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Strategies & Market Trends : Moufassa's Lair

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To: DebtBomb who wrote (3031)	12/18/2001 5:10:40 PM
From: Softechie	Read Replies (1) of 13660

Alcoa/Outlook -3: Sees Chg On Insolvent Customers - 18 Dec 16:59 Alcoa previously announced the fourth quarter restructuring charge Nov. 19 when it announced it would cut 6,500 jobs, or about 4.6% of its work force. The company then put the charge at $200 million to $250 million. The aluminum company said Tuesday it also will post fourth quarter pretax charges of about $60 million due to "persistently weak conditions." Alcoa said a significant portion of those losses involve customers who have become insolvent and aren't expected to meet the terms of their contracts and other long-term contracts and claims.

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