Slammed by high steel prices and turmoil in the auto industry, Dana Holding Corporation said that it will shut as many as 10 plants in the next 2 years and furlough 2,000 additional workers. The layoffs, to be completed by December 31st 2008, are in addition to 3,000 job cuts announced in August 2008. They were announced as part of the company's report that it lost USD 271 million in the July to September 2008 period.

Mr John Devine chairman of Dana Holding said that "These are difficult actions. But the industry situation forces us to move as quickly as we can in this environment."

A Dana spokesman said that the new layoffs could impact Toledo, although he said the number of cuts if any here has not been determined. About 100 local employees were let go in the earlier round of cuts. He added that "We are moving as quickly as possible to adjust to sharply falling production volumes, turmoil in the financial markets, and volatile commodity prices."

Mr Devine said that "Our number 1 focus this year is to make sure we fix the company. The auto business continues to be weak. We have to get this business profitable and cash flowing."