Boston, MA, 04/03/2014 (usastockreports) – Alcoa Inc (NYSE:AA), a global leader in light weight metals manufacturing and engineering, has announced that it plans to maintain hundreds of jobs at a plant in northern New York.
On Monday, Alcoa made an announcement of the agreement the Pittsburgh based company has come up with Gov. Andrew Cuomo. According to the agreement, Alcoa is to keep as many as 750 jobs at one of its plants after it shuttered its other facility in northern New York. Gov. Cuomo demands that Alcona maintains 750 jobs at its Massena West facility. The agreement also requires the company to provide its workers necessary training for high demand technical jobs.
In 2008, this number of workers which Alcoa Inc (NYSE:AA) needs to maintain was higher by 150 workers. This would have enabled the aluminum producer to get low cost power from the New York Power Authority.
Previous Shut Downs
Earlier in January this year, Alcoa had announced its plans to shut down potlines that it deploys in smelting operations in the region as they were no longer profitable. According to officials from Alcoa, the company marked the completion of the process of the shut down on March 29, 2014. The facility at Massena East had 332 workers.
Alcoa Inc (NYSE:AA) had also announced its plans for operations in Brazil on Tuesday. It seeks to invest $40 million in the expansion of the rolling mill in Itapissuma, Brazil to boost production of specialty aluminum foils that are used for packaging purposes. As part of the expansion, the company said, it would introduce 50 more positions at the facility. Alcoa forecasts the commissioning to begin in 2016.
Financial Results Discussion
Alcoa Inc (NYSE:AA) will be reporting its financial results for the first quarter of 2014 in a conference call on Tuesday, April 8, 2014. The event webcast could be attended live via the company’s website from 5:00 p.m. EDT onwards.