Reuters via CNN Money
plans to cut another 5% of its work force in a second phase of restructuring.
Aluminum producer Alcoa Inc., which already cut 1,800 jobs this year, said on Thursday it will eliminate a further 6,500, or 5 percent of its global work force, in a second phase of restructuring.
In January, Pittsburgh-based Alcoa said it was streamlining operations to fit its new global business structure and improve efficiency. In the first phase of the restructuring about 1,800 jobs were eliminated in the first quarter and Alcoa recorded after-tax restructuring charges of $25 million, resulting in an anticipated $45 million pretax of annualized cost savings.
The combined first-half restructuring is expected to cost between $245 million and $275 million, affect about 8,300 positions in total, and save $195 million before taxes on an annualized basis, Alcoa said.
Bizjournals.com (via Yahoo) added this
about 3,500 of the job reductions will come in the automotive business.