French steel pipe-maker Vallourec has suspended the implementation of a restructuring plan that included some 2,000 job cuts with a view to toughening it up as oil prices continue to fall, Le Figaro reported on Jan. 15.
Vallourec, which gets two-thirds of sales' revenue from the oil and gas sector, has been trying to cut production capacity to cope with the downturn affecting its customers as energy prices fall.
Le Figaro, citing sources close to the matter, said the troubled firm had seen its situation worsen over the last six months. It would be forced to take radical decisions that should be outlined on Feb. 18 when annual results are announced, the French daily said.
Vallourec was not immediately available for comment.
The staff cuts, of which three-quarters were due to be in Europe, come on top of a separate cull of 1,400 jobs announced in February last year.
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