Alcoa announces job cuts (2,000 Jobs)

[RamboLiberal]

http://www.post-gazette.com/pg/05081/475636.stm

Alcoa said it will eliminate about 2,000 jobs at plants in North America, South America and Europe over the next 12 months, moves that will eventually cut costs by about $45 million annually.

The aluminum producer also said it will sell its 46.5 percent stake in Norwegian metals and energy producer Elkem ASA for $870 million cash and record an aftertax gain of $180 million from the sale.

Proceeds will be used to pay down debt, fund expansion and to cover restructuring charges. The sale of the Elkem stake to Oslo-based Orkla ASA is expected to be completed April 5.

Alcoa said it will record an aftertax restructuring charges of $20 million to $25 million to cover the costs of job cuts.

[KlatooBNikto]

1. Another big time corporation that cannot cut the mustard when its

monopoly crumbles.

[anarchy1999]

2. Just 2,000? Yep, the economy is getting better, ain't it?

n/t

[VegasWolf]

3. There! Take that fool bush lovers! n/t

[hatrack]

4. Wow! Did Paul O'Neill get his old job back?

You have to admit, it would make sense.

[BrotherBuzz]

7. I was thinking the same thing...

This sounds like it's right out of his playbook....

[gizmo1979]

5. How much did the CEO make last year?

Cut senior execs pay.Fewer people will be affected.

[mhr]

6. First GM, Now Alcoa - If THe Economy Keeps Improving, We Will All Be

Soylent Green Fodder Very Soon

[Lars39]

8. Alcoa, TN, in east TN has 2 plants that'll probably be affected.

Alcoa is located about 13 miles from Knoxville.
My brother works at Scepter Aluminum in New Johnsonville.
I sure hope this doesn't affect his job. :scared:

[Anakin Skywalker]

9. This Means the Economy is Strong!

According the Rethug Freeptard logic.