SHANGHAI, Jan. 12 (CBI China) -- Alcoa decided to further cut production 135 kt.
To cut costs, Alcoa decided to reduce capital spending by 50% in 2009, at the same time further reduce primary aluminum production 135 kt, which makes the size of production reduction at Alcoa reach 750 kt, accounting for about 18% of the company's total output. At the same time, Alcoa also announced 13,500 layoffs, accounting for 13% of its global total number of employees, which means that before the end of 2009, the total number of Alcoa layoffs will reach 15,000 people, accounting for 14.5% of all employees (including contract workers).
It is said that the cost-cutting measures will allow Alcoa to have an annual saving of 450 million U.S. dollars.
(Edited by CBI China)