Reuters: Bankruptcy News: UPDATE 1-Ormet says shutting Ohio aluminum smelter immediately

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UPDATE 1-Ormet says shutting Ohio aluminum smelter immediately Oct 4th 2013, 21:50 Share this Email Print Reprints Fri Oct 4, 2013 5:50pm EDT NEW YORK Oct 4 (Reuters) - Ormet Corp will immediately shutter its 270,000-tonne-per-year aluminum smelter in Hannibal, Ohio, following the state power regulator's ruling on its power supply and prices, the company said on Friday. On Wednesday, the Public Utilities Commission of Ohio (PUCO) approved Ormet's revised power deal with energy supplier American Electric Power Co Inc, but listed a number conditions. It said Ormet, which filed for bankruptcy protection in February, must employ at least 650 full-time workers through 2018. "Due to the decision, Ormet cannot emerge from bankruptcy and must immediately shut down operations," Ormet said in a statement. Ormet would not reopen the plant unless it secured lower-priced power and aluminum prices recovered, it said. Aluminum prices on the London Metal Exchange are around $1,850 per tonne, below the cost of production for a large portion of the global smelting capacity. The smelter is currently producing at a rate of about 90,000 tonnes per year. The plant has a total of six potlines with an annual capacity of about 270,000 tonnes per year. Link this Share this Digg this Email Reprints

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