At a recent meeting with analysts and investors, Alcoa Chairman and Chief Executive Officer Alain Belda announced a new company-wide, three-year cost savings challenge, following the successful completion of Alcoa's 2001-2003 cost savings program in which it achieved $1.012 billion in annual savings. Belda also reaffirmed and expanded on the company's goal of striving to join the first quintile of S&P Industrials in return on capital (ROC) performance. The new 2004-2006 cost savings program, which is based on the principles of the Alcoa Business System, calls for a reduction of $1.2 billion in annual expenditures by the end of 2006. Upon completion of this program, the company's third three-year cost savings challenge, Alcoa will have eliminated more than $3.3 billion in costs, while building closer ties to its customers and building for the future.
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