Alcoa Moving Ahead with New York Modernization
Alcoa announced that it is prepared to proceed with the next phase of the modernization of its Massena, N.Y., operations. The next phase, which will begin in June, includes site work and support projects in preparation for the construction of a new potline at the location’s Massena East plant. The company expects to spend $52 million on this modernization phase through 2015, including a $10 million commitment toward economic development. Under the terms of the contract, the New York Power Authority will supply power to the operations in Massena for a term of 30 years following the expiration of Alcoa’s current power contract in 2013. In turn, Alcoa must invest a minimum of $600 million to modernize its operations.