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Alcoa Gets DOE Loan to Add Aluminum Capacity
Alcoa Inc. has been approved for a $259 million loan from a maligned U.S.
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Alcoa Inc. has been approved for a $259 million loan from a maligned U.S. Dept. of Energy program that has been dormant for the past four years.
Alcoa will receive the funds to upgrade a U.S. plant that makes automotive grade sheet aluminum.
The loan comes from the $25 billion Advanced Technology Vehicles Manufacturing program DOE launched in 2008. The program made $9 billion in loans but stopped operations after the highly publicized collapse of three recipients: hybrid carmaker Fisker Automotive, solar panel producer Solyndra and specialty vanmaker Vehicle Production Group.
Congressional Republicans in particular have been eager to dismantle the DOE program, branding it an enormous waste of taxpayer money. Many parts suppliers found the loan application process hopelessly complex and vague. DOE has since streamlined the program and clarified its requirements.
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