Ormet Reduces Operations at Smelter
Ormet Corporation (“Ormet”) announced today it is reducing operations at the Hannibal smelter to four potlines as it continues to explore alternatives to mitigate the impact of the unfavorable PUCO ruling in the AEP Electric Security Plan (ESP) rate case on August 8, 2012. The impact of this ruling raises Ormet's annual cost of electricity by more than $20 million in addition to all of the past increases. Ormet had issued a WARN notice to 998 employees at the Hannibal operations on July 19, 2012. The actions taken at Hannibal will potentially have an adverse impact on the operating level of the Burnside Louisiana refinery affecting an additional 252 employees.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.