- Tenaris, a metal tubular manufacturing facility, has confirmed that it will lay off around 100 workers in its Hickman, AR plant.
- Tenaris says the layoffs are the result of a steady decline in drilling activity in the oil & gas market.
- According to a Tenaris spokesperson, the challenges have been compounded by "a significant level of unfairly traded OCTG imports, despite the low demand.”
- In operation for 26 years, the company has invested $260 million in the plant since 2006.
- According to S&P Global Platts, the US rig count in late November stood at 870, down by 325 from the same week last year.