Ormet Projects Job Losses Without Extra AEP Discounts

By
Associated Press

Dateline
Updated Fri, Sep 14, 2012 12:46 pm

A large Ohio aluminum manufacturer says it needs even deeper discounts from American Electric Power to avoid layoffs.

Ormet Corp., located near Hannibal in Monroe County, has benefited from a unique electric-rate subsidy that has reduced its costs by more than $150 million since 2009.
 
It's paid for by all American Electric Power customers.
 
The largest employer in the region wants a bigger break from the power company or all 1,000 or so workers could lose their jobs.
 
The company says the plant is suffering because of low aluminum prices and a series of rate increases by the power company.
 
American Electric Power wouldn't address the situation with Ormet beyond a statement saying it would continue to support the company.
 
Tags: