Vallourec chairman sees 2010 to be a low point

Dow Jones quoted Mr Philippe Crouzet chairman of French steel tube maker Vallourec SA as saying that he expects 2010 to be a low point for the company as some effects of the economic crisis continue to weigh.

He added that on the positive side, destocking is coming to an end in most markets and activity is picking up in the US oil and gas market. Still, the timing and strength of recovery are still uncertain elsewhere.

(Sourced from www.dowjones.com)