Alcoa to spend $275M to expand automotive sheet production
Alcoa Inc. said Thursday it will spend $275 million over three years to expand aluminum sheet production for the auto industry, adding 200 jobs in Tennessee.
The project at its Alcoa, Tenn., plant is the second announced by the company to support auto manufacturers' plans to use more aluminum sheet to increase fuel efficiency of cars and light trucks. Alcoa previously announced a $300 million expansion at a plant in Davenport, Iowa, which is set to be completed by the end of this year.
“More and more auto producers are turning to aluminum to increase the fuel efficiency and quality of their vehicles — we anticipate a quadrupling of auto sheet volume by 2015 and a tenfold increase by 2025,” CEO Klaus Kleinfeld said.
The Tennessee expansion will add 200 full-time jobs and more than 400 construction jobs. It is scheduled to begin this month and be completed by mid-2015.
Alcoa is scheduled to hold its annual meeting of shareholders on Friday in Pittsburgh.
John D. Oravecz is a staff writer for Trib Total Media. He can be reached at 412-320-7882 or firstname.lastname@example.org.