Ormet says shutting Ohio aluminum smelter immediately
NEW YORK Oct 4 (Reuters) - Ormet Corp will shutter its aluminum smelter in Hannibal, Ohio, immediately after the state power regulator denied the company's request for a major change in its power supply and prices, the company said on Friday.
The company, which filed for Chapter 11 bankruptcy protection in February, said it would not reopen the plant unless it secured lower-priced power and aluminum prices recovered.
The power regulator's ruling was made on Wednesday.
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.
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