DENISON, Tex. -- The Alcoa Plant in Denison announced this morning that they are closing.

It's been a nerve-racking day for Alcoa employees as they were told Friday morning they would be unemployed before the end of the year.

In a meeting Friday morning at 6 a.m., the Alcoa Denison plant within the Ply Gem Siding Group announced to their employees that due to the cost of production the plant simply must close.

They blame the housing market, since it's at an all-time low. Alcoa employees were given a sixty-day notice with production ending on December 14th.

We're told shipping will continue through February, but the actual production end will shut down in December.

Those who continue working through the 14th will receive a severance package. Officials tell us each employee will receive one week's worth of pay for each year they've been with the company.

Alcoa officials say they realize the timing is bad.

"This is a hard decision, and I recognize that, the company recognizes that. There is never a good time of the year for this. From a personal side, I recognize what you are saying, what's effecting us is the rate of the business. It's slowing down dramatically right now, so that's what's driving the closing," said Rick Veach of the Ply Gem Siding Group.

On Friday, there are very few employees in the plant. We're told most were sent home this morning but will receive pay.

Those who are working we're told receive double pay for today.

We'll of course continue to follow this story and bring you more coming up later today.