Announced in a press release, the company reduced its net debt by more than EUR 240 million in the fourth quarter of 2024. The company has also achieved a total debt reduction of EUR 1.5 billion since the third quarter of 2022.
The company stated that cash flows in the fourth quarter, low capital expenditures and EUR 155 million in proceeds from the sale of a significant portion of the Rath plant played an important role in this increase, and that they plan to distribute 80% to 100% of the cash flows earned in the second quarter of 2024 to shareholders.
Philippe Guillemot, Chairman and CEO of Vallourec, stated ; “I am extremely pleased to have achieved our net debt reset target one year ahead of our original plan. Since the third quarter of 2022, we have reduced our net debt by more than EUR 1.5 billion, reshaped our debt and liquidity facilities and exited the restructuring protection plan. Together with this significant balance sheet transformation, our ongoing operational improvements, the optimization of our industrial footprint and our strategy of high value-added products and services, our goal of making Vallourec crisis-resilient is now complete. Now it is time to return capital to shareholders by paying the first dividend in ten years in 2025.
The Group is scheduled to announce its fourth quarter and annual financial results for 2024 on February 27, 2025.
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