Alcoa, New York Reach 30-year Power Deal to Ensure Jobs

MASSENA, N.Y., December 21, 2007  (Associated Press) - Gov. Eliot Spitzer says Alcoa and the state of New York have reached a 30-year power agreement that will result in the company investing $600 million in its Massena smelter operations.

Spitzer announced the pact between the New York Power Authority and Alcoa during a visit to the northern New York plant Friday.

In return for cheap power from the NYPA, Pittsburgh-based Alcoa is guaranteeing to keep at least 1,000 jobs in Massena over the life of the agreement. The Massena plant now employs more than 1,200 workers.

The company also is contributing $10 million to an economic development trust to help spur more growth in the region.