Tenaris Cutting Some Salaries, Temporarily Closing Some US Facilities
29 Abril 2020 - 05:46PM
Noticias Dow Jones
By Stephen Nakrosis
Tenaris S.A. said Wednesday that it was taking actions amid the
continued Covid-19 pandemic "to preserve adequate levels of
operation while protecting the health and safety of our employees,
fulfill our commitments to customers, strengthen the medical
response capability in the local communities where we have our
operations and ensure the financial stability of the company."
In an effort to mitigate the impact of expected lower sales, the
company said, it is "working on a worldwide rightsizing program and
cost containment plan aimed at preserving financial resources and
liquidity and maintaining the continuity of our operations."
Tenaris said it will temporarily close facilities and production
lines in the U.S., as it adjusts the level of its workforce and
operations across the globe.
The company also said it would reduce pay for its board and
senior management as it works to downsize its cost structure.
Tenaris will reduce its capital expenditures and R&D
expenses by about $150 million compared to last year.
The company is also proposing to limit dividend payments in
respect to fiscal year 2019 to a $153 million interim dividend
payment made in November.
Tenaris is headquartered in Luxembourg and makes steel pipe
products.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 29, 2020 18:31 ET (22:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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