Aluminium giant to axe 13,500 jobs
Updated on 07 January 2009
Alcoa, the world's third-largest aluminium maker, is to axe 13,500 jobs - 13% of its workforce - and slash spending and output to cope with the global economic slowdown.
The reductions expand on cost-cutting measures announced in October, when Alcoa reported a 52% decline in third-quarter profit due to sharply lower aluminium prices, weaker demand and a charge from curtailing a smelter in Texas.
In its latest announcement, which came after US markets closed on Tuesday, the Pittsburgh, Pennsylvania-based company said it would also cut 1,700 contractor positions and sell four business units. It has imposed a global salary and recruitment freeze.
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