Wednesday, January 7, 2009

Alcoa To Slash Jobs

Alcoa Inc said on Tuesday it would slash more than 15,000 jobs, halve capital spending and sell four businesses as it reduces aluminum production in the face of the global economic downturn.
Alcoa said targeted reductions, curtailments and plant closures and consolidations, mostly in the United States and Europe, including Russia, would reduce its headcount by more than 13,500 employees or 13 percent of the worldwide workforce by the end of 2009. An additional 1,700 contractor positions also will be eliminated.

What Alcoa Do?

  • Smelting Output Reduced 750,000 mtpy, or 18% of Output
  • Reducing Headcount by 13,500 (13% of Global Workforce) and an Additional 1,700 Contractor Positions
  • Freezing Salaries and Hiring
  • Selling Four Non-Core Downstream Businesses
  • Reducing 2009 Capital Expenditures by 50%
  • Taking Advantage of New Sourcing For Raw Materials
  • Exchanging Equity Stakes with Orkla; Alcoa To Take 100% Ownership of 2 Elkem Smelters For its 45% Stake in SAPA
  • After-Tax Charges For 4Q 2008 Range from $900 to $950 Million, 80% Non-Cash
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