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Governor Andrew M. Cuomo of New York announced on November 24, 2015 that the state had come to an agreement to keep open an Alcoa aluminum plant on the St. Lawrence River. The deal entails nearly $70 million in state subsidies. It includes $38.8 million for capital improvements and operating expenses. The term of the agreement is three and a half years, and the levels of state support will decrease if the price of aluminum were to rise. Alcoa would also pay a penalty of up to $40 million if the company reduced its work force below 600 during that time. Provisions of the agreement include: n The state-owned utility will provide low-cost hydro power n The state's low-cost power rate will be increased as the price of aluminum increases in the global metals exchange market n Capital and operating expense support from Empire State Development, totaling $38.8 million over 3.5 years n Up to $40 million in penalties should Alcoa breach or terminate the agreement. The amount of the penalty would gradually decline by the end of the term. n A requirement to have at least 600 full-time-equivalent employees on the payroll at Massena West according to the terms of the agreement or Alcoa will face financial penalties
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