* Says targeted reductions, curtailments and plant closures and consolidations
will reduce headcount by more than 13,500 employees
* Says further smelting reductions of more than 135,000 metric tons per year
will be implemented
* Says has also instituted a global salary and hiring freeze
* Says alumina production will also be reduced accordingly across global
refining system to total of 1.5 million mtpy
* Says additional 1,700 contractor positions also will be eliminated
* Says intends to divest four non-core downstream businesses: electrical and
electronic systems; global foil; cast auto wheels; and transportation
products Europe
* Says curtailments will be fully implemented by the end of the first quarter
2009
* Says stopping all non-critical capital investment
* Says capital expenditures in 2009 are projected to be down to $1.8 billion, a
50 percent decrease from 2008
* Says initiatives to secure raw materials from alternate suppliers
* Sees Q4 charge of $1.13 to $1.19 per share
* Says lower market oil and gas prices also are having a positive impact
* Reuters Estimates Q4 loss per share view $0.01, revenue view $5,143.83
million
* Sees net proceeds for divestitures about $100 million