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Guess Which Fortune 500 Company Might Get $259 Million Loan From Energy Department

Will Donald Trump win the 2024 election?

Corporatism is blooming like flowers this spring.

The Department of Energy (DOE) recently announced that its revised loan program has given a preliminary loan commitment for $259 million to Alcoa – the aluminum producer.

The loan, from DOE’s Advanced Technology Vehicles Manufacturing (ATVM) program, is the first being issued after a four year suspension of the program because previous DOE loans resulted in significant tax payer losses from bankruptcies including Solyndra.

The Alcoa loan follows improvements to the program by DOE Secretary Moniz to support the production of light weight vehicles that will use less fuel and reduce greenhouse gas emissions.

As expected, Alcoa’s CEO Klaus Kleinfeld welcomed the potential cash windfall saying, “Alcoa is pleased to be part of the government’s program to encourage a greater shift to aluminum intensive vehicles that are safer, lighter and more fuel-efficient.”

Republican Senator Lamar Alexander (TN) also welcomed the loan since it would support Alcoa’s Tennessee based manufacturing facility.

The high-strength aluminum produced by Alcoa is being used to supply Ford for its new F-150 truck that uses an aluminum body.

The DOE loan will support Alcoa’s effort to expand its facility in Tennessee and create about 200 full-time jobs and 400 construction jobs.

DOE’s potential support of Alcoa provides yet another example of the way government interferes with the free-market by picking winners and losers.

Maybe aluminum based vehicles will be supported by consumers but it’s possible it could be a market based failure.

Ford and Alcoa should be taking the market risk and not the taxpayers.

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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