The news that Alcoa will not ask for any more government help at its troubled Point Henry aluminium smelter is being seen as sealing the fate of its 500 workers.
The US aluminium giant on Friday insisted no decision had yet been made on whether to close the smelter - days after federal and Victorian ministers said discussions were continuing and they did not rule out more taxpayer assistance.
Alcoa has made no mention of the future of its larger smelter in Portland, Victoria, which also employs at least 600 people out of 1,500 employees and more than 400 contractors around the state.
It is 18 months since Alcoa received $44 million-plus in Australian taxpayer assistance on top of decades of electricity subsidies, including $360 million last financial year.
Conditions in the aluminium industry have not improved since then, a situation underlined by the company's report overnight of a December quarter loss of $US2.34 billion ($A2.64 billion).
Alcoa's Australian communications manager Nichola Holgate on Friday told AAP the company would not seek further state or federal government funding.
The company this week also said it would inform workers about the Point Henry smelter's future by the end of March.
"As soon as we know, we will tell people. We wouldn't keep people waiting," Ms Holgate said.
Victorian acting premier Peter Ryan said the state would deal with Alcoa's decision whatever it was, adding that the government was pouring enormous resources into regional cities.
Victorian Opposition spokesman on scrutiny of government Martin Pakula said it looked dire for Point Henry with Alcoa using the same rhetoric Holden and Ford had ahead of announcing their plans to exit Australian car manufacturing after years of subsidies.
Federal Labor attacked the Coalition government in the wake of looming large job losses at iconic brands such as the car markers, Qantas Airways and others.
The Abbott government has taken a hardline approach against taxpayer subsidies for struggling industries, resisting a request from fruit company SPC Ardmona for $50 million.
Trade and Investment Minister Andrew Robb this week said people had to embrace necessary industry and structural changes to the economy.
However, federal Opposition Leader Bill Shorten said that if the government wanted to fight for and save the jobs of Alcoa workers, it could.
The company generated 10 per cent of the state's gross domestic product along with significant export revenue, jobs and taxes, Mr Shorten said.
"I've met with Alcoa and Alcoa wants policy certainty," he told reporters.
"If Alcoa goes on the Abbott government watch, following the decision of Holden, following the complete chaos over what's happening at SPC and Qantas, it would become very clear that this Abbott government is not interested in manufacturing or blue collar jobs in Australia."
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