Alcoa Reports Wider Loss, Plans to Cut Jobs
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Alcoa Inc. announced plans to cut 8,000 jobs this year and sell several less profitable, non-core businesses.
The news came as the world’s largest aluminum producer reported a wider-than-expected fourth-quarter loss.
The job cuts account for 6% of the company’s global workforce and come on top of 10,000 cuts in 2002.
For the quarter ended Dec. 31, the company lost $223 million, or 27 cents a share, compared with a loss of $142 million, or 17 cents, a year earlier. Revenue slipped to $5.06 billion from $5.10 billion a year earlier.
Alcoa shares fell $2.53, or 10.4%, to close at $21.85 on the New York Stock Exchange.
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