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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.
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