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  • sage2123 sage2123 Oct 5, 2013 7:36 AM Flag

    Ormet- 700 Layoffs

    Oct 4 (Reuters) - Ormet Corp will immediately close its 270,000-tonne-per-year aluminum smelter in Hannibal, Ohio, a casualty of historically low metal prices and "uncontrollable" power costs, the company said on Friday.

    The move follows a ruling on Wednesday by the Public Utilities Commission of Ohio (PUCO), which approved some major changes to Ormet's power contract with energy supplier American Electric Power Co Inc.

    The state power regulator listed a number of conditions, including requiring the company, which filed for bankruptcy protection in February, to employ at least 650 full-time workers through 2018.

    Under those terms, costs would have increased by some $108 million next year, rather than falling by $54 million as outlined in Ormet's plan.

    Sentiment: Sell

34.87+0.66(+1.93%)Nov 21 4:02 PMEST

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