- Tenaris (TS +9.3%) says it is cutting more than 900 employees from its U.S. workforce, citing the sharp decline in the price of oil and subsequent decrease in market activity.
- Operations at the company's Koppel and Ambridge facilities in Pennsylvania will be suspended effective March 31, and the threading plant in Brookfield, Ohio, will be suspended as of April 17.
- Tenaris also will implement employee reductions at its threading plant in Baytown, Tex., and at its Hickman, Ark., welded pipe plant, effective April 17.