Commissioners walk away from deal to bring $300M investment, 450 jobs to Stanly County

Alcoa remains committed to attracting new jobs to Badin, obtaining new hydro license for Yadkin Project

  

Stanly County Commissioners failed to agree on a plan to bring a $300 million investment and 450 new jobs to the County, effectively walking away from a one of the largest economic development projects in the county’s history. 

Clean Tech Silicon & Bar LLC, led by former Nucor CEO John Correnti, had set a December 15 deadline for the company to reach an agreement with Stanly County that would have allowed the silicon and rebar manufacturing plant to move forward. After several meetings this week, the Commissioners failed to reach agreement with Alcoa and Clean Tech. 

“Opportunities like this don’t come along very often, and it’s incredibly disappointing that these 450 new jobs will not be coming to North Carolina,” said Kevin Anton, Alcoa’s Chief Sustainability Officer and the executive responsible for the Company’s recruitment of Clean Tech. 

Despite the obstacles that forced Clean Tech to abandon its plans in Stanly County, Anton says Alcoa will continue working to bring other businesses to town. 

“Alcoa remains committed to attracting new jobs to the Badin Business Park. We will follow through on our plans to improve water quality and protect the environment, and we will continue to vigorously pursue a new license for the Yadkin Hydroelectric Project,” Anton said. “Our goals remain the same, no matter how long it takes to reach them.”  

Recruiting Clean Tech

Alcoa began discussions with Clean Tech this summer, and the prospect of bringing hundreds of new jobs to Stanly County excited residents. Local elected officials and community leaders organized a “rally for jobs” in October that drew a crowd of 750 people. 

“The support of Mayor Harrison, Mayor Whitley, and other community leaders was overwhelming,” Anton said. “We appreciate the support of so many local residents and will continue working on their behalf to bring new jobs to Badin.” 

Alcoa offered a substantial package to Clean Tech as part of its recruitment efforts, including a commitment to invest in the company and purchase silicon for aluminum alloying. In addition, Alcoa offered economic incentives that would allow Clean Tech to obtain affordable power.    

Alcoa could only afford to offer those incentives if it obtains a new hydro license for the Yadkin Project, which it has owned and operated for nearly 100 years. Stanly County officials have delayed the relicensing with various legal challenges.  

Alcoa proposed a settlement to Stanly County in exchange for dropping its legal challenges and paving the way for Clean Tech to invest in Stanly County. The Company committed to attract approximately 750 new jobs within four years and attract $400 million in investments in the next five years — measures that would have spurred local spending and generated millions in new tax revenue. In addition, Alcoa pledged to contribute $6 million to Stanly County for education and other needs over the next two years.  

To address concerns that the jobs and investment would not materialize, Alcoa provided financial assurances that could generate more than $50 million for economic development in the region if Alcoa failed to meet its commitments.  

“We made our best effort to reach an agreement that would have an immediate, positive impact on the local economy and put these issues to rest,” Anton said. “Instead, it looks this process will continue for years to come.”  

Redeveloping the Badin Site

Alcoa has been working diligently to attract new jobs to Stanly County. Beginning in February, the company accelerated its plans to redevelop the former Badin aluminum smelter. It invested $10 million to turn the plant into the Badin Business Park and aggressively reached out to customers and business partners as part of its efforts to bring new jobs to North Carolina. 

Earlier this year, Alcoa successfully recruited Electronic Recyclers International, the nation’s largest electronic recycling company, to Badin. ERI began hiring this summer and will move into a larger, newly renovated facility early next year that will employ 200 people. Alcoa invested $5 million in building renovations to accommodate ERI.     

“The Badin Business Park is a great manufacturing site that is ready to come to life,” Anton said. “Clean Tech was an ideal fit in many respects, but we remain committed to redeveloping the Badin site and will continue to recruit companies to locate at the Badin Business Park.”