Boeing announced sweeping cost cuts on Monday, including a hiring freeze, a halt to non-essential business travel for employees and a reduction in spending with suppliers, to conserve cash amid a strike by more than 30,000 factory workers.

Workers at Boeing factories, mostly in the Seattle area, began a walkout Friday morning after overwhelmingly rejecting a tentative labor agreement, halting much of Boeing’s aircraft production.

The manufacturer will “significantly reduce” spending on suppliers and stop most orders for its 737 Max, 767 and 777 aircraft, Chief Financial Officer Brian West said in a memo to employees, the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing’s orders.

“We are working seriously to reach a new contractual agreement that takes into account their feedback and allows us to resume operations,” West said in his statement. “However, our business is going through a difficult period. This strike poses a significant threat to our recovery and we must take the necessary actions to preserve cash and secure our shared future.”

He added that Boeing will not cut funding for safety, quality and direct customer support.

The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said Friday at a Morgan Stanley conference. He said the company’s new CEO, Kelly Ortberg, wants to return to the bargaining table immediately to negotiate a new deal.

“We are also considering the difficult step of temporarily laying off many employees, managers and executives in the coming weeks,” West said.

On Friday, Moody’s downgraded all of Boeing’s credit ratings and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade, potentially driving up borrowing costs for a manufacturer already burdened with mounting debt.

Boeing burned through about $8 billion in the first half of the year as it scaled back production following a near-catastrophic crack in a door panel earlier this year.