Argentinian-Italian group Techint has temporarily halted operations at its steel plant in the city of Campana, in the region of Buenos Aires, for a potential period of six months, according to media reports.
The decision is reportedly part of series of “adjustments” the company decided to make. Media reports say local unions along with the nation’s Labor Ministry reached an agreement, in which the plant operations would need to be suspended for three months as a result of low oil prices. If negative prospects for the company continue, the temporary halt in operations could continue for three more months.
The company laid off about 400 employees in the first quarter of the year. Another 3,200 workers could be laid off, media reports said.