Vale Inco reduces workforce in global nickel operations

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TORONTO, March 3 /CNW/ - Vale Inco Limited today announced a further restructuring of its global operations in response to ongoing challenges in the world nickel market.


The restructuring will see the elimination of approximately 900 full-time positions in the nickel business distributed across the Company's operations worldwide. The workforce reductions focused in large part on corporate, management and business support functions.


"Unfortunately the tough decisions announced today are necessary in these exceptional times" said Tito Martins, Vale Inco CEO and President. "The declining nickel price and reduced demand for nickel make it clear that continuing to operate in our current fashion is simply not sustainable. The measures we're announcing today are intended to address the immediate health of the business and help reshape the organization for a long-term, successful and sustainable future."


Affected employees at the company's operations are in the process of being notified. Today's news follows the announcement in December 2008 of a series of measures to reduce production, lower costs and reduce the global workforce