Alcoa Receives Incentives to Repair Press
Cleveland City Council and the state of Ohio are aiding Alcoa’s efforts to complete a proposed $110 million maintenance project at its Cleveland Works forging facility. Cleveland City Council agreed to commit $550,000 to help the company repair its idled 50,000-ton press. The state of Ohio awarded Alcoa a job retention tax credit of approximately $15 million. These funds would go to fix the 10-story press, which has cracks in its base. According to Alcoa, about $70 million in needed to refurbish the press and return it to service. The company has been filling orders using a 35,000-ton press since September at the Cleveland Works, which manufactures forgings for the auto, commercial-vehicle and industrial-products industries.