China aluminum imports increased, the prices rose, and the export tariff exempted
According to Reuters, Hong Kong, and January 21: Dealers said Wednesday, the world’s largest consumer of primary aluminum – China, the aluminum imports increased, so the price rose and Chinese government exempted the aluminum products export tariffs.
Dealers estimated that 30,000 tons or more of primary aluminum approximately equal to import volume of China in four months, which would be reached in Guangdong and Shanghai Port at the end of February or early March, the largest expected value may reach 80,000 to 90,000 tons.
STMicroelectronics revenue fell 17 percent year-on-year and would lay off 4,500 employees
European chip maker STMicroelectronics recently said that the company would cut down 700 million U.S. dollars cost in 2009. As part of the plan, the company would lay off 4500 employees. STMicroelectronics also said that in 2009 capital expenditure budget would be 500 million U.S. dollars, which would be reduced 50% compared with the volume in 2008.
In the fourth quarter of 2008, STMicroelectronics revenue was 2.276 billion U.S. dollars, which reduced 15.6 percent compared with the same period last quarter and declined 17 percent year-on-year, slightly higher than Wall Street expectations of 2.23 billion U.S. dollars.
Kennametal Inc. announced to lay off 1200 employees worldwide
Metal-cutting tool manufacturer Kennametal Inc. recently announced that the company would lay off about 1200 employees in the world and reduce earnings expectation in the second-quarter.
It is reported that Kennametal will lay off 800 jobs in the next 3 to 6 months, whereas 400 jobs will be laid off over the next 6 to 9 months.
The company expects to save 100 million U.S. dollars for pre-tax costs, while the pre-tax spending of this layoff will reach about 90 million U.S. dollars.
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