) broke ground on a $275 million expansion of its Tennessee
operations. This is Alcoa's second U.S. automotive expansion to
meet increasing demand for light, durable and recyclable aluminum
sheet for auto production.
Once the expansion is complete by mid-2015, Alcoa expects to
create 200 full time jobs. Moreover, an additional 400
construction jobs are expected to be created while the
construction is in progress. The previously announced
expansion will convert some of the plant's can sheet capacity to
high-strength automotive aluminum capacity, as well as install
increased automotive capacity, making it a major supplier to both
the packaging and automotive markets.
The Tennessee expansion represents Alcoa's second major
automotive expansion in North America. The first one was a $300
million expansion of Alcoa's Davenport, Iowa, plant which is
expected to be complete by end of 2013 and has already begun
As part of the Tennessee expansion, the company also announced
a $50,000 Alcoa Foundation grant to The East Tennessee Historical
Society for organizing an exhibition to create awareness of the
evolution of manufacturing with a focus on science, technology,
engineering and math (STEM). It is intended to support career
options in manufacturing for students and teachers across East
Tennessee and help cement the manufacturing skills gap.
Alcoa, a prominent player in the mining industry along with
Aluminum Corporation of China Limited
Atlatsa Resources Corporation
BHP Billiton Limited
), is a world leader in production and management of primary
aluminum, fabricated aluminum, and alumina. The company is also
the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
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