Ormet Corporation ("Ormet") announced today it is issuing WARN notices to 250
employees at its Burnside, Louisiana alumina refinery primarily due to the
already reduced operating level at Ormet's Hannibal, Ohio aluminum smelting
operation. The Company continues to actively pursue alternatives with the
State of Ohio and AEP to mitigate the impact on Ormet of the recent PUCO
rulings in the AEP Electric Security Plan (ESP) rate case finalized on August
8, 2012. The sizable impact of this ruling and the dramatic increase of the
cost of electricity in Ohio over the past several years, in addition to the
current aluminum market, have forced Ormet to significantly downsize its
operations while exploring strategic alternatives. "We are still hopeful that
we can all find short and longer term solutions to the substantial increase in
our power costs and save these jobs," said Mike Tanchuk, Ormet's CEO.
Separately, Ormet also announced that it has retained Evercore Partners to
assist the Company as it continues to explore strategic alternatives.
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