BLYTHEVILLE, AR (KAIT) - A large number of employees were laid off from Tenaris Hickman Steel in Blytheville and two other facilities in Texas, according to a news release from the company.
Tenaris laid off approximately 500 employees Friday who work at two facilities in Texas and at the Blytheville mill.
The announcement came after recent developments in the "energy industry's present circumstances."
It's not known how many employees were let go in the Mississippi County area. Those circumstances involve the U.S. imports of "oil country tubular goods" from South Korea and the recent fall of oil prices. Oil prices have reached a five-year low.
Tenaris said the company is adjusting production to position itself "for sustainable and long-term growth in the domestic market."
The company supplies steel pipe and other products for the energy industry.