More than 200 jobs are under threat at aerospace company Shorts after its Canadian parent company announced it was cutting production rates of one of its aircraft which is partly built in Belfast.
A drop in demand for Bombardier's 50-seat CRJ200 regional jet has prompted the company to cut production to just 18 a year.
A Shorts spokesman said that "very regrettably" with the lower production rates "we expect that we will have to reduce our Northern Ireland manpower by some 230 employees across all areas over the next 10 months".
A further 430 workers in Canada face losing their jobs.
No redundancy notices are being issued immediately and discussions will take place with the unions about how best to proceed, said the company.
Last October Bombardier announced 560 Belfast redundancies, but managed to reduce the numbers to little more than 200. The company said that this time it would again "explore all possible means to mitigate the number of potential redundancies".
Bombardier said the cuts to its workforce - currently 5,300 in Belfast - were because of a customer trend away from its smaller regional jet.
"As we had anticipated, demand for the CRJ200, which has served us well for over 12 years, is moving towards larger CRJ700 and CRJ900 aircraft," said the company.
The jobs announcement was made by Bombardier as the company, with headquarters in Montreal, announced an increase in second-quarter profits.
It said it made profits of some 33 million Canadian dollars (€22.5 million) before tax - up almost Can$9.5 million on the same time last year. Bombardier confirmed a decision was near about whether to go ahead with a new generation of aircraft that would put it into direct competition with Boeing and Airbus.
The decision would be made in the autumn about whether or not to proceed with the proposed larger C series aircraft, it said.
"Should the launch go ahead, the programme would provide a significant opportunity for the Belfast site in terms of developing our capabilities and securing our long-term future," said the company.
UUP East Belfast Assemblyman Michael Copeland MLA said that the jobs announcement was "deeply regrettable".
"I would like to extend my sympathies to all those affected by this news. It is deeply regrettable.
"The government must act decisively to alleviate the situation and do what it can to offer retraining options so that those affected can bounce back quickly from today's regrettable news. Shorts boasts a first-class, highly-skilled and talented work force, which must not be allowed to go to waste.
"As of yet, no redundancy notices have been issued and negotiations are still to take place between trade unions and the management at Shorts, but in the meantime I would urge the management at Shorts to do all they can to minimise the effects of the potential redundancies by exploring all available avenues.
"This announcement comes at a time when Bombardier have announced an increase in second-quarter profits, but this does not take away from the harsh reality that many families will face a period of uncertainty and instability.
"My office is always open for those affected to visit should they need help and assistance in any way."