Mitsui Mining & Smelting Co. said Tuesday it will cut some 4,000 jobs, including 1,000 regular jobs, as it expects to fall deep into the red in the current fiscal year through March 31 in the face of a rapidly deteriorating business environment.
The leading nonferrous metal producer currently has a workforce of some 11,100 full-time workers and 7,700 nonregular employees.
Behind the decision to carry out an over 20 percent workforce cut are plunging metal prices, the yen's steep appreciation and weakening demand for electronic parts and other products, which have forced Mitsui to revise its group earnings projection downward for fiscal 2008, the company said.
Mitsui also said it will cut remuneration for board members by up to 50 percent from April until it can expect a pickup in earnings.