We present a study of the drag reduction induced by rigid fibres in a turbulent channel flow using direct numerical simulation. The extra stresses due to the fibres are calculated with the well-known constitutive equation involving the moments of the orientation vector. Drag reductions of up to 26% are calculated, with the largest drag reductions observed using non-Brownian fibres and semi-dilute concentrations. These findings suggest that elasticity is not necessary to achieve turbulent drag reduction. Flow statistics show trends similar to those observed in simulation of polymeric drag reduction: Reynolds stresses are reduced, velocity fluctuations in the wall-normal and spanwise directions are reduced while streamwise fluctuations are increased, and streamwise vorticity is reduced. We observe strong correlations between the fibre stresses and inter-vortex extensional flow regions. Based on these correlations and instantaneous visualizations of the flow field, we propose a mechanism for turbulent drag reduction by rigid fibre additives.