Valero plant to briefly shut down

January 27, 2009 2:38:54 PM PST
The slowing economy is hitting home once again.[SIGN UP: Get headlines and breaking news sent to you]

Valero said it would temporarily shut down its plant in Texas City. That only applies to the regular maintenance period in which the plant is usually still running limited operations.

The corporation says it lost more than $3.25 billion in the fourth quarter. It now plans to slash spending by nearly $1 billion this year.

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