) announced that it is ready to move into the next phase of
modernizing its Massena, N.Y. operations. The project is awaiting
the Record of Decision (ROD) regarding the cleaning of the Grasse
River as proposed by the Environmental Protection Agency.
Once Alcoa receives the ROD, the next step of modernization will
include on site work and support projects in preparation for the
construction of a new potline at the location's Massena East
plant. By upgrading the operations, Alcoa will be able to cut
down its costs and move down the aluminum cost curve. Alcoa plans
to invest $52 million toward modernization including $10 million
for economic development.
Alcoa has entered into a contract with New York Power Authority
(NYPA), under which, NYPA will supply power to the operations in
Massena for a term of 30 years. Alcoa also has the option of
extending the contract with NYPA for another 10 years subject to
certain economic conditions.
Alcoa is the among the world leader with respect to production
and management of primary aluminum, fabricated aluminum, and
alumina as well as the world's largest miner of bauxite and
refiner of alumina.
Last month, Alcoa was recognized by the Fortune magazine as
the "most admired" metals company in the world for the second
time in a row. The most admired list of Fortune is based on the
surveys conducted by executives, directors and analysts who rate
companies in their own industry. Out of the nine parameters that
are required for the recognition, Alcoa topped in seven of
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Other companies in the mining industry with favorable Zacks
Atlatsa Resources Corporation
Sandstorm Gold Ltd.
Paramount Gold and Silver Corp.
). All of them hold a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
ATLATSA RESRCS (ATL): Free Stock Analysis
PARAMOUNT GOLD (PZG): Get Free Report
SANDSTORM GOLD (SAND): Get Free Report
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