RENEE MONTAGNE, host: Today's business news starts with layoffs.</s>RENEE MONTAGNE, host: The aluminum maker Alcoa plans to layoff about 6,700 workers worldwide over the coming year. It's part of a restructuring effort the Pittsburgh-based company hopes will increase profits. Alcoa is also entering a joint venture with a Norwegian metals company and it plans to sell three plants.</s>STEVE INSKEEP, host: The president of the United Auto Workers says the union will work to preserve a jobs bank, which is supposed to guarantee pay for laid-off workers. Ron Gettelfinger made that comment yesterday during an online chat with union members and reporters.</s>STEVE INSKEEP, host: Now under this job's bank factory workers are eligible for nearly full pay and benefits, even after their jobs have disappeared. Manufacturers say the program puts them at a competitive disadvantage with their Asian counterparts who make cars in the United States.
The aluminum maker Alcoa plans to layoff about 6,700 employees worldwide over the coming year. The cuts are part of a restructuring effort the Pittsburgh-based company hopes will increase profits. Alcoa is also selling three plants and entering into a joint-venture with a Norwegian metals company.