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Areva Chief Outlines Two-Year, $1.1 Billion Cost Cutting Plan

French nuclear powerhouse Areva on Wednesday said it would combine cost cutting with a sharper focus on nuclear power growth to overcome daunting financial difficulties that include losses of about $5.4 billion in 2014. The first dramatic move would be to trim $1.1 billion in operating costs over the next two years, which would include discussions with union representatives on the possibility of job cuts, although Chief Executive Officer Philippe Knoche declined to specify that any decision on job cuts had been made. However, the plan included salary and hiring freezes for the company's approximately 45,000 employees worldwide, about two-thirds of whom are in France. Areva also intends...