FACTBOX - Alcoa actions to counter economic downturn

Wed Jan 7, 2009 5:37am GMT
 
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NEW YORK (Reuters) - Following are the actions announced by Alcoa Inc (AA.N) on Tuesday to address the economic downturn:

* Primary aluminium smelting cuts to reduce output by more than 750,000 tonnes per year, or 18 percent of annualized output.

* Alumina production to be cut to a total of 1.5 million tonnes per year.

* Total headcount cut by more than 13,500, or 13 percent of Alcoa's worldwide workforce, by the end of 2009.

* An additional 1,700 contractor positions will be eliminated.

* A global salary and hiring freeze.

* Procurement action to lower costs for energy, coke, caustic soda and aluminium fluoride.

* Initiatives to secure raw materials from alternate suppliers.

* Divesting four non-core downstream businesses: Electrical and Electronic Systems; Global Foil; Cast Auto Wheels; and Transportation Products Europe.  Continued...

 
Lloyd Blankfein, Chairman and CEO of Goldman Sachs, participates in a panel discussion at the Clinton Global Initiative in New York September 23, 2009.   REUTERS/Chip East
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