August 1, 2013 / 3:31 PM / 4 years ago

Ormet starts to halve aluminum operations

NEW YORK, Aug 1 (Reuters) - Ormet Corp said it is beginning immediately on Thursday to shut down half of the existing operations at its lone 260,000-tonne-per-year aluminum smelter at Hannibal, Ohio, according to documents filed with Ohio state regulators.

In a notice posted on the U.S. aluminum producer’s website, CEO Mike Tanchuk cited low metal prices and high power rates for the decision, following the Public Utilities Commission of Ohio’s decision on Wednesday to deny Ormet’s request for an emergency electric rate reduction.

A full hearing with PUCO on the company’s request for lower power rates is scheduled for Aug. 27.

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