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Business Briefing / Aluminum

Alcoa to cut costs, slash dividend

March 17, 2009|Times Wire Reports

For the first time in more than a quarter-century, Alcoa Inc. is slashing its quarterly dividend as part of a plan to lower costs and bulk up its cash cushion amid the recession.

In addition to the 82% dividend cut, the Pittsburgh aluminum maker said it expected to sell $1.1 billion worth of stock and debt and reduce annual costs by more than $2.4 billion by 2010.

The announcement, made after the stock market closed, follows news in January that Alcoa plans to lay off about 13% of its global workforce by the end of 2009, further cut production and spending, and sell four of its subsidiaries.

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