Alcoa Inc. announced plans to invest about $700 million to expand its aluminum smelter in Deschambault, near Quebec City, Quebec.
The move will more than double the smelter’s primary aluminum capacity, from 250,000 metric tons to 470,000 metric tons.
The Quebec government will provide several million dollars in guaranteed loans without interest, and 500 megawatts of electricity at a low price from provincial power utility Hydro-Quebec.
The company will also enjoy a 10-year Quebec tax exemption, but will have to pay a heavy fine if it does not create the promised jobs.
The Deschambault smelter was purchased by Alcoa from Alumax in 1998. Construction is set to start in January 2006, and production is set to begin in 2008. Full roll-out should be completed no later than 2013.
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