West Virginia Governor Joe Manchin said that the state would lend $10 million to Alcan Rolled Products in an effort to keep jobs in the state. The loan would go directly toward improvements at Alcan’s Ravenswood facility to help ensure its competitiveness. The company has already promised to spend $86 million on upgrades at the plant. The state’s loan comes with a stipulation, however. Alcan would be required to repay the debt if the plant changes ownership.
Alcan Rolled Products of Ravenswood and the United Steelworkers Union Local 5668 agreed to extend its current labor contract to permit continued negotiations. Workers rejected the company’s latest offer. The facility, which has more than 1,000 hourly and salaried employees, is the largest employer in Jackson County, W.V. The new extension will expire June 30.
West Virginia Offers Loan to Alcan
June 24, 2010