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September 28, 1996|Times Staff and Wire Reports

Alcoa to Cut 2,900 Jobs, Take Charge: Aluminum Co. of America said it will take $65.5 million in third-quarter charges for a previously announced plan to pare administrative and sales costs by 25% a year. The world's largest aluminum producer said a combination of 2,900 firings and the departure of 475 salaried U.S. employees who took incentives to leave will reduce its worldwide work force of 72,000 by about 4%. The charges include $60 million, or 34 cents a share, for the job cuts, and $5.5 million, or 4 cents, primarily for writing down the value of equipment no longer in use. Pittsburgh-based Alcoa has said it plans to cut annual expenses by $300 million.

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