Weak energy prices lead TimkenSteel to lay off 39 in Houston

Resource from: Akron Beacon Journal Likes:228

Jul 22,2015

Manufacturer TimkenSteel Material Services LLC told Texas state officials it will lay of 39 workers at a Houston plant that specializes in energy market products. The parent company in Canton, which makes high quality steel bars and pipes, cited a “significant downturn in business” as the reason for the layoffs, according to the Houston Chronicle. Manufacturers and oil patch suppliers have suffered alongside drillers as lower crude oil prices have led producers to idle rigs and trim orders for the manufactured goods that support drilling, the newspaper said. TimkenSteel indicated in a filing with the state that the Houston layoffs would be effective on Sept. 19 and would be permanent. The company has a 100,000-square-foot plant in Houston that it says does precision machining and hole finishing for steel metals, bars or tubes.

(Akron Beacon Journal)

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