(WBIR – Alcoa) The federal government is stepping up to help a big expansion to the Alcoa aluminum plant in Blount County. Alcoa, Inc. will get a $259 million loan to support its expansion of lightweight aluminum for cars and trucks.
The Department of Energy announced it’s finalizing the low-interest loan to support the expansion that is set for completion later this year. Alcoa broke ground on the $275 million expansion in 2013 and said it will create 200 full-time jobs. Building the plant expansion also created 400 construction jobs.
The expansion showed Alcoa is digging deep for a future that will supply auto companies with materials for strong lightweight cars and trucks. The DOE is digging into a deep pocket full of billions of dollars that was created eight years go to revamp the North American automobile industry.
The loan is an ATVM loan, which stands for Advanced Technology Vehicles Manufacturing. This is the first loan granted by the government since 2011 and the first to a supplier of automobile materials.
From TV station WBIR