The largest US aluminium maker, Alcoa, announced on Tuesday that it would cut its global workforce by 13,500 jobs, or 13 per cent, by the end of the year amid the widening recession.
Alcoa will also slash an additional 1,700 contractor positions. The company will be cutting production, lowering its annual smelting capacity by 750,000 metric tons, or about 18 per cent.
"These are extraordinary times, requiring speed and decisiveness to address the current economic downturn, and flexibility and foresight to be prepared for future uncertainties in our markets," said Alcoa CEO Klaus Kleinfeld.
He said the "wide-ranging set of aggressive, but prudent, measures" were being taken to ensure Alcoa's competitiveness in challenging economic times.