- Announces first steps in implementingplan to reduce debt, including suspending the dividend for 2009 on its Class A common shares and Class B subordinate voting shares, which will provide an estimated annual savings of approximately $486M
- The company also reduced budgeted capital expenditures by $730M and will take other steps to reduce expenditures and increase cash flow

Other headlines for [TCK]

• TCK Yesterday 08:09am
  Teck Cominco UPDATE: Cutting global workforce by 13% (approx 1.1K); outlines 2009 coal production plan- TCK announced that it will reduce its global workforce by about 1,400 positions, or 13%, as part of its more...
  
• TCK 12/18/2008 04:35pm
  Teck Cominco Price Target lowered to C$7 from C$11.50 at UBS, MAINTAINS BUY RATING
  
• TCK 12/8/2008 11:29am
  Teck Cominco CEO: Does not expect to take large writedowns on assets, could be small writedowns- Could sell core assets if necessary, including 20% of coal stake to pay debt. - $5.8B bridge loan for Fording deal more...
  
• TCK 11/25/2008 04:39pm
  Teck Cominco Credit rating cut to Ba1 from Baa3 at Moodys, now junk status- The move impacts about $1.2B of debt.
  
• TCK 11/20/2008 08:13am
  Teck Cominco Announces first steps in debt reduction plan and update on coal market- Announces first steps in implementingplan to reduce debt, including suspending the dividend for 2009 on its Class A common more...
  

Materials sector headlines

• ROH Today 03:51am
  Rohm and Haas Company EU commission clears merger with Dow Chemical- Note: On 11.25, Dow Chemical re-notifies EU on Rohm purchase - Withdraws original notification to support second application. - EU to decide on more...
  
• RIO.UK Today 02:17am
  Rio Tinto Ltd DB Cuts RIO.UK to Hold from Buy
  
• 5406.JP Today 02:07am
  Kobe Steel Sees securities valuation loss of ¥15.8B- The Japanese steelmaker said it will book the write-down as a special loss, which could push down the company''s net earnings if not offset by special more...
  
• XTA.UK Today 01:46am
  Xstrata Merrill Lynch Cuts XTA.UK to Neutral from Buy
  
• Yesterday 10:56pm
  (CH) China's Nonferrous Metals Association has recommended that the govt acquire copper, zinc and nickel for its state reserves - Shanghai Securities News- The plan would be aimed at supporting more...