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Inco cutbacks expected to stem the flow of rising costs.

Inco Limited's third-quarter earnings nosedived to $4.5 million U.S., or three cents per common share, from $97 million U.S., or 92 cents per common share, in the third quarter of 1990.

The results, which included $18.8 million for the estimated costs associated with the voluntary early retirement incentive programs at the company's Sudbury operations, reflected a combination of weaker nickel markets and increased unit production costs at Inco's Canadian operations.

Production cutbacks announced by the company in September should reduce nickel production by about 10 million pounds during the balance of 1991.

The company incurred a cash shortfall, before financing activities, of $17 million in the third quarter, bringing the shortfall for the first nine months to $152 million.

As of Sept. 30 Inco had a total debt of $1.25 million and its debt-to-equity ratio was 42-to-58.
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Title Annotation:Mining Report; Inco Ltd.
Publication:Northern Ontario Business
Date:Nov 1, 1991
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