MASSENA, N.Y. – Hundreds of jobs on the chopping block at aluminum manufacturer, Alcoa, have been saved in an agreement between the company and the State of New York.
Governor Andrew Cuomo announced this morning a three-and-a-half year deal to increase competitiveness at the Massena West smelter.
“Alcoa jobs are saved and will stay right her in Massena. This plant will remain operating the way it has been for over 100 years,” the governor tweeted.
— Andrew Cuomo (@NYGovCuomo) November 24, 2015
Alcoa had planned to lay off nearly 500 employees by shutting down its smelting operation at the Alcoa West plant.
Alcoa CEO Kalus Kleinfeld lauded the new agreement and said it puts the company in a better position based on current market conditions.
The incentive package includes $30 million in power from the New York Power Authority.
Under the incentive package, the state subsidies will be rolled back as the price of aluminum increases.
Alcoa has been in Massena since 1902.
“This is the state’s way of stepping up,” the governor said.