Rio Tinto Group is taking measures to strengthen its financial structure by cutting jobs, reducing capital investment and listing significant assets for sales trying to reduce A$10 billion from its debt by the end of 2009
The company is expecting all these measures to help them go through the tough times till economy recover.
The CEO Mr. Tom Albanese said "Given the difficult and uncertain economic conditions, and the unprecedented rate of deterioration of our markets, our imperative is to maximize cash generation and pay down debt."
The 14,000 job cutting worldwide counts for 12.5 percent of its work force and some operating cost-down plans are set to save at least A$2.5 billion a year by 2010 for Rio Tinto. Source:Yieh.com
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Sunday, December 14, 2008
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