Saturday, January 10, 2009

Alcoa lay offs translate to low scrap prices

It looks like the bottom has dropped out of demand for Aluminum.

Alcoa to lay off 13,500 workers, freeze salaries and cut spending by 50%
PITTSBURGH — Aluminum producer Alcoa Inc. said Tuesday it will cut 13,500 jobs, or 13 per cent of its work force, and slash spending and output to cope with the global economic slowdown.
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The Pittsburgh-based company also said 1,700 contractors will be cut as part of a broad-based plan to reduce costs that includes a global salary and hiring freeze.

As a result of its actions, Alcoa expects fourth-quarter charges of between $900-million (U.S.) and $950-million. The company plans to report quarterly results Jan. 12. Alcoa also said the moves are expected to save the company about $450-million annually, before taxes.

“These are extraordinary times, requiring speed and decisiveness to address the current economic downturn,” said Klaus Kleinfeld, Alcoa's president and chief executive officer.

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Looking like we should be focusing on copper and that means scouting the plumbing companies. And that means looking for industrial parks.

The downside of scraping a heater core is releasing fluorocarbons into the atmosphere. There are stiff fines for doing this, it is illegal for a reason.

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