Alcoa Inc.: Alcoa Reaches Agreement with NY State to Increase

‘Senator Schumer and Governor Cuomo have been tremendous allies for Alcoa’s Massena operations for many years and we thank them for their continued support, ‘ said Chairman and Chief Executive Officer Klaus Kleinfeld.

MASSENA, N.Y. (AP) — Alcoa has backed off a plan to close its smelting operations in northern NY after the state agreed to a series of incentives.

The plant will keep operating at full capacity of 130,000 tonnes per year, an Alcoa spokeswoman confirmed.

Company continues to strengthen Upstream and improve cost position NEW YORK-(BUSINESS WIRE)-Lightweight metals leader Alcoa (NYSE:AA) today announced that it has entered into a three-and-a-half year agreement with NY State to increase the competitiveness of the Massena West smelter.

Under the plan, the state will provide $30 million in low-priced electricity from the NY Power Authority and $38 million to fund plant improvements. “This plant is going to keep operating the way it has been operating for over 100 years”.

According to WWNY-TV, the announcement was made on Tuesday morning. “While this is a welcome announcement, I remain committed to working in Congress to help grow the North Country economy so that we can create good paying jobs for North Country families”.

“This Thanksgiving as we are surrounded by family and friends, we can be a little more thankful that roughly 600 Upstate New Yorkers will not be out of a job”. The amount of the penalty would gradually decline by the end of the term. Cuomo says the move will preserve almost 600 jobs.

The agreement is subject to approval by the NYPA Board of Trustees, who are slated to meet December 17.