Norway's Norsk Hydro To Streamline, Cut 2,300 Jobs By July

Norwegian industrials group Norsk Hydro said it plans to cut 2,300 jobs -- 800 of which are related to its acquisition of Norway's Saga Petroleum -- by July as part of its cost-efficiency program, company president and CEO Egil Myklebust said in a statement Oct. 28. Earlier, Hydro announced a new strategy under which it will focus on the three core areas of oil, metals, and fertilizers. Businesses outside of that scope will be either sold or developed through alliances, Myklebust said. Hydro aims to establish itself as the third-largest integrated aluminum company in the world. The largest would be Alcoa-Reynolds and Alcan-Pechiney-Algroup, provided the mergers planned by the companies involved are approved.