USG Corp (USG) Trimming Staff Due to "Continued Adverse Market Conditions"

USG Corp (USG), the maker of wallboard panels and other building materials, made an announcement after hours today that,

"as a result of continued adverse market conditions, the Registrant has initiated a program to further reduce its overhead and other costs. The program includes a salaried workforce reduction and other cost reductions that are targeted to reduce costs by an additional $22 million to $28 million annually, before charges for termination benefits."

As I've mentioned, the company is not profitable enough to service its debt.