IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 24 Nov 2015 | Removal date: open ended
Still in force

Financial grant

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

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

393 Metal wastes or scraps
7602 Aluminium waste and scrap.
760200 Aluminium waste and scrap.
414 Copper, nickel, aluminium, alumina, lead, zinc & tin, unwrought
7601 Unwrought aluminium.
760110 Aluminium, not alloyed
760120 Aluminium alloys
415 Unfinished products of copper, nickel, aluminium, lead, zinc or tin
7603 Aluminium powders and flakes.
760310 Powders of nonlamellar structure
760320 Powders of lamellar structure; flakes
7604 Aluminium bars, rods and profiles.
760410 Of aluminium, not alloyed
760421 Hollow profiles
760429 Other

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