- The reason for the layoffs was lower demand from Chinese customers
- The job cuts will impact the company's copper unit in the state of Para.
- The company has 56K total employees.

Other headlines for [RIO]

• 12/30/1899 00:00am
  Morgan Stanley analysts note that commodity rally will not be sustainable through Q1 of 2009
  
• AA 12/30/1899 00:00am
  Alcoa Inc Cutting smelting output 18%, cutting 13.5K jobs (about 13% of workforce), freezing salaries, selling certain downstream businesses; expects Q4 charges of $900-950M ($1.13-1.19/shr)- Further smelting more...
  
• 12/30/1899 00:00am
  Guinean Coup Officers note that existing mining contracts will be re-evaluated - WSJ- Remains unclear if any terms or conditions will be changed with existing contracts - Guinean production of more...
  
• BHP.AU 12/30/1899 00:00am
  BHP Billiton Ltd Chairman Letter: Company in a strong financial position; High uncertainty in commodities markets- The company has net debt ot $6.3B at Oct 31. - Says it has been able to maintain sales volumes. - more...
  
• 12/30/1899 00:00am
  (CH) Chinese steel industry looking for substantial ore price cuts in annual contracts - WSJ- Article notes that for first time since 2002, steel producers have an economic advantage over basic more...
  

Materials sector headlines

• Today 12:28pm
  Lyondell Spokesman: Bankruptcy filing will not impact operations at Houston refinery - interview
  
• AA Today 12:02pm
  Alcoa Inc S&P notes they "may" cut ratings; currently rated BBB+
  
• ZOLT Today 10:53am
  Zoltek Companies, Inc Hearing shares cut to Accumulate from Buy at ThinkPanmure (timing uncertain)
  
• APD Today 10:14am
  Air Products and Chemicals Inc Will extend their 10-year production joint venture with Showa Denko- JV for etch and chamber cleaning products such as tetrafluoromethane (CF4) and hexafluoroethane (C2F6); to build a new production more...
  
• MON Today 10:03am
  Monsanto Co BofA/Merrill Lynch maintains buy rating, price target $115