BLYTHEVILLE, AR (KAIT) - Blaming the price of oil, Tenaris announced Friday it will lay off approximately 100 employees at its welded pipe mill in Blytheville.
The company cited continued reduction of drilling activity and the price of oil, which is at a 12-year low, for the cutbacks.
The number of active rigs in the United States, according to Tenaris, is currently close to 650. That is a 60 percent reduction since the onset of the industry downturn.
"Compounding the situation are excess inventories, created in part by ongoing imports of unfairly traded OCTG (oil country tubular goods)," Tenaris stated on its website.
The company stated it would continue to "monitor market conditions" and would "align its workforce and production levels as needed."
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