Alcoa to cut 15% of work force, unload assets

In an effort to reduce capital expenditures by 50%, aluminum producer Alcoa Inc. plans to cut 15,000 jobs -15% of its workforce-, close additional plants to reduce production by 18%, and sell unprofitable assets. The restructuring charges will cost the company between $900 and $950 million in its fiscal fourth quarter. This year, Alcoa hopes to save $1.8 billion in costs, with $450 million in annual savings in following years, and generate $100 million from the sale of assets.