Tenaris laying off hundreds of workers

Approximately 500 employees of Tenaris have been laid off, impacting the plant in Blytheville as well as one in Conroe, Texas.

According to a release sent to the CN by Tenaris, present economical circumstances -- including falling oil prices -- led to reducing production.

The company has not said how many of the layoffs are coming from the Blytheville plant and how many will be from the Texas facility.

"The energy industry's present circumstances have driven Tenaris to make these reductions," the company said. "Despite the positive OCTG (oil country tubular goods) trade case ruling, the U.S. continues to see record levels of imports of OCTG from South Korea. This has been aggravated further as oil prices have fallen over a short period of time, reaching a five-year low. Tenaris is adjusting the production of its facilities while positioning the company for sustainable and long-term growth in the domestic market: continuing with its investment plans, training and development of employees, and commitment to the local communities."

No further information has been made available.

sharris@blythevillecourier.com