Tenaris Temporarily Suspends Operations at certain U.S. Facilities
LUXEMBOURG, April 13, 2020 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and MTA Italy: TEN) announced that, in response to an adverse scenario of declining oil and gas prices,
unprecedented oversupply in the oil market, and operational restrictions originated by the COVID-19 crisis, the company is restructuring its operations in the United States.
Tenaris’s facilities in Koppel and Ambridge, PA, Brookfield, OH, and Baytown, TX, have been or will be temporarily closed until market conditions improve. In addition, Tenaris will be performing employee reductions and adjusting production levels at its other facilities in line with market demand.
Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements.
Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.