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Drilling Decline Leads to Layoffs in Ark.

Tenaris will lay off around 100 workers after a steady decline in the oil and gas market.

In summary: 

  • 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.โ€
  • 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.
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