HANNIBAL, Ohio -- The partial rate reduction granted to Ormet Corp. by the Public Utilities Commission of Ohio apparently is not enough to keep the aluminum producer in business, a union official confirmed this afternoon.
Pete Gray, chairman of the United Steelwokers Grievance Committee at Ormet, said the company will shut down the remaining two potlines after the PUCO ordered a rate of $50 per megawatt-hour, as opposed to the $45.89 the company had been seeking. The shutdown begins today and will continue through next week, Gray said.
That will leave about 750 current hourly workers without a job, Gray said, along with those that already have been laid off. The company had employed about 1,000 workers earlier this year.
Company officials with Ormet have yet to comment on the rate reduction and indicated word about the plant's future could be formally released later this afternoon. Wayzata, a Minnesota firm, had been looking to purchase Ormet if the power agreement could be reached.