The Canadian Press reported that Alcoa is planning to invest USD 1.2 billion in its aluminum smelter at Baie Comeau in Que a move the company says will guarantee 3,900 direct and indirect jobs. The project is slated to begin in 2008 and to end in 2015.

As per report Mr Alain Belda CEO and Premier Jean Charest said that the money will go to modernizing the 51 year-old facility. The modernization will boost the smelter's production capacity to 548,000 tonnes a year, which represents an increase of 110,000 tonnes.

The report added that Investissement Quebec, a provincial investment agency, is offering a USD 228 million interest free loan guarantee as part of the project.

Mr Belda said that "I am very proud and very happy to be among our employees today. Their work and their commitment to the success of their smelter constitute a guarantee of Alcoa's future in Quebec. Recently, each of our Quebec smelters celebrated the anniversary of their start up 50 years in Baie Comeau, 20 years in Becancour and 15 years in Deschambault. We can now face the future with confidence.”