This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alcoa Breaks Ground On $275 Million Auto Expansion In Tennessee

Tennessee Governor Bill Haslam, U.S. Senator Lamar Alexander, Congressman John Duncan and other local and state officials joined Alcoa (NYSE: AA) Chairman and CEO Klaus Kleinfeld today to break ground on a $275 million expansion of Alcoa’s Tennessee Operations to meet growing aluminum demand for auto production. Aluminum, already the number two material used to build cars, is expected to nearly double by 2025.

The expansion will create an additional 200 full time jobs in Tennessee once completed by mid-2015. In addition, during construction, an incremental 400 construction jobs will be created at the plant. The previously announced expansion will convert some of the plant’s can sheet capacity to high-strength automotive aluminum capacity, as well as install incremental automotive capacity, making it a key supplier to both the packaging and automotive markets.

The Tennessee expansion is the second major automotive expansion by Alcoa in North America to meet car makers’ demand; a $300 million expansion of Alcoa’s Davenport, Iowa plant has already begun commissioning and is set to be completed by the end of 2013. Much of the volume for the automotive expansions is secured under long-term supply agreements.

“This investment will help auto manufacturers make safe, fuel-efficient vehicles that consumers want,” said Alcoa Chairman and CEO Klaus Kleinfeld. “At the same time, we’re bringing jobs to Tennessee and growing our value-added businesses. It’s a great day all around.”

As part of the groundbreaking and the 100 th anniversary of Tennessee Operations, Alcoa announced a $50,000 Alcoa Foundation grant to The East Tennessee Historical Society to create an exhibit at the Museum of East Tennessee History on the past, present and future of manufacturing, “100 Years of Manufacturing in East Tennessee: and a Look Ahead at the Next 100 Years”. The exhibit will raise awareness of the evolution of manufacturing, with an emphasis on STEM (science, technology, engineering and math) to promote career options in manufacturing to students and teachers across East Tennessee and help fill the manufacturing skills gap.

“Since its founding, Alcoa has been committed to community partnerships and that is why I am pleased to announce this grant for the East Tennessee Historical Society, which will support the continued advancement of Tennessee’s manufacturing base,” said Kleinfeld.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,094.01 +7.38 0.04%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs