Alcoa has backed off a plan to close its smelting operations in northern New York after the state agreed to a series of incentives.
Governor Andrew Cuomo and Sen. Charles Schumer negotiated the deal after Pittsburgh-based Alcoa announced the plant's closure earlier this month. Cuomo, who says the move will preserve nearly 600 jobs, announced the deal to workers at the plant Tuesday. “Why did we save this plant? Because you, my friends, cannot be replaced!”
Under the terms of the agreement, the plant will remain open for at least three-and-a-half years. The state will offer up to $30 million in electricity savings and $38 million for upgrades and improvements at the plant.
The two Democrats were cheered when they told workers their jobs would continue.
Alcoa will face up to $40 million in penalties if it violates the terms of the deal.
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