Aluminum producer Alcoa to cut some 13,500 jobs
Aluminum producer Alcoa Inc said on Tuesday it will curtail production and cut some 13,500 jobs, to save cash and reduce costs in crisis.
Aluminum producer Alcoa Inc said on Tuesday it will curtail production and cut some 13,500 jobs, or 13 percent of its global work force, to save cash and reduce costs in the current economic downturn.
The company said it was reducing its smelting output by 750,000 tonnes per year, which is approximately 18 percent of total primary aluminum output, and selling four non-core businesses.
It is also cutting an additional 1,700 contractor positions and freezing salaries and hiring. It is reducing 2009 capital expenditures by 50 percent, Alcoa said.
"These are extraordinary times, requiring speed and decisiveness to address the current economic downturn, and flexibility and foresight to be prepared for future uncertainties in our markets," said President and Chief Executive Officer Klaus Kleinfeld.
Reuters Last Mod: 07 Ocak 2009, 14:13