Alcoa to cut 6,500 jobs

[cthrumatrix]

Alcoa: 25c-28c revamp chg; 6,500 job cuts; Elkem gain (AA)

By Robert Daniel
SAN FRANCISCO (MarketWatch) -- Alcoa (AA) said it would take a second-quarter charge of 25 cents to 28 cents a share and eliminate 6,500 jobs as part of a previously disclosed plan to streamline the aluminum producer's operations. The year-long restructuring should save $150 million before taxes a year, Alcoa said. Besides the revamping charges equal to $220 million to $250 million, Alcoa expects to record a $100 million to $120 million net tax benefit for the quarter. Alcoa also said it will record in the quarter after-tax profit of $219 million, or 25 cents a share, on the sale of its stake in Elkem, the Norwegian metals company.


http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38526.6885861806-837199859&siteID=mktw&scid=0&doctype=806&property=sid&value=127357&categories=&value2=AA&

bushworld economy....up is down

[dhinojosa]

1. We'll be turning the corner anytime now....

:sarcasm:

[colonel odis]

2. wasn't their slogan "alcoa can't wait" a few years ago?

[raccoon]

3. Maybe they meant,

"Alcoa can't wait to lay off a bunch of people."