Citing low demand for aluminum, Rio Tinto plc (NYSE:RTP) has cut more than 700 jobs at its Australian mines. The company also plans to slow the expansion project at one mine by nearly 23% to 15 million metric tons. In January, Rio announced that it would cut 14,000 jobs worldwide in an effort to cut costs to help the company meet its debt obligations. These latest job cuts were not included in that original reduction.
Rio has been offered $19.5 billion by China’s aluminum giant Chinalco for an additional 9% stake in the company. That deal is currently being reviewed by Australian regulators.
Rio’s ADS is off nearly 4% in early trading this morning.
Paul Ausick
April 7, 2009
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