The Australian and Victorian Government has announced a $40 million investment package to assist in the restructure of Alcoa’s Point Henry aluminium smelter in Geelong to ensure its long term economic sustainability and support over 500 local jobs.

 

Alcoa will use the funding to improve efficiency of the Point Henry works, including boosting workforce skills and training, capital expenditure such as maintenance and repairs while boosting competitiveness of the smelter.

 

Minister for Industry and Innovation, Greg Combet, said the $40 million in Federal funding recognised the challenges to the aluminium sector from the high Australian dollar and low world aluminium prices.

 

"The aluminium industry is under significant pressure due to a substantial decline in world aluminium prices and the high value of the Australian dollar," Mr Combet said.

 

"Together with the Victorian Government, the Australian Government will provide strategic support to Alcoa so it can restructure its Point Henry operations and help put them on a sustainable footing for the future.