Lone Star Steel said it plans to slash its work force.

The steelmaker reported that it will lay off more than 50%, with the remaining work force estimated at about 2,000 workers. The firm cited the depressed market for oil industry tubular goods, its primary product line. It also blamed subsidized pipe imports for the action. In February, the Dallas company reported that it planned to idle three plants and lay off between 10% and 15% of its work force.