Alcoa will move forward with next phase of Massena Modernization Project
NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) today confirmed that the U.S. Environmental Protection Agency (USEPA) has issued a Record of Decision (ROD) on the remediation of the Grasse River that is consistent with the Proposed Remedial Action Plan issued in October, 2012.
Alcoa, USEPA, the NY Department of Environmental Conservation (DEC) and other parties have been evaluating remedial alternatives to address elevated levels of polychlorinated biphenyls (PCBs) in fish in the lower Grasse River for more than 15 years. The ROD requires dredging and capping of contaminated sediments in a 7.2 mile stretch of river. The estimated cost of the remediation is $243 million, which Alcoa has fully accrued.
“Alcoa has worked cooperatively with the EPA to address the PCB sediments in the Grasse River, and we are pleased to see this final step in the remediation decision process completed,” said Kevin Anton, Alcoa Vice President and Chief Sustainability Officer. “Based on 15 years of scientific research, Alcoa believes the remedy is both protective of human health and the environment and effective over the long term. We look forward to working with the EPA, the New York State DEC and the other stakeholders during the design and implementation phases of the project.”
Alcoa can now move forward with the next phase of the Massena Modernization Project. The next phase includes spending $52 million for work that will begin in June 2013, including $10 million toward economic development in the North Country.
Alcoa would like to thank the many government officials, employees, union leaders and community members for their support in getting us to this important stage in Massena’s future.
This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “expects,” “move forward,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors and are not guarantees of future performance. Important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices for primary aluminum, alumina, and other products; (b) deterioration in global economic and financial market conditions generally, or unfavorable changes in the markets served by Alcoa; (c) changes in regulatory requirements, an inability to obtain financing, changes in project economics, capital expenditure restrictions, unexpected events beyond Alcoa’s control, or other reasons which could preclude or make unfeasible full implementation of the Massena East modernization plan; and (d) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 2012 and other reports filed with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
Alcoa is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 125 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for 11 consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 61,000 people in 30 countries across the world. For more information, visit www.alcoa.com, follow @Alcoa on Twitter at www.twitter.com/Alcoa and follow Alcoa on Facebook at www.facebook.com/Alcoa.