Ormet says shutting Ohio aluminum smelter immediately

Reuters

NEW YORK, Oct 4 (Reuters) - Ormet Corp willshutter its aluminum smelter in Hannibal, Ohio, immediatelyafter the state power regulator denied the company's request fora major change in its power supply and prices, the company saidon Friday.

The company, which filed for Chapter 11 bankruptcyprotection in February, said it would not reopen the plantunless it secured lower-priced power and aluminum pricesrecovered.

The power regulator's ruling was made on Wednesday.

Aluminum prices on the London Metal Exchange arearound $1,850 per tonne, below the cost of production for alarge portion of the global smelting capacity.

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