

The company says that employees affected by the decision will receive a severance package.

Company President Judson  Wallace said that, “We exhausted all options before taking this step.  We have a strong, skilled workforce and I am hopeful we can re-hire people back as our needs change in the future.”

Vallourec says that they made this call due to low oil prices causing continued weakened oil and gas demand, high inventories, and reduced sales compared to 2014.  They anticipate the aforementioned conditions to persist into 2016.

The Youngstown plant had already undergone a three week shutdown in February.  At the time, the company offered a voluntary six month layoff to interested employees.

Vallourec also said in April that they experienced a 17.2% sales decline in the year’s first quarter.

The Youngstown cuts are part of Vallourec’s plan to reduce fixed cost by, among other measures, cutting 2,000 employees worldwide. 

Vallourec Star says they understand the cyclical nature of the oil and gas industry, and remain confident in business long-term. 

Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms