Tenaris Temporarily Suspends Operations at certain U.S. Facilities
April 13 2020 - 5:00PM
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.
Giovanni
SardagnaTenaris1-888-300-5432www.tenaris.com
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