Anglo American (US-OTC: AAUKY; LSE: AAL) intends to shrink the number of its employees by 63%, suspend its dividends and close, sell or mothball its cash flow negative assets to adapt to deteriorating market conditions. "Last year... we took the view that it was likely commodity prices were going to be pressed further. Quite frankly, we didn't expect the rout to be so dramatic ... we needed to put the foot to the accelerator and move the change," Mark Cutifani, chief executive for Anglo, said during a conference call.
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