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The tube manufacturer Vallourec "formally" denied Wednesday to prepare a social plan of great magnitude in France, but confirmed working on an "action plan" to improve the competitiveness of its activities in Germany.
The group reacted to information from Challenges magazine, which said earlier in the day on its website that Vallourec was preparing for 2019 a "broad social plan" in France and Germany.
Vallourec "formally denies the information that it would prepare a social plan of great magnitude for France," said Vallourec in a statement.
The group added that the current plan at the boiler workshop at the Saint-Saulve site (North) will be completed at the end of December 2018.
Regarding Germany, Vallourec "confirms working to define an action plan to strengthen the competitiveness (of its) activities" in the country. This plan will be submitted "when the time comes" to consultation and negotiation of an agreement with the unions, said the group.
Challenges had stated, without mentioning any source, that a social plan was being prepared concerning 1,800 jobs at three French sites and the Dusseldorf site in Germany.
Before the denial of Vallourec, the president of Hauts-de-France, Xavier Bertrand (ex-LR), then questioned the Minister of Economy, Bruno Le Maire, tweeting: "Minister, the State is a shareholder @Vallourec via @Bpifrance: we ask for explanations immediately ".
Bruno Le Maire replied: "I am just as worried about the job as you are! @Vallourec has denied this information so there is no point in spreading it. In all our regions, I am fighting for our industry. we together! ", on his Twitter account.
Asked by AFP, Jorge Da Costa, CFDT delegate, said he was "very surprised" at the announcement of the Challenges article that had "really worried" France. He took note of Vallourec's denial which "reassures" and said to remain "confident".
Mr. Da Costa said he also received the assurance that there was "nothing in preparation in France". According to him, union representatives see "very regularly the direction".
The rating agency S & P's Monday lowered the rating of Vallourec, already in the speculative category, from B to B-, due to a gross operating surplus (Ebitda) below expectations.
The rating agency estimated that "Vallourec's main weakness was its high costs, particularly its assets in Europe", leading to lower profitability than its competitors.
Tuesday, Vallourec had assured in a statement that its liquidity situation was "solid".
The group said in 2019 that it aims to "continue to grow its business for oil and gas companies" and aim for "significant new cost savings".
On the Paris Stock Exchange, the title Vallourec ended Wednesday down 1.94% to 2,224 euros, in a market in equilibrium.
The group announced in mid-November a reduction in its net loss in the third quarter to 92 million euros, against 119 million a year earlier.
Over the first nine months, the net loss reached 399 million euros, against 373 million the previous year.
© 2018 AFP
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