The Department of Energy announced a conditional commitment for a $259 million loan to Alcoa Inc. If finalized, the loan would support the company’s Alcoa, Tenn., manufacturing facility, where high-strength aluminum for North American automakers looking to lightweight their vehicles will be produced. The deal is part of the DOE’s effort to support advanced vehicles that are more affordable for Americans to drive, strengthen U.S. leadership in manufacturing advanced vehicle technologies, and reduce greenhouse gas emissions through increased fuel efficiency,
The Tennessee plant’s expansion will provide additional aluminum sheet manufacturing capacity intended for the U.S. automotive market. Alcoa estimates that its expanded production will create an additional 200 permanent full-time jobs.