CLEVELAND — Goodyear, the biggest U.S. tiremaker, said Wednesday it plans to cut nearly 5,000 jobs this year after a sharp drop in sales led to a loss of $330 million in the fourth quarter.

The Akron-based company said demand for new tires is weak as auto sales slump and the market for replacement tires also is down because people are driving less.

The job cuts equal almost 7 percent of the company's work force and follow the elimination of about 4,000 jobs in the second half of last year.

Goodyear's loss in the three months ended Dec. 31 amount to $1.37 per share, compared with a profit of $52 million, or 23 cents per share, a year earlier.

The company lost $1.18 per share in the most recent quarter. Analysts surveyed by Thomson Reuters expected a loss of $1.03 cents per share on that basis.

Revenue dipped to $4.1 billion from $5.2 billion a year earlier.

As a strategy to boost sales, Goodyear said it will step up new product offerings.