SEATTLE AP Boeing Co. said Tuesday it will cut an additional 20000 workers over the next two years as the company scales back production of several commercial jet lines due largely to slackening demand because of the Asian economic crisis. The new cuts will bring the total reductions in Boeing's work force to 48000 jobs or a 20 percent drop from the high level of 238000 reached in June of this year. In July the company announced that it would trim 28000 jobs. ``Clearly the economic slowdown in Asia is driving air traffic down which impacts our customers' plans and operations'' Alan Mulally Boeing Commercial Airplane Group president said Tuesday. ``Our actions today will match production to market demand to support our customers.'' Boeing which early had projected 1999 net earnings at about dlrs 2 billion now said it was forecasting next year's profits at dlrs 1.5 billion to dlrs 1.8 billion. It said 1998 profits were expected to be slightly above dlrs 1 billion as earlier forecast. Boeing presently is rolling out 51 planes a month said spokesman Larry McCracken. He said that will drop to 47 at the end of next year and 38.5 planes a month by the end of 2000. The company said it would reduce production of 747 jetliners from 3.5 to two airplanes per month late next year and to just one per month in early 2000 if market conditions fail to improve. Production of 757 jetliners will drop from five to four airplanes per month and the 767 program will drop from four to 3.5 airplanes per month in early 2000. The 777 program currently scheduled to be reduced from seven to five planes per month in fourth quarter of 1999 is now projected to remain at the lower rate in 2000. Boeing will increase production on its new-generation 737s as scheduled to 24 planes per month and it will remain at that rate until late 2000 when it will decrease to 21 a month. Air traffic growth in many Asian markets has plummeted as the countries grapple with their worst currency crisis in decades. Many Asian airlines have reported operating losses or reduced profits since the crisis began Boeing officials say. APW19981201.0920.txt.body.html APW19981201.0695.txt.body.html