Skip to content

Inco plans cost-cutting measures (2/02)

Inco Ltd. intends to cut $75 million in expenses within the next year as part of a worldwide effort to trim expenses. There are no cuts in the workforce planned.
0

Inco Ltd. intends to cut $75 million in expenses within the next year as part of a worldwide effort to trim expenses. There are no cuts in the workforce planned. The mining giant wants changes made in tendering procedures for goods and services and intends to reward employees for increases in operating earnings. Because of unstable metal prices in the last few years, Inco has restructured with the goal of becoming the industry's lowest cost and most profitable nickel producer in the world. Through early retirement over the years, Inco has reduced its 20,000 workforce at its Sudbury operations from 20,000, 30 years ago, to less than 5,000 at present.




Comments