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Aluminum maker Alcoa, one of the largest in the world, announced new cost-cutting plans Tuesday, in lieu of the continued decline in prices and demand. The company plans to reduce output by 18% in 2009, cut 13,500 (13%) of its employees, and slash 1,700 contractor positions. President Klaus Kleinfeld has called the cuts ?agressive but prudent,? saying the company had to find ways to cut costs and conserve cash. Alcoa will also sell several of its less profitable business lines, freeze hiring, salaries, and all capital investments not deemed critical and necessary. The plans are expected to save the company approximately $450 million; however, several Wall Street analysts believe the cuts will not be enough, saying, among other things, that its likely the company will be unable to sell the assests it wants to. Most of the world's large aluminum makers have been forced to cut output, but are hopeful that an across-the-board reduction in inventory will help to bring prices back up.