Gov. Andrew Cuomo on Saturday announced that Alcoa, Inc. (NYSE: AA) is prepared to move forward with the next phase of modernizing its Massena operations.
The upgrade is part of a contract with the New York Power Authority for the continued supply of low-cost hydropower from the St. Lawrence–Franklin D. Roosevelt hydroelectric plant.
The contract includes a long-term agreement to protect a minimum of 900 jobs at the aluminum-production facilities, according to the governor’s office.
Alcoa is planning to invest $42 million for site preparation at the Massena East smelter and to provide an additional $10 million toward a North Country Economic Development Fund.
The company’s decision to proceed with the next phase of the modernization of the former Reynolds Metals facility signals the potential construction of a new aluminum-production “potline,” for which work is expected to begin in June. A potline is a facility containing a series of “pots,” or large electrolytic cells, in which aluminum is made.
Alcoa’s modernization project is subject to getting approval from the U.S. Environmental Protection Agency (EPA) for a proposed remedial-action plan for cleanup of the Grasse River in Northern New York. The EPA’s decision is expected this month, according to the governor’s office.
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