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| January 13, 2009
Alcoa, NY Governor Paterson, and NYPA Finalize Power Contract For Massena Operations
PITTSBURGH--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced it hosted New York Governor David A.
Paterson to celebrate finalization of a 30-year hydropower contract to
supply the company’s two aluminum smelters in Massena, NY. The power
agreement is contingent upon an upgrade of facilities by Alcoa.
Alcoa’s Massena Operations is the largest private employer north of
Syracuse. This contract keeps the company’s $350 million annual economic
impact and at least 900 jobs in northern New York. Alcoa has been
operating in the North Country since 1902, and its two smelters in
Massena have a combined output of 255,000 metric tons per year (mtpy).
In December, 2007, Alcoa and the New York Power Authority (NYPA) reached
an agreement-in-principle on a hydropower contract. Since that time,
both parties have worked out the detailed contract that both parties
signed.
Under the terms of the contract, NYPA 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, with the option to extend the
contract for an additional 10 years under certain economic conditions.
In turn, following completion of feasibility and engineering studies to
finalize exact costs and plans, Alcoa would invest a minimum of $600
million to modernize its operations. The modernization project would
increase the smelting capacity at Massena to 278,000 mtpy and would
provide significant environmental benefits, including a 70-percent
overall reduction in greenhouse gases. The modernization is key to the
long-term viability of operations.
Detailed planning for the modernization project is already underway. A
final proposal for an investment decision will be submitted to the Alcoa
Board of Directors when completed. If approved, the modernization is
expected to be complete by 2013, with the vast majority of the costs to
be in the outer years of the project. Approval of the project is the
final step in the execution of the power contract between Alcoa and NYPA.
“Thanks to the support of Governor Paterson, our elected officials and
the efforts of the NYPA team, we can celebrate the future of Alcoa in
the North Country that is represented by this contract,” said Bernt
Reitan, Alcoa Executive Vice President and Group President – Global
Primary Products. “We believe in the future of the aluminum industry and
Massena Operations. We believe we now have the foundation to present a
proposal to modernize Massena Operations and make our facilities more
cost-effective and sustainable.”
About Alcoa
Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation in all major aspects of the industry. Alcoa
serves the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design,
engineering, production and other capabilities of Alcoa's businesses to
customers. In addition to aluminum products and components including
flat-rolled products, hard alloy extrusions, and forgings, Alcoa also
markets Alcoa® wheels, fastening systems, precision and investment
castings, and building systems. The Company has been named one of the
top most sustainable corporations in the world at the World Economic
Forum in Davos, Switzerland and has been a member of the Dow Jones
Sustainability Index for seven consecutive years. More information can
be found at www.alcoa.com
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