Alcoa (AA) Shedding Costs to Bare Bones

Alcoa (AA) announced after the close of trading yesterday that it will cut some 15,000 jobs or about 15% of its workforce. In addition, the company is halving its capital expenditure budget and hopes to divest its unprofitable foil, electric-systems, automotive-wheel and European transportation-products businesses. Alcoa will expand on October’s smelting capacity cuts [...]