Union leaders have left a meeting with management of the Alcoa manufacturing plant confident they can save thousands of jobs that rely on its operations.
Despite being hard-hit by the high Australian dollar, the company maintains it wants to keep the plant open.
Alcoa is reviewing the viability of its Point Henry smelter and will decide over the next four months whether the gate closes on the 49-year-old plant for good.
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Union representatives believe t600 jobs at the plant - along with thousands more in the Geelong area - can be saved.
The company and government would have to invest heavily in the smelter's ageing facilities in order to keep it functioning.
Victorian Premier Ted Baillieu has held a succession of meetings with Alcoa representatives, and he hasn't ruled out offering taxpayer-funded financial assistance to keep it running.
The state government is also considering offering more electricity subsidies to the company.
Union delegates are set to put their case to politicians in Canberra next week, as Alcoa's employees play a nervous waiting game.
