Tenaris to Cut Headcount, Close Select US Locations
Tenaris S.A. is restructuring its operations in the United States in response to low oil and gas prices, enormous oversupply in the oil market and operational restrictions in play from the COVID-19 outbreak.
As a result, the company’s facilities in Koppel and Ambridge, PA, Brookfield, OH, and Baytown, TX, have been or will be temporarily closed until market conditions improve, the company said in a statement. It will also be reducing employee headcount and adjusting production levels at its other facilities in line with market demand.
In late March, the company said it would be cutting more than 900 employees in the U.S. In Canada, it also reported 110 layoffs at its welded steel pipe manufacturing facility.
Due to the coronavirus outbreak, Tenaris said it will offer employees being laid off three months of COBRA health insurance with the possibility of being extended if the outbreak continues.
Tenaris is a global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.
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