Argentinian steelmaker Tenaris Siderca reached an agreement with local union UOM to continue a provisional layoff program as a way to avoid massive dismissals at its Campana mill.
According to local media, an existing provisional layoff program will be extended until January 22, 2017, and workers who join the initiative will receive 80 percent of their regular wages.
The temporarily layoff was adopted by Siderca last year as a way to avoid massive dismissals. The measure was then extended several times throughout the year, as it managed to reach the approval of local union UOM.
As for 2017, Tenaris, Siderca’s holding company, expects a more stable year in Argentina. The company’s CEO, Paolo Rocca, told Argentinian government news agency Telam revenues should increase “between 20 and 25 percent.”