Reports have it that Hitachi is set to cut 7,000 jobs and will forecast up to $7.7 billion in loss. The job cuts will be part of the company’s global re-structuring plan. The announcement about their dim forecast about possible loss was made Friday and the loss will cover the year that ends March 31. This was in contrast to the supposed projected profit of 15 billion yen which was made in October. The company based in Japan is a known manufacturer of home appliances, IT systems and medical equipments. It’s operating profit projection was cut too by 90 percent. Weak demands for its products was considered as the main culprit.