New York Moves to Keep ALCOA Jobs In State

(MoneyWatch)  Not all contracts by governments are directly between it and a company for services or products some are made for more altruistic reasons. The North County Gazette reports that today the State of New York's Power Authority (NYPA) signed a contract with ALCOA to provide cheap, hydroelectric power for thirty years. As their part of the deal ALCOA will upgrade is Massena East and West Plants as well as fund an economic development group in Western New York. The company will also retain about a 1,000 workers at the plant. They will also create jobs through the construction project. New York, like many Northern and Midwestern states, has seen its manufacturing jobs move to the South, Mexico or Asia as costs have driven the owners away. This contract is an attempt to prevent ALCOA from doing that with these plants. As The Wall Street Journal reports ALCOA's earnings for the fourth quarter came in at $1.9 billion less then last year.