* Says targeted reductions, curtailments and plant closures and consolidations

will reduce headcount by more than 13,500 employees

* Says further smelting reductions of more than 135,000 metric tons per year

will be implemented

* Says has also instituted a global salary and hiring freeze

* Says alumina production will also be reduced accordingly across global

refining system to total of 1.5 million mtpy

* Says additional 1,700 contractor positions also will be eliminated

* Says intends to divest four non-core downstream businesses: electrical and

electronic systems; global foil; cast auto wheels; and transportation

products Europe

* Says curtailments will be fully implemented by the end of the first quarter

2009

* Says stopping all non-critical capital investment

* Says capital expenditures in 2009 are projected to be down to $1.8 billion, a

50 percent decrease from 2008

* Says initiatives to secure raw materials from alternate suppliers

* Sees Q4 charge of $1.13 to $1.19 per share

* Says lower market oil and gas prices also are having a positive impact

* Reuters Estimates Q4 loss per share view $0.01, revenue view $5,143.83

million

* Sees net proceeds for divestitures about $100 million