Aluminum Association: Department of Energy Recognizes Advantages of Aluminum Through $259 million Conditional Loan Guarantee
ARLINGTON, Va., March 27, 2015 /PRNewswire-USNewswire/ -- The Aluminum Association applauded action by the Department of Energy providing a conditional loan guarantee of $259 million to Alcoa to support its automotive expansion in Alcoa, TN and the development of advanced vehicle technologies. This is the first conditional loan issued since 2011 under the Advanced Technology Vehicles Manufacturing (ATVM) loan program.
Since 2013, the aluminum industry has announced U.S. plant expansions and planned investment totaling more than $2.3 billion to support increased demand for aluminum in the automotive sector. A survey of automakers released last year projected that the use of aluminum sheet for vehicle bodies will increase by more than 20X and more than 75% of pick-up trucks will be aluminum bodied by 2025.
Aluminum Association President & CEO Heidi Brock remarked, "This is a great example of the public and private sectors working together to meet manufacturing and energy challenges. Aluminum is uniquely positioned as a modern, sustainable material option – it is lightweight, strong and infinitely recyclable. The DOE loan program will support the increased adoption of aluminum as a material of choice in automotive and other transportation markets – a win for business, consumers and the environment."
The Aluminum Association represents U.S. and foreign-based companies and their suppliers throughout the value chain, from primary production to value added products to recycling. The Association is the industry's leading voice, providing global standards, business intelligence, sustainability research and industry expertise to member companies, policymakers and the general public. The aluminum industry helps manufacturers produce sustainable and innovative products, including more fuel efficient vehicles, recyclable packaging, greener buildings and modern electronics. In the U.S., the aluminum industry creates $152 billion in economic activity. For more information visit www.Aluminum.org, on Twitter @AluminumNews or at Facebook.com/AluminumAssociation.
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Matt Meenan
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SOURCE The Aluminum Association
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