Ormet narrows quarterly loss as sales soar

Nov 28, 2007 | 03:16 PM |

Ormet Corp., Hannibal, Ohio, trimmed its third-quarter net loss to less than $19.6 million from nearly $33.9 million in the same period last year as sales more than tripled to more than $130.5 million.

But in the nine months ended Sept. 30, the aluminum producer's net loss widened to $47.5 million from $36.8 million a year earlier despite a 62.3-percent jump in sales to $335.6 million. Ormet's realized price for aluminum billet averaged $1.39 per pound ($3,056 per tonne) during the nine-month period, while ingot averaged $1.19 per pound ($2,623 per tonne). The company shipped 37,244 tonnes of billet products and 81,443 tonnes of ingot during....

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