The Victorian government is not ruling in or out more financial assistance to Alcoa, which is deciding on the fate of more than 500 workers at its Geelong Point Henry aluminium smelter.
The US global aluminium giant confirmed on Tuesday that a decision on the smelter's future would be made by the end of March.
Treasurer Michael O'Brien says the government is working with the company, which has already received "very significant investment" from Victorian taxpayers.
Alcoa has not approached the state government for any further assistance, he said.
"The minister for manufacturing has met with them as recently as last week and we'll continue that dialogue," Mr O'Brien told reporters.
"I'm not going to pre-empt what those discussions might be, I'm not going to pre-empt what we might be prepared to do.
"Ultimately we're not in control of what happens with world aluminium prices, but we would like to see Alcoa stay."
Alcoa agreed in 2012, when the Federal Labor government under Julia Gillard and Victorian government provided the company with $44 million in support, to keep the loss-making smelter open until June this year.
The company has also benefited from state government power subsidies, which totalled about $360m for the company's Point Henry and Portland plants during the last financial year alone, Mr O'Brien said.
The aluminium sector has faced challenges from the high Australian dollar and low world aluminium prices amid a supply glut and slowing demand.
An Alcoa spokeswoman told AAP on Tuesday that the company had committed to letting the 500 workers know by the end of the 2014 first quarter what the plant's future would be.
The newer and larger Portland smelter, where Alcoa employs about 1,500 people and more than 400 contractors, is safe.