Alcoa to cut workforce

January 6, 2009 2:02:18 PM PST
Aluminum producer Alcoa Inc. says it's cutting about 13 percent of its global work force and slashing spending and output due to the economic downturn.

The Pittsburgh-based company says 1,700 contractors also will be cut and that it's implementing a global salary and hiring freeze.

As a result of its actions, Alcoa expects fourth-quarter charges of between $900 million and $950 million. The company expects to report quarterly results Jan. 12.