Tenaris Siderca, a subsidiary of the Techint group, announced that it will drastically reduce the production of seamless pipes at its Buenos Aires plant in Campana.
After recognizing that the situation may continue at least until the end of the year, local media reported that the plant exports 70 percent of its production and it is operating at less than 30 percent of capacity. Siderca is a leading manufacturer and exporter of seamless pipes (900,000 tons annually) for the energy market, construction and automotive industry.
Additionally, the company announced a postponement of investments after cutting overtime and suspending 25 percent of their workers (7,000) until July, renewable for three months. The agreement with the Metal Workers Union (UOM) provides up to 24 days per month, with 85 percent of salary.