One of the US largest aluminum producers, Alcoa is reportedly cutting almost 15, 200 thousands jobs and would slash major operations due to global economic downturn.
"Alcoa is going to get hit by some really big metal price declines and the only way to fix it is to reduce output," said analyst Charles Bradford, of Bradford Research/Soleil.
"I think they need to do more. That's the only thing you can do to get the price going." Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland, said the cuts could help Alcoa in the long run.
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