Rockwell Automation (ROK)

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OUCH! Alcoa cuts job, output to cope with tough economy

By Matt Andrejczak
Last update: 4:21 p.m. EST Jan. 6, 2009
SAN FRANCISCO (MarketWatch) -- Alcoa Inc.

Late Tuesday said it plans to cut 13% of its global workforce, sell four business units, cut output, freeze salaries and hiring efforts. The Pittsburgh-based aluminum giant said it is taking the steps to conserve cash in the current economic downturn. The meausures will result in a fourth-quarter charge of $900 million to $950 million after tax, or $1.13 to $1.19 a share. Alcoa, a Dow Jones Industrials Average component, reports earnings Jan. 12.