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Ormet Projects Job Losses Without Extra AEP Discounts
By: Associated Press
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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.