UPDATE 1-Alcoa averts plant closure via power deal, layoffs

Newswire

(Adds details, quotes) NEW YORK, Dec 18 (Reuters) - Aluminum giant Alcoa Inc. said on Wednesday it reached a temporary agreement with the New York Power Authority to help avoid a shutdown of its Massena East smelter, although Alcoa will slash 110 jobs at the plant in 2003 as part of a restructuring plan. The company said a $7 million temporary economic incentive with the NYPA will greatly reduce operating costs early next year at Massena, located about 260 miles north of Albany near the ...

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