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Greenland courting Alcoa to build smelter

  • Greenland hopes to begin formal negotiations with Alcoa (AA +1.7%) on building a smelter capable of producing 340K metric tons/year of aluminum, the country’s finance minister says.
  • Alcoa has been closing high-cost smelters and refocusing investment in divisions that roll and form aluminum into high-tech components used in cars and commercial aircraft.
  • “The Greenland government has interest in making the Alcoa project successful, a pioneering project for Greenland,” the finance minister says.
Comments (1)
  • Mark Broer
    , contributor
    Comments (49) | Send Message
     
    And not coincidentally, Alcoa today announced the permanent closure of the remaining two pot lines at the Massena (NY) East smelter. This closure brings the total US closures to a near match of the capacity of the proposed new smelter in Greenland. Massena is a small town of just some 11,000 residents. The 300+ jobs at stake will drive a stake through the heart of this dying town. And all on the heels of a juicy new deal Alcoa struck with the New York Power Authority for cheap electricity from the St. Lawrence Seaway that US taxpayers paid for. On the news tonight it was announced that the Massena Mayor, New York Governor, and Alcoa brass were to have an emergency meeting in New York City tomorrow. Just another example of large international corporations wresting lucrative financial deals from local governments, then taking the jobs overseas. And they wonder why America is crumbling and the middle class is nearly gone.
    15 Jan, 09:10 PM Reply Like
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