Alcoa to Eliminate 6,500 Jobs, Close Plants
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Alcoa Inc., the world’s largest aluminum producer, said it will slash 6,500 jobs, or 4.6% of its work force, and close plants in a restructuring to cut costs amid slumping metal prices and manufacturing demand.
Alcoa also said it will take a charge of between $200 million and $250 million in the fourth quarter for the restructuring, which is expected to be completed by the end of next year. Alcoa said the cuts will be in 40 locations in the Americas and Europe.
Alcoa said it is streamlining operations after a series of recent acquisitions. “We are trying to consolidate our operations to best serve our customers who will benefit from lower costs and greater speed,” company spokesman Jake Siewert said.
Shares of Alcoa, a component of the Dow Jones industrial average, ended up $1.37 at $38.49, on the New York Stock Exchange.
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