AEP mulls impact of Ormet shutdown

Jul 26, 2013 | 05:38 PM | Michael Cowden

Tags  Ormet Corp., American Electric Power Co., Inc. aluminum, smelter, power dispute, shurtdown, bankruptcy, Nicholas Akins United Steelworkers Union

CHICAGO — Ormet Corp. might not remain in business, executives at American Electric Power Co. Inc. (AEP), Ormet’s power supplier, said during a July 25 earnings call.

"There are issues related to whether or not Ormet stays in business," AEP executive vice president and chief financial officer Brian Tierney said when asked by an analyst about the Columbus, Ohio-based utility’s exposure to the bankrupt Hannibal, Ohio-based aluminum producer. "If Ormet were to stop operations altogether," the move would result in AEP seeing a pre-tax hit to revenue of about $2.8 million per month, he said.....

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