A third-quarter loss of $68 million has prompted metals giant Noranda Inc. to slash 550 jobs. The 17,000-employee company, which includes employees at its Falconbridge subsidiary, is looking at reductions in administration, exploration and other areas by about $60 million a year. More than half of the jobs lost will be due to a U.S. unit,
American Racing Equipment, closing an aluminum wheel plant in Kentucky.
Quarterly sales have reportedly fallen from $1.7 billion to $1.46 billion in the third quarter. Noranda officials say they will hold off on exploring new areas and will focus on company properties in Chile and Argentina.