Alcoa Cut Jobs and Capital Spending

From Calculated Risk: Alcoa to eliminate jobs, cuts capital spending plans
Alcoa Inc. announced deeper work-force cuts, more plant closures and a 50% reduction in capital expenditures. By the end of this year, there will be 15,000 fewer positions at the company, or roughly 14.5% of its current employees and contractors.

The moves raise the question of whether other companies that have cut costs also will feel the need to dig deeper. Alcoa, the world's largest aluminum producer, announced a round of cost cutting in October when demand for commodities and the availability of credit began to fall.

International Business Machines Corp., the biggest technology employer, may cut 16,000 jobs this month amid the global economic slowdown.